Can Cyprus property developers repossess UK assets?

by Modcw

Does anyone know if Cyprus property developers can make a claim against a person with UK assets? A developer/bank cannot make a legal claim against a UK purchaser if they do not have title deeds or have paid a completion fee?

Comments for Can Cyprus property developers repossess UK assets?

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Oct 31, 2010

Cyprus property repossession
by: Helen

I'm not a legal expert so you really need to get advice from a qualified lawyer.

But I assume your question refers to having a debt on a Cyprus property that you cannot pay and are therefore wondering whether the developer can chase you in the UK to recover the debt?

There seem to be many people who buy properties here on the island and then simply don't want them or cannot pay the mortgage and think they can just walk away.

While there are many unscrupulous developers here in Cyprus, if you have taken out a contract to buy a property and then default on the payment, just like in the UK, the bank/developer has a right to try to recoup that money. And that may mean eventually trying to recoup that money from any assets owned by the buyer, anywhere in the world.

Each case will be unique so the best advice I can give you is to contact a qualified lawyer.

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