Cyprus Property - Repossession Procedures

Accommodation

Flights/Holidays

Enjoy Cyprus

Activities

Behind the Scenes

[?] Subscribe To This Site

Cyprus Property - Repossession Procedures

by Jimmy
(UK)

I have recently been delivered a new property in Cyprus but due to the value of Sterling and the collapse of other investments I had in place to pay for the mortgage (from a Cypriot bank) I find it difficult to repay the mortgage installments.

I've started considering all options now and looks like the worst possible scenario is not to be able to pay the mortgage at all. What is the process for repossesion in Cyprus? What happens if the sale of the property by the bank does not cover the money on the loan (EUR 220,000)? I live and work in the UK. Can the bank force further proceedings in UK courts?

Comments for
Cyprus Property - Repossession Procedures

Click here to add your own comments

Jan 25, 2012

Panareti and alpha bank
by: paul

As far as I am aware no one has been taken to court despite many threats to repossess properties in the UK. Both the bank and PANARETI HAVE BROKEN TOO MANY LAWS AND EU DIRECTIVES TO BE ABLE TO TAKE ACTION IN THE UK

Jan 25, 2012

alpha Panareti and Alpha Bank
by: paul

For anyone caught up in the scandal with Panareti and Alpha Bank , you are not alone. There are facebook support groups set up offering many solutions. Search for Alpha Panareti Owners Group. There are three main legal groups offering a way out. Highgate Hill solicitors, Judicare and Regulatory Legal. For those that cannot afford to pay for legal action then there are ways to defend yourself against the bank and Panareti. How many of you were not sent vital documents or had important information kept from you by the selling agent in the UK, the solicitor in Cyprus, Panareti and Alpha Bank. Did you receive a copy of the loan agreement before it was signed using an invalid power of attorney. Did you know that the certifying Officer in Cyprus lied about witnessing your signature on the POA ? Do you realise that Panareti got you to commit yourself to their contract of sale BY SAYING IT WAS A COMPULSORY PART OF THE LOAN APPLICATION WITH THE BANK , whatever the result of the application process ? The bank and Panareti seem to be in collusion to get you to sign the contract before a decision on finance was made .Did either the bank or panareti let you know about the developers outstanding mortgage on the land before they asked you to sign the sale agreement or the loan agreement ? Do you realise that because the power of attorny then any actions taken by the bank or any other party using it were invalid ? Both Panareti and the bank have broken many Cyprus laws and transgressed many EU Directives relating to consumer protection. Protect yourself by writing to them stating the above facts. Don't be bullied ! Get in touch with the Facebook groups. Apply to join . Defend yourself. Don't let these organisations scare you any more

Jan 07, 2012

HAS ANYONE ACTUALLY BEEN TAKEN TO COURT?
by: Anonymous

All these scare tactics are usually being put out there by people who want to benefit from the poor people who are losing out! The Cyprus Banks have thousands of clients owing them money and if you are paying a mortgage in the UK which Bank will want and get their money first?? - also you will be lucky in both countries at the moment to ever sell your home! Cyprus has thousand of empty homes for sale are the Banks lending money for buyers? All you can do is see the Banks in court and if you have no money you have no money!

Nov 07, 2011

Nightmare in Cyprus
by: Anonymous

can the Cyprus Banks force the sell of a property with a UK mortgage on it? Surely the UK Banks will want their money first???
Has anyone defaulted yet and been to court?

Nov 07, 2011

Cyprus property Nightmare!
by: Anonymous

Same nightmare as everyone else wish I had never gone to Cyprus!
Can the Cyprus Banks take property in UK when it has a mortgage
with a UK Bank? How can the Cyprus Bank force a sell? surely
the English Banks will want their money first? Has anyone
actually experienced this?

Oct 16, 2011

Reply to 15th October
by: Anonymous

Comment in the 15th October! Sorry to say it's not that easy. Im with a top lawyer and it's a lot of hard work and stress to get out of the mess and it may be that I go bankrupt and loose everything including my homes in the Uk to start again. You just can't walk away,, believe me I wish I could it's horrendous as you obviously well know.

Oct 15, 2011

Given up on a dream in Cyprus
by: Anonymous

Does anyone have the names of a company who can help me to return the property to the bank and not lose my home in the UK.

Oct 11, 2011

alpha conspiracy
by: bendybunny

Hi all understand your position re alpha panareti and the alpha bank please contact neil heaney at judicare in the uk i am with them as i feel this is the only way forward and to hopefully put an end to this mess

Sep 08, 2011

Alpha Panareti & Alpha Bank
by: scl184

Is there any action group or individuals fighting Alpha Panareti & Alpha Bank for selling properties in Paphos?

Have bought apartment on St Nicolas, Paphos but now really struggling with mortgage and community fees. Have been desperately trying to rent out the property to help with the payments but Alpha Panareti are failing to maintain the development e.g. swimming pool not being cleaned, tiles coming off, getting damp inside the apartment, etc.
Is there anyone who can help?

Many Thanks.

Aug 07, 2011

Cyprus property disaster
by: Willie

I have the arguments you mention. Illegal powers of attorney,developer mortgaged the land my villa is built on, not seeing the details of the mortgage as it was signed by the lawyer on the illegal power of attorney,this despite me asking numerous times to see it. Not being advised on the risks of the Swiss franc currency fluctuation.A lawyer who I was told was independant,in fact she lives with the developer.The list goes on.

Despite all this and now having a good Cyprus lawyer the bank have taken me to court where we defended the action but we have now heard that a court date has been set to take a judgement against me . Obviously if they get the judgement they will then apply to take one out in the UK. This is despite me informing them that I have no assets in the UK for them to take. Willie.

Aug 04, 2011

Cyprus property dream dead
by: Ron Richardson

Yes add me to the list of people whose Cyprus dream has died along with the £120k I've invested. So I'm looking for good advice .At the moment I'm still paying the mortgage but as it's gone from £850 a month to £1650 a month due to the value of the pound dropping, I will be defaulting soon . Cant do any other . It's affecting my business here in England as I can't afford to bale it out .I've an agent trying to rent it out for 600 euro a month, but then again ,you don't know if you're going to get good tennants. Chances not . Any advice . ron@richtrad.plus.com

Jun 13, 2011

Alpha Panareti and Alpha Bank
by: Anonymous

Its everyone's biggest fear that they will be taken to court in Cyprus by these two organisations and that they can use EU legislation to collect the debt in the UK without another court hearing in the UK.

This is only possible for them to do in uncontested cases. If you have argued from the start that Alpha Panareti are in breach of contract because they had a mortgage on the land or that they used unfair commercial practices by getting you to sign their contract 'as part of the mortgage application process' (when in fact they were committing you to the terms of the contract whatever the outcome of the mortgage 'application'), then even if they get a judgement against you in Cyprus they will have to take a fresh action against you in a UK court which they have no chance of winning.

The same goes for Alpha Bank who in many cases did not send loan agreements to their customers directly but relied on illegal power of attorney documents to allow a dodgy Cypriot solicitor to sign'on your behalf'. The bank in many cases cannot show that a qualified surveyors reports to justify the drawdowns on you account ie. on build progress.

Write to the Bank and Alpha Panareti stating these points and you will find that their threats have little foundation. Don't be bullied, they prey on the weak and timid. Call their bluff as they are well and truly up the creek whatever the results of corrupt courts are in Cyprus.

May 10, 2011

Wake up to Cyprus property investing
by: Anonymous

I am surprised at the lack of clear information being provided by anyone on this or other sites concerning these developments.

Firstly you borrowed money from a bank. Therefore you owe the bank that money and they will require it to be repaid. If they have to excercise the charge on UK or any overseas assets to do this, then they will. To dance around the fact is just clutching at straws.

The relationship between you, the builder, the POA or anyone else is irrelevant. I have one of these properties and the way it was sold was to say the least misleading and allegedly fraud. That has not changed, however the fact that the contract of borrowing money from the bank is water tight. I cannot pay the mortgage but at least have had very senior legal opinion both home and abroad and the advice was clear. They will come after you as it's their nature and duty to shareholders.

However, if you can perhaps prove that you had no idea that investing in overseas property came with risk, and that currency fluctuation was something you had no idea had risk, that the POA was never given your permission to act on your behalf in any capacity, then you may have a case against the builders or the sales company but NOT THE BANK.

You as the borrower have presented weak security with little or no proper due diligence (most of you bought a property for 100's of 1,000's without even going to see the site) to the bank as security for a loan, hope you have better luck than me.

May 05, 2011

CGPAG
by: Larnaca Golf

Having mortgage payment problems at Tersefanou with your property contact Larnacagolfpropertyaction group.

We are a group of UK investors who are here to help you.

May 05, 2011

Grapevine Edition with Cyprus property article
by: Anonymous

There is a comment regarding the Grapevine Edition on the 4th February, does anybody know how to get it as I can't see it on their web site?

Any help would be great.

mark-gilbert@ntlworld.com

Apr 22, 2011

Mortgage problems in Cyprus
by: Andy

Sorry to hear about everyones problems; banks can come after you in the UK, there are loop holes but it's very difficult. All the good lawyers rely on work from the banks. seeking advise from a lawyer if non greek? forget it. I can only give my opinion on each case on its merits.

please mail me if you would like help on canic@htmail.co.uk

Apr 12, 2011

can not pay my mortgage
by: Anonymous

i am interested in a 2 bedroom apartment in paphos
if anyone is in need to sell plz list your offer

Apr 12, 2011

stagewx41@live.com
by: Anonymous

Anyone heard of Papiris Bros Estates and their Superior developments

Mar 21, 2011

Cant pay any more??
by: Anonymous

Cant pay my mortgage at all. What will they do please give info if this is happening to you. Living in uk, bank ringing me all the time.

Mar 01, 2011

buying properties in Cyprus
by: Anonymous

I know a group of investors who are willing to assume mortgages less than 50,000 euros on one condition that is having title deeds.
If interested send an email to tmxdj@hotmail.com

Feb 23, 2011

How can they help,
by: Anonymous

Hi how can that person help? Would be great to hear although my apartments are in paphos? Thanks

Feb 23, 2011

trouble
by: Jb's

Hi,
Thanks to the people who have got in contact with me so far.Fingers crossed for us all.
Please if there any more out there phone me and I know that a lot of people are wary.I am an owner myself living in England not Cypriot.

Feb 18, 2011

Help for Cyprus property problems
by: jb's

Hi,is there anyone out there that has bought a place in the Tersefanou (Larnaca) area and who is in trouble? I know there are lot of people out there that are, I have someone who can help. Please phone 07905793039.

Jan 26, 2011

I know someone who can help
by: Anonymous

It is an unbelievable situation but I know of a recently set up organisation that can help. This company's aim is to identify solutions that may help.
I am not saying they can definitely help but I have a property in Polis that I can neither sell or rent.
They are going to do a test case for me free of charge.
I am not sure I can advertise them on here but they are producing a full page advert in a magazine called the Grapevine which is a free mag distributed monthly in Cyprus.
The advert is in the 4th February issue and it can be downloaded

Goodluck

Nov 17, 2010

Seeking Justice over Cyprus Property Scam
by: Anonymous

We have been scammed by a developer who despite signing a contract with us assuring there was no mortgage on our property owes wait for it...23 million euros!

We tried to get this addressed by various Cypriot lawyers and they do not want to know as they are in the developers pocket. We are now trying to get this sorted via the u.k. contacting our european M.P. Local M.P.& a lawyer who deals in european property law.

Our case notes have been read by a barrister and we have been assured we have a cast iron case for breach of contract. All this costs a lot of money which a retired couple like ourselves do not have. So we are now looking to find a lawyer here who will do a "no win no fee" deal. We have now been forced to return to the u.k. leaving our property which was our retirement home.

There are so many people who have been ruined by these awful people who take no notice of European law, it's about time they are brought to justice by the courts.

Nov 14, 2010

Respectable Lawyers in Cyprus
by: Grotty

Does anyone know of a 'respectable lawyer' I have tried to locate one via email, explaining my present position in brief to virtually all the lawyers on the Island recieving no replies to date. It would appear to be a closed shop, whereas no lawyer will be prepared to stand against another.

Oct 27, 2010

Mortgage with Alpha Bank
by: Anonymous

I have just read the last comment dated 13th October. Whoever wrote it have you been able to find out if you can hand the keys over/will they repossess your property in the UK? and will they not come after you if you owe 50,000 or less? My rent doesn't cover the mortgage and I have given up paying the remaining and the bank is calling me everyday. I am to so fed up with the 2 properties I unfortunately have in Paphos. I get the feeling all lawyers in Cyprus are linked with the banks, but not 100% sure. Any advice would be really appreciated.

Oct 13, 2010

Query on Cyprus property mortgage payments
by: Anonymous

So I read an article the bank will not chase you if your in debt of 50,000, does anyone know if this is true? Also I too have given up paying my mortgage as it's in negative equity and it will take years if ever to make any profit on it. I am so fed up with the property and want to hand the keys over. Anyone know if this is possible? Will they chase me for my UK home/assets?

Aug 19, 2010

Alpha Panareti Cyprus
by: Anonymous

Hi, if anyone feels that this developer has mislead you in any way or you are not happy with your purchase/investment, a Facebook page has been set up. Join Facebook and search for:

Alpha Panareti Victim Support Group

It's members only and you will need to prove you are a buyer.

Regards

Mark

Aug 13, 2010

Reciprocal arrangements
by: Anonymous

Has anyone bought a property at Kymma Villas in Ayia Thelka. We should be making our final payment of £17k but have just learnt that our mortgage has been set up on a different basis and a different number of years than we were told using a power of attorney that may not be valid. It was not witnessed in our presence by someone who knew us. Cannot new mortgage payments or final payment and cannot any answers about what will happen from the solicitor we are using who was given to us by the company who sold us this 'investment' idea. Have been given details of another solicitor who could look into what will happen to us with the developer and the bank and our home in the uk but keep reading about cypriot lawyers having links with the bank and so not being a good help. Does anyone have any useful info or have you bought on Kymma?

Aug 11, 2010

Need for quick property sale in Cyprus
by: Anonymous

I have purchaed a place in Aphrodite hills it is beautiful, however, I cannot keep up with my mortgage payments and as you know with the currency everything went downhill. I am desperate to sell my place 2 bed with large garden in a 5 star golfing resort. Please contact me if you or anyone you know would be interested.

exhale@hotmail.co.uk

May 18, 2010

Defaulting on mortgage payments in Cyprus
by: Helen

Yes the Cyprus banks can chase you for debt repayments on your assets in the Uk or elsewhere. It may take a little time but we know of cases where people "disappeared" thinking the Cyprus banks would just take the property back and forget about it. But years later they found those people and requested repayment from Uk assets.

Remember if the banks take back a house which is worth less than the mortgage they lose out and/or if they can't sell it due to the current depressed property market then they will make a loss so will want to recoup that loss from somewhere.

Like any debt, you need to get advice from a lawyer and or debt consultant to review your options. A debt in Cyprus is the same as a debt in the UK and needs to be taken into account against all other debts to take the best course of action.

Good luck.

Helen

May 13, 2010

Can the Cypriot Banks take our property assets in the UK
by: Anonymous

Hi

We own a property near Larnaca next to a non existant golf course, we were sold a dream and a promise we are the proud owners of a lovely property in a dust bowl next to a rubbish dump.

We can can no longer afford the mortgage payments. If we default can the Bank of Cyprus take the property and then come to UK looking for our assets and wealth here ?

Cheers Worried

Apr 24, 2010

The Banks in Cyprus Own You
by: Anonymous

Lets get something very very clear here. Yes, the Banks own you and they own everything on the planet + 10%.

Face it, almost the whole world is run by the IMF that owns all the Central Banks in each and every country. Central Bank of Cyprus for example. The IMF is privately owned (Rothschlds et-al) as are all the Central Banks. These private Banks bought all our politicians years and years ago and therefore are only really puppets of the Banks and these puppets maintain an image as they are well paid and look after to do so.

These private banks issue their own private 'currency' which is completely valueless and not backed by anything whatsoever, essentially making it Toy Town Tokens which they create belief in by lying to you and me.

These private Banks then control every country's money supply and engineer ups and downs in the economy as they see fit so they can cause hardship and transfer your wealth to them.

The amazing thing is the Bank never lend you any money, only 'Credit' which is non-legal tender and just digits on a screen.

Think about it folks, this is one evil scam they have going on here.

Dec 23, 2009

Cyprus Repossessions
by: Anonymous

Ninety Nine percent of Cyprus Lawyers are tied to Banks. So if you find one that will be able to help you in a repo case you will be very very lucky.

What the banks do is give work to lawyers, not the same ones but they share it around. The Lawyers therefore are reluctant to defend anyone against the banks, who are their paymasters.

Some people run a service that has helped people who have a main home in the UK and a holiday home here in Cyprus but just can't pay the mortgage here anymore.

The Cyprus banks may come after you in the UK.

Chris Dennis

Dec 18, 2009

What happened next
by: Anonymous

Hi,

I have just read the following posts on this forum, however no one has said what they ended up doing. Has anyone defaulted and have banks pursued them?

Nov 14, 2009

Cyprus property hell
by: Anonymous

Why did I ever buy in Paphos? I have two apartments that have depreciated in price a lot over the last couple of years and now I can't sell as I wouldn't get enough to cover my mortgages. I've had a bad luck of tenants which makes it even more difficult. Does anyone know if I were to walk away and not pay my mortgages what happens? Can they take my house in the UK? Lawyers can't even give me a straight answer.

Oct 23, 2009

Cheap apartment for sale in Cyprus
by: Anonymous

If everyone is so desperate to get hold of an apartment - why can't I sell mine!

trying to sell for E50000 less than its worth.

any serious interest email me
hendrikar3@yahoo.com

Sep 28, 2009

House for Sale in Cyprus NOT north
by: Anonymous

If anyone has a house for sale I am a cash buyer looking for a house or very cheap appartment please contact me on deanbrobertson@yahoo.co.uk willing to get involved I live in the UK, Kind regards Dean

Jul 23, 2009

Repossession procedure
by: Anonymous

I have a property in Peyia which I am trying to sell due to myself and my husband not being able to afford the mortgage any longer and haven't been able to pay it for the last six months. Does anybody know how much longer we will be left to live here before the bank repossesses the property as I really dont't want to loose everything that we have put into it for the past three years.

Rose

Apr 29, 2009

Buying properties in Paphos - I could help
by: Jane Simpson

So sorry to hear all these horrendous stories of mortgage hikes in repayments but if anyone has properties in Pafos they need to sell, I am looking to buy asap.

My address is vinnysimpson@aol.com

Kind Regards

Jane Simpson

Apr 12, 2009

Cyprus Mortgage Hell
by: Jon (UK)

I am in a similar situation. Does anyone know if a Cypriot bank can chase you for money in the UK? Can they put a charge on your UK property?

Apr 03, 2009

Mortage hell in Cyprus
by: Jean

I am facing a similar situation but am 4 years down the trail of paying a mortage set up by a broker on my behalf. First two years at fixed rate of about £300, 3rd year it shot up to £760 and this year it has gone up to £970 a month (on a mortgage of £112,000)These figure are a bit confused with £CYP/Euros/£GBPSterling but you get my drift.

I have tried renegotiating mortgage with current bank, no chance there because I am now 52. Another bank were ok to give me an interest only loan for 5 years.....then they turned me down on closer inspection because of the developers being over extended...with another bank.

If there is anyone out there in Cyprus who knows of a reputable debt negotiator (as we have here) then that would be great. I am being bled dry, can't sell the place or get decent tenants. The shame is that the property is fantastic and very desirable but my Cyprus dream died long ago and I want out.

Also...check out LOADS of lawyers before you choose one. Go by recommendation and proven track record and also contact the Cyprus Property Action Group for other advice and news.Good Luck

Jan 15, 2009

Cyprus property repossession
by: Helen

Sorry to hear about your financial worries.

I am not a property expert so I would advise that you contact a good Cyprus lawyer to explore all your options.

Failure to pay a mortgage in Cyprus, as in the UK, will eventually trigger a repossession. In the UK the bank will try to recoup any shortfall between the sale of the property and the mortgage via further proceedings. I do not know if a Cyprus bank would attempt to do the same via the British courts, which is why you need to get the best advice from a well respected Cyprus lawyer and also explore all your options over how to manage your debt.

Good luck

Click here to add your own comments

Join in and write your own page! It's easy to do. How?
Simply click here to return to Ask CTS