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?

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Sep 16, 2015
 Forced to sign a power of attorney
by: Anonymous

Does anyone know if it is legal to force you to sign a wide ranging and potentially damaging Power Of Attorney with the bank that allows the bank to basically do what they want with the your property and for any reason. We successfully negotiated a better deal but at the last stage we were presented with an undisclosed document that gave them this POA. That cant be right? Anyone? Any Advise? Thanks
Jul 21, 2015
 Good Solicitor
by: Anonymous

If you need your situation sorting I have a good solicitor for you. Louise Zambartas of Zambartas Law is taking cases against Alpha Bank to Court at the moment. Her company unlike Maxwell Ives etc. Will not charge thousands of pounds in fees and she knows what she is doing. I have been to Maxwell Ives, Judicare and others and they seem to have solutions but are charging the earth for them and none of their solutions has been through a court yet so they are untested. Louise seems the best one to me and I don't have an agenda to promote her - I only want my mortgage sorted too. You can go round and round in circles on solicitors but this is one I trust to get the job done.
Jul 12, 2015
 cyprus property problems
by: Anonymous

to anyone out there who hasn't yet sought legal advice or joined a group giving legal advice I would recommend you do so immediately, we have joined the mass ranks of Maxwell Alves.
It is entirely up to the individual who they choose to go with but the banks are more likely to negotiate and speak with the law firm that has the greater numbers.
we were continually being bullied by the banks until we joined the group.
this is the best thing we have done since this sham came to light.
we are going after the UK agent (FNG)and the developer next, watch out FNG PROBIZ we're coming for you soon
Jul 09, 2015
 Any other Irish residents that have been effected?
by: Christine

My family have been hugely effected by a bad investment in Cyprus. We are living in ireland and have no idea where to even start looking for help :-( all suggestions welcome.
Jul 07, 2015
 Update
by: Anonymous

same story swiss franc unsecured loan not mortgage and fake POA but as we know its corrupt.

Getting demands from UK debt company-can they take our UK home? what should we do?
Jul 07, 2015
 Alpha Bank - refusal to restructure
by: Anonymous

We were offered a restructure but due to some other issues, delayed getting back to the bank. They have since pulled the offer and only offered a capital repayment holiday.

Has anyone else experienced this? If so, did you appeal/instruct a Solicitor and what was the outcome.

We can't sell our villa as we don't have the title deeds. We can't remortgage as we will crystallise the debt which we can't afford. We discovered we have a 'balloon' payment at the end of the term and the developer has a mortgage on the land on which our property is built.

We are kyboshed whichever direction we turn. all we want to do as every does, is to make this terrible investment affordable or sell. We have done our best to try and keep up with the mortgage payments but we just can't do it anymore.
May 30, 2015
 Bank
by: Anonymous

Hi,if the bank sells the property for let you are responsable for the balance ..the law now has just been accepted to reposes properties..you need to contact a decent solicitor to nigosiate the mortgage or other options..find scalaproperties. Eu on google contact them and they have a monthly payment option for a solicitor..best option ..banks can also take legal action in the uk
May 09, 2015
 Updates?
by: Anonymous

Just wondering if anyone has any updates or can share advice on their own situation? i know some court cases were due to be heard last month but haven't heard anything since. Are Alpha Bank willing to look at options for people who can;t afford to pay the mortgage, restructure or otherwise?
Would be really grateful to hear of people's own experience. Thank you.
May 02, 2015
 larnaca property
by: Anonymous

does anyone know anything about asset protection - i joined maxwell avleaves who seemed to have done nothing for 2 yrs. I approached alpha bank directly and they have offered me a 35% reduction on the entire loan. However i still owe over 100k sterling which i can't afford.

I ve heard with asset protection the bank can't touch my uk property - is this true?

How can i check if the bank have served a writ against me as i have received no paperwork to date.


help!!!!!
Apr 15, 2015
 Swiss franc mortgage
by: Anonymous

Hi all. We are in the same boat. We now live in Cyprus and have been struggling with the mortgage. We stopped paying over 12 months ago. After loosing my job etc like loads of people. We have talked to a few solicitors. A few very nice. However they will all want paying for what they do. It will run into thousands. In my position it will not help me. But there is a light at the end of the tunnel for us. One of our friends has a very expensive house, not paying his mortgage for about three years. He has agreed with the alpha bank for my friend to sell his house and the bank will take what he gets for it. End of contract. They will not chase him while he is waiting for it to sell and they will not chase him for a shortfall after it is sold. This is a reasonable solution for us. No legal pressure from the alpha bank. The other banks are not so understandimg
Mar 16, 2015
 No way out
by: Anonymous

Bought a house in 2008 making a loan on my name. This action was taken just to help a friend, because she had loans everywhere which she coudn't pay. She was afraid that that the house i have now that would be taken away from her,thats why i helped her. My mortage now is around 420.000€ which i cannot repay . Closed my job in 2013,have no job since and dont know what to do. Im in real big trouble now because im afraid that my house will be reposessed. I also have other small loans in other banks which i cannot pay, i'm very desperate and confused dont know what to do.
Mar 03, 2015
 No mortgage on property but still no deeds
by: Anonymous

I am being given the run around by my developer, I purchased my apartment in 2008 with no mortgage, have been over 3 times now to get my deeds, they blame the Bank of Cyprus saying they are busy and can't get around to dealing with the paperwork. I believe that without my knowledge the deeds to my apartment are being used to support the developers lending, where do I stand legally with regards to my deeds and apartment if the developer goes bust. What actions can I take, thank you in anticipation.
Feb 18, 2015
 swiss. mortgage
by: Anonymous

Like a lot of people i took out swiss with alpha bank put 125000 took out motgage for 40000 . Been paying 7 years cant get title deeds. Now owe 80000. Struggling with payments cant sell without deeds. Got equity in house. Any advice on what to do. Would get rid of house just to pay loan off.
Oct 27, 2014
 I just don't understand.
by: Anonymous

Yes we fell for all the crap as well.We bought 3 property's. Alpha Bank sent a writ for one of them so we presumed the other 2 would follow very soon. We have instructed a solicitor Maxwell Alves. Which is even more confusing now.Why do we have to pussy foot around when they miss sold the mortgage in the first place, also have papers that were signed by Lemonati solicitors but no witness signature and the developers are our guarantors. Which to me means the developers get our debt. Would this stand up in a court of law over here? Is there any solid evidence of anybody that has won a case. To me all of it stinks.
Oct 27, 2014
 Alpha Bank sending in UK debt collectors
by: Anonymous

Is there anyone who can offer any advise to us. We along with a lot of others took out a Swiss franc mortgage in Cyprus through Alpha Bank. We never started mortgage payment and as far as we are aware never completed on the property transaction. The only documents signed were at the solicitors office after viewing the property. Any other documents must have been signed using the POA that is apparantly not legal. I know that to ignore all contact as we have been doing is just prolonging the agony and now need to take steps to resolve the issue. We are in the process of contacting a solicitor in the UK but would appreciate any advise from those who have allready been there. Our main concern is our UK home which we do not want to put risk. We have just been contacted by a debt collection agency in the UK.
Oct 12, 2014
 www.CyPropSN.org | CALL TO ACTION!
by: CyPropSN.org

www.CyPropSN.org, The Cyprus Property Support Network, is a new website that provides:
- guidance on what the key issues are, “how to guides” on what to do, template letters and a forum for asking questions.
- information about the various legal groups to allow those who are not part of a group to find out options and decide on their best course of action.
- a forum for raising and addressing questions.
- legal group member and know-how pages.
- a map identifying developments and allowing “buyers” to register themselves to the development.
The mission is: “To be the resource that those with Cypriot property issues come to and are referred to”. As the resource attracts members, it will empower all members in our fight against the banks.

www.CyPropSN.org was born from the frustration of finding no publicly available clear guidance on what the general issues are and what the best courses of action are.

Please join the site, sign up on the Membership page, add your properties to the map, use the member only forums for debate and contribute to the Q&A.
Oct 10, 2014
 Bank Of Cyprus
by: Anonymous

Unfortunately we are caught up in this mis-selling mess. We bought a property in Aphrodite Hills in 2007 from Lanitis under the rental guarantee scheme. We were advised by the builder to use Laiki Bank and both pushed for a Swiss Franc mortgage.
Soon after the recession hit and the European Central Bank reduced the base interest rate. To no surprise, Laiki then decided to raise its margin so we are now paying 6.8%. Our payments trebled and there is no way now of keeping up with the payments.

Before we stopped paying the mortgage we contacted the bank in advance to say we were struggling to keep up the payments and we wanted help in restructuring our loan. We had no response from them for over a year. Now the arrears have racked up the Bank of Cyprus have decided they want their cash and have threatened to shutdown the mortgage account and pursue us in court. We have a lawyer (Louise Zambartas) who has been representing us for a few years now so we will have to fight this out in the Cypriot courts.

The Bank of Cyprus's stance on this is that they will restructure the loan but not give any discounts unless you are paying off the loan. The restructuring is basically a conversion of the full amount into either Euros or GBP. If this were to happen we would be locking in the loss. I don't think the banks realise that it is them that have done wrong. Do they not have duty of care to their customers as banks do in the UK? If they had left their margins as they were when the base rate was reduced by the European Central Bank we would have been fine with the payments.

We have decided to fight them in the courts as we feel they have done wrong. Pressure at the moment is coming from the Trokia for them to reduce their NPL to 30% so they are taking a hard line on this. At some point they will need to realise the extent of this issue and try and work with their customers. Unfortunately I don't think that will be anytime soon.
Oct 09, 2014
 Worried
by: Dave D

I have a property in Paphos with a mortgage formally with Laiki bank, now BOC. I can no longer afford to pay my mortgage and to say i'm losing sleep is an under statement. What is the best way to approach this situation with the bank as I am not a Cyprus resident, I live in the UK. Can anyone advise me if I could end up having my house in the UK seized [It has a mortgage on it]

Desperate from Manchester
Oct 08, 2014
 Advised needed
by: George

I have an apartment here in Cy, and like many others i have fallen on hard times, pay cuts ect.

What id like to know is what will the bank do apart from repossess the flat? i dont have any other property in my name here or in the UK.

I have tried to sell the apartment to settle the loan but like many others i am still waiting on title deeds which will never come.

What is the worse the bank will do? my ideal situation would be for the bank to take the apartment and that would be the end of it. as i have no assets for them to take as my developer is my guarantor.

Oct 07, 2014
 Legal action
by: owner

we've now instructed a lawyer in cyprus and we've had the notice of appearance filed. our debt has been passed to the recoveries dept of bank of cyprus. now we wait for the next step. has anyone actually taken legal action through to its full conclusion cos i cant find anything online of other cases.
Sep 22, 2014
 Advice needed
by: Richard

My brother lives in Cyprus and owes the 95,000 euros on a morgage. His wage has decreased and has fallen upon hard times. The courts want the money within 10 days? he is unable to pay. He wife has come to England to work. What should he do?
Sep 16, 2014
 Court Action
by: Anonymous

In response to the last comment - please do not do nothing! If this is going to court in Cyprus and you son't defend yourself they can get a judgement in your absence and then start to pursue action in the UK. I recommend finding a lawyer (have a look at other posts in this thread) who can represent you at the court date and advise any possible steps on your behalf. You may be able to negotiate repayment if you at least do this. Good luck and keep us posted as I'm probably going to be in the same position myself soon!
Sep 12, 2014
 Received court papers
by: aphrodite owner

We bought a property in 2008 and stopped paying chf mortgage 2 years ago as we couldnt afford it. Laiki bank converted to euros and closed the account. today we received legal court papers telling us of action and that we had 60 days to appear or select representation. there are 3 defendants mentioned: me, my husband and lanitis. on reading the document it mentions some guarentee that lanitis have given. What do we do now? we dont own a property in uk, lanitis are welcome to our property and infact its still in the rental pool, although we have no income and want none. should we find a lawyer? help! dont know what to do and they are suing us for a massive amount of money which we dont have. do we just go bankrupt? can we offer to make some payments to the bank even though we cant cover the arrears in one payment? any advice really welcome, i feel very sick :(
Aug 31, 2014
 Lawyer
by: Kenny

Kenny here,

Been a while since I was on this site but I would advise anybody with problems to contact Louise Zambartos. Just google her name up and you will get details. Louise is English and married a Cypriot. Louise is no friend of the Cypriot banks and will be straight with you and to the point. No bullshit.
Good luck.

Kenny.
Aug 11, 2014
 Alpha Bank -Decent Solicitor in London to help you
by: Jim

I have had problems with my property with Alpha Bank. I have looked at London solicitors including Mr McNair of Cubism who did not even reply to my E mail. Currently Alpha Bank are offering 25% or loans for taking our=t a new loan with them or 33% if you pay the loan back in full. New loan is at Libor plus 2.5% for life of loan but this is not enough. The Franc appreciated over 40% against the Euro in the last few years and the bank overvalued the properties in the beginning - any discount should be about 45-50% not the laughable amount they are looking to give. Most decent solicitor I have spoken to so far and who knows what he is doing is George Kounis of Maxwell Alves Solicitors in London ( 0207 632 6950)He is trying to get a large group to fight the bank as the bigger the group the more power there is and has 250 so far in his group.

It is well worth talking to him to get more information on his work but after looking at this for a month he is the best I have spoken to and he is not out to rip you off.
Jul 24, 2014
 Good Solicitor
by: Anonymous

Try George Kunis at Maxwell Eves solicitors in London. They are in the process of taking Alpha Bank to Court in the UK not Cyprus under EU Law. Google them as nearly 300 property owners are in their group.
Jul 24, 2014
 Seizure of UK assets
by: APOG

We now have confirmation of interim charging orders being placed on UK assets of 15 defendants in the RCJ, London. The summons to the RCJ was in response to these defendants not contesting writs of summons issued by Alpha Bank via the Cypriot courts due to nonpayment of mortgage loans on incomplete Alpha Panareti properties. Judgments in default were made against these defendants, and EEOs were expedited in the UK courts. The defendants were unable to stop the process at this stage, and as a result their UK assets have been frozen and will likely be sold off to pay back Alpha Bank. This is a huge wake up call for anyone who receives a writ, that they MUST seek legal representation to defend it.
Jul 08, 2014
 BEAT THE BANKS
by: Anonymous

This information may help many people..
1st..Solicitors in Cyprus are all friends with the developers and is very hard to find somone that wont rob you or take the developers side..

I’d like to explain the problem many home owners and holiday home owner face all around the globe and specially in Cyprus ..For many that don’t know...
The banks have helped themselves to people’s hard earned life savings..They have taken millions to make up for the mistakes of the people in power or who have messed up shall we say and made people suffer the consequences...
People that have worked abroad thinking they have for field their life’s purpose thinking there family children and grandchildren are settled from there hard earn money, have brought their earnings to Cyprus and all of a sudden been put back to the drawing board..
A retired Doctor in Larnaca died of depression after banks took 2 million from his account and left with 200k...
A gentleman Mr Costa also retired from Larnaca work all his life in the UK had a shock to his system after banks took over a 1milion Euros and left him with 100k..I know what you’re thinking...They had allot on money anyway..Right..! Wrong...
How would you feel if you’ve work all your life like a slave thinking your settled and all of a sudden, over night your hard eared money gone from your account..
You can’t help your children anymore that are struggling..You can’t give your grandchildren any presents when they visit you as your cash is limited..
Your bride gone over night ...its a major shock to anyone’s system..
it’s a knife to the hart knowing that you can’t give a helping hand to those who need it the most or our loved one that we see struggle...

Unfortunately when you reach retirement we all wish to be settled and hope we have done the best for our family, children and grand children..These are cases that the banks don’t want you to know about...
Even the normal and poor have suffered as state deposit trust funds have been denied to the people that have work all there life’s and paid social security to find that upon redundancy will receive a large amount for their families..Gone..Many can’t even send their children to study abroad as they planned to do so with that money and many have been force to work despite thinking they would be spending their last years of their life’s in a more relaxed manner or freedom ...

Many that have a property here have said ‘I’m giving the keys back to the bank and whatever happens. ’..
Doing this means this:
-you stop yourself ever getting a loan again..
-you black list your name..
-your credit score is at Zero..
-you still lose your home..
-your still liable for the balance that is left after the banks sell it for a silly low price..
To save yourself from all this go back to my previews email and Negotiate..
To give yourself a breathing space to pick yourself up until ie :
You rent the property..And start bringing in money to pay them..
Or, Until you find work.. And start bringing in money to pay them..
Or, like i have done for a client until you sell the property..If you want to sell it..
Unfortunately the people in power that have stolen billions from the Cypriots and many patriots money are still and will get away with it...Don’t let them win ..go to your bank and tell them what they have done and Negotiate to keep the homes of your children and grandchildren..
Be honest with the banks and don’t ignore them. Eliminate all the fears banks bring and tell them you states.. Maybe:
- You’ve lost your job and are unemployed..
-The tenant isn’t paying the rent and makes you fall back on the payments..
- The property you own is un-rentable...
Whatever the reason make sure you tell them what is going on regarding the property..
Before meeting the Manager or an employee of the bank for a meeting, make sure you have all the thing written down so you don’t forget why you’re going there for..
YOUR GOING THERE TO NEGOSIATE..That’s right; I’ll say it again...
You are going there TO NEGOSIATE..
To give yourself a breathing space to pick yourself up until ie :
You rent the property..And start bringing in money to pay them..
Or, Until you find work.. And start bringing in money to pay them..
Or, like i have done for a client until you sell the property..If you want to sell it..
A client of mine got a 6 month breathing space to sell his property and they never called him for 6 months..Not bad hay..How many of you would love to look at the phone and know it’s not the bank calling to threaten you about how much time you have till they take your property or take you to court?
You see it all about giving the banks a list of OPTIONS..Don’t expect the banks to think of the options for you, after all they are normal people just like us and most of the time they can’t and won’t think of the best option for you...or for them..Whoever said there smarter than you? They may think there clever but the bottom line is they only want their money..
What do you think the banks would rather do?
Take you to court and go through a legal battle that will end up costing them 1000s of pounds on top of what you owe them and plus end up with a property that they themselves might not be able to sell or get the load value for?
Or would they rather wait till you’re in a better position to pay them by the month or even paying them outright because you have found a buyer for your holiday home or home?
That’s right..they would rather get their money in bulk or wait till you are in a better position to pay them..
Walk in there fearless and make sure your options are writer down and present it in a document form if necessary.
So what is the answer to this email...
Present their CHOICES down in written form if needed..
You tell them the OPTIONS for the best of both parties..
May 30, 2014
 To 'So Over Cyprus'
by: Anonymous

To fellow Kanika/Laiki victims – hope you have not paid any more money to either. The Cyprus Bank will now attempt to recoup whatever monies they can from you, take your property and chase you for any outstanding debts (albeit they can only do this if/when they sell your property) If you have a mortgage in the UK the Cyprus Banks cannot take your home. The UK Banks will always want their money first and like most people in this situation I am sure you did not guarantee your home as the Banks were lending any amounts to anyone willy nilly and without questions – on all paperwork the Developer was Guarantor! Also there is the huge issue of Mis-selling the Swiss Franc Mortgage!

Kanika continue to develop more properties with loans provided by the new Banks no doubt! inviting more poor suckers on board! Surely Kanika need to work harder to sell our properties the ones they promised they would have no problem selling in the first place! not surprised Kanika had people living in your property and did not inform you – say no more! As for them selling it surely this alone will be of interest to any court of law!

I was also told by the evasive Kanika to keep paying the Bank – yeah of course!!! Stopped immediately – have accepted the loss of my property certainly not throwing any more money away!

We all need to stick together, pay no more money to anyone – there are thousands of us that have been sucked in by the Banks and Developers in Cyprus. If Kanika cannot sell our properties neither can the Banks. I cannot give my property in Cyprus away nobody is interested!

Waiting to hear from the new Bank let’s see if they offer us any help!
Apr 30, 2014
 Can Kenny recommend a good honest lawyer?
by: Harpz

We never signed up for a mortgage on our purchase. CYPRUS 48000. We paid around £15,000 in deposits plus lawyers fees on top of this. The developers took ithe mortgage out in our name behind our backs. We were sent some documents before the purchase takeover date which was inAug 2008. These mentioned a mortgage and we queried it with Lemoniati. She put one of her expert lawyers onto us to explain it was all being dealt with and that we could either pay off the loan on the day we took the keys or keep it on interest only. They advised us to keep the mortgage as we would be foolish not to. We were asked to collect the keys in August 2008. We booked a holiday and arrived in Cyprus naively I suppose, having never seen where the property was. It seemed ok, but we not once were asked to sign for a mortgage. No one asked us for proof of income. We could have been claiming DSS benefits for all they knew. Lemoniati must have been raking the money in it was so easy to set up deals with foreign and I believe Cypriot applicants. We assumed that when we took over the property we had to just pay Alpha bank. When they sent the first annual statement the following December 2009 our mortgage was 113,000 CHF. I almost fainted with the shock. How were we ever going to pay this off.we paid for a while but the payments kept increasing so finally we stopped when we heard of the Greek economy problems. The banks have made their money in the exchange rate gains which are our losses! They are threatening and say that we can't get out of the mortgage. If we never signed for it then surely they can't enforce it,?
Apr 23, 2014
 Name of Kenny's solicitor
by: Jade

Hi - could Kenny please advise the name of his solicitor in Cyprus who managed to re-negotiate his mortgage? I need to do the same but Bank of Cyprus are refusing any genuine offers we make and have now closed our mortgage account and are about to start debt recovery proceedings. Terrified of losing UK home!! Can anyone provide any reputable contacts?
Apr 08, 2014
 Reply to Debi's post on April 3
by: Nigel Howarth

I've heard that the company has come to a mutual agreement with the Bank of Cyprus to foreclose on mortgages it granted on three developments in Konia.

I suggest that all the residents act together and fight the bank should it decide to repossess their homes.

What I believe is more likely to happen is that the bank will ask those with properties on the estates to contribute towards paying the developer's debt. If all buyers act together they will have a much better chance of negotiating a 'good' deal with the bank than if they tried to negotiate individually. (United we stand, divided we fall).

All those involved need to dig out all the paperwork relating to their purchase, sale agreements, proof of payments made, etc.

I am meeting someone on Thursday who may be able to offer practical assistance in negotiating with the bank.

If you want to contact me, just Google my name (or Cyprus Property News) and get in touch using the contact form.

Rgds, Nigel Howarth
Apr 06, 2014
 Kenny's case
by: Anonymous

Hi Kenny

It was really good to read that someone had won a case against Alpha Bank and managed to have the loan cancelled. We are with a legal group also bringing a case against Alpha Bank and Alpha Panaretti - as your case was a success, it would be really good to have some more information as it could set a precedent and help the other ongoing legal cases. All we want is to have our loans cancelled and walk away so we can all stop worrying about having our assets taken in the UK. Could you let us know the case number or lawyer you used in Cyprus.
Many Thanks
Apr 05, 2014
 Hellenic Bank swiss mortgage
by: Anonymous

We have a swiss frank mortgage with Hellenic Bank Cyprus, we are trying to negotiate with the bank. Many of the other villa owners have already given up and walked away, they too have mortgages with the Hellenic Bank, two years on and the villas are left empty, We still have our villa and struggle. To pay the mortgage, whilst we explore our options. We have to file some sort of action before Dec 2014 , to protect our uk assets, we believe we were miss sold the swiss frank mortgage .Any advice?
Apr 05, 2014
 Alpha Panareti and Alpha Bank problems?
by: Anonymous

There is a Facebook group for the above buyers where lots of issues are discussed on our problems:

You have to prove you are a buyer to admin before you are let on. Lots of experienced people with good advice. Link below or search FB for Alpha Panareti Owners Group.

https://www.facebook.com/groups/alphapanaretiownersgroup/
Apr 03, 2014
 Court case won
by: Jb

Hi We agreed to buy one of 10 bungalows on a development site in Kathikas in 2007. We were advised to go with Alpha Bank by the developer Signature Luxury Homes. We took out a mortgage and payments were agreed for each stage of the new build with a certificate to be issued before the developer could move on to the next stage. We paid the initial deposit for build to start and after the first stage was asked for the second payment. Through our lawyer we asked to see the first stage certificate pass and after a lot of twoing and throwing that went on for months it materialised that there wasn't a certificate as the first stage wasn't finished. Alpha Bank insisted we needed to pay the developer for progress of the build. We refused through our solicitor who then checked the developers situation and found out that they had run out of money due to the reccession and taking on too many developments. We refused any further payments and asked our lawyer to begin court proceedings against the company. At first we were adviced to carry on payments which we couldn't understand why but decided against it. The court case took more than 3 years and our solicitor whom we gave power of attorney to attended on our behalf and we won the case. We haven't heard anything since !! I have written and emailed our lawyer but do not get any replies, my husband travelled to cyprus but could not get to see our lawyer so my question is - Does winning the court case mean we should have got our money back and if so, how do we go about claiming it. We are adament we don't want to fork out another penny for solicitors. Would realy be grateful if somebody could help.We are having to pay back the £ 60, 000 mortgage we took out to begin our dream which turned out to be a complete nightmare.
Apr 03, 2014
 Repossession
by: Debi

My parents own two houses in pafos. They are in Konia. In the last few days, they have gotten word that the bank are planning to reposess every property in the village, to pay off the debt that Aristo developers are in. Nobody has the title deeds to the houses yet, so are being told the bank is within their rights to do this. But not only wil everyone lose their homes, they will be liable to keep paying the mortgage for the duration.

Does anybody know what could be happening here? Is this possible? Any similar situations?

Any help would be appreciated.
Debi
Mar 21, 2014
 Has anyone actually had their assets frozen in UK?
by: Anonymous

This seems to be the question that no one is answering - is it because they can't!!! I cannot find one example of this having happened on any social media. We all need to stick together and not give the Banks a penny they have had enough of our money already. Let the greedy Developers
pay the Banks back - they have been in collusion with each other for years! The Banks will scare you into paying anything and still continue to chase you for the outstanding amount - they do not want your property - if we can't sell or rent it they won't be able to either - Cyprus is full of ghost towns - empty properties everywhere.
Mar 17, 2014
 Hellenic Bank
by: Anonymous

Like many others we stopped paying our mortgage a few years ago as the position was hopeless. However, our loan is with the Hellenic bank and we have never been able to find anyone else taking action against them. If anyone else is dealing with the Hellenic bank we would love to know. They started court proceedings 18 months ago and We have been told that it will probably take another 3 to 4 years to get to court. We will have to attend even though we have no money to pay them. We would also be interested to know if anyone else is using Louise Zambarta solicitors bases in Limisol.
Mar 10, 2014
 Kanika Development
by: So Over Cyprus

Anonymous - we too were sold property by Kanika who introduced us to Laiki Bank and convinced us to take out Swiss-Franc loan. Laiki Bank raised our rate to over 5% and we found out from an Estate Agent (who selling the property for us) that Kanika had somebody living in our property and never told us. We became even more suspicious when Kanika asked us to sign over power of attorney through the mail, which we refused. We confronted Kanika who was evasive and told us we needed to keep making payments to Laiki Bank.

We told Laiki Bank to collect the money from Kanika as they had obviously sold the property without informing anyone and somebody was living in it. Kanika had also guaranteed the loan in writing. We have never heard back from Laiki or Kanika. We have lost a lot of money, don't have possession of our property, and don't have any closure to our mortgage.

We approached Dr. Katherine Alexander-Theodotou about joining the Swiss-Franc mis-sold mortgage lawsuit and she was very keen for us to join. Just as we supposed to set up a date for a meeting with her she cuts off all communications and disappears. Be warned - she seems just as flakey and unreliable as the rest of the Greek Cypriots!

Would be interested to hear from others sold property by Kanika and Laiki Bank and their dealings with them.
Mar 08, 2014
 Solution
by: Michael from glasgow

To all, I had the same problem as everyone,my mortgage was never going to be paid off,we contacted Alfa bank and told them we had no choice but to hand in our keys unless they would reduce our loan and pay it off,they agreed and after approx 4 different offers which took about one month negotiating,they knocked off 55 thousand pounds and the remaining 85 thousand we added on to our British mortgage and paid it off
Mar 05, 2014
 Scare Tactics - Pay no more money to Banks!
by: Anonymous

Also have a mis-sold Swiss Francs mortgage with the collapsed Laki Bank. Sold property by Kanika Development who do not care now they have their money! Lot's of scare tactics from anonymous postings but not one case of a UK home being repossesed! If you have a mortgage in UK the UK Bank owns your house! They will want your money first and you cannot be made to sell your home.
There are thousands of repossesions to be made in Cyprus. Let the Banks take your property - they were so keen to give money to Developers who then sold overpriced properties to hard working honest people. If we could sell our homes in Cyprus as the Developers promised we could with all the sales banter! we would! The propety market is dead hello!!! The Banks cannot take money you don't have. We all need to make a stand and refuse to pay anything more to these greedy Banks - truth be known they are probably insured They should go after the Developers they are guarantors after all! What are they going to do to the thousands of us all in the same boat. Refuse to pay anymore money it will take them forever to chase us all.....
Mar 04, 2014
 got out of contract and loan
by: Kenny

I bought a property in 2007 in Coral bay. Villa price 320 k mortgage in Swiss francs 256k . With currency exchange and mortgage interest going up the mortgage went up to 645k in 2012. I didnt pay any of the interest as I was made redundant from a good job just after completion of villa in 2008.

I had paperwork to attend court on two occasions in Cyprus for a judgement against me but we made a good case for not paying and got adjournments.
I had a good Lawyer in Cyprus and we made a deal with Alpha bank, Paschali and myself that the loan would be canceled and Paschali would take the property back. I had to sign documents that I wouldn't sue any of the parties in future. I was just glad to get clear of it. I lost approx 120k with deposit ,interest paid and Lawyers fees. At least I can now sleep at nights after years of a nightmare.

Kenny
Mar 04, 2014
 Full payment
by: Anonymous

Hi everybody. This is a nightmare. I bought my property in 2007 and my payments have doubled. I have contacted a lawyer but the bank has also offered me a settlement so I don't know whether I should accept it of carry on with the rest of the group. They offered me a 30% discount on my loan if I pay off the entire loan (which means I will have to take out another loan from another bank) but at least I will be rid of the swiss franc. I started with the amount of 120,000 Euros and after paying back 60,000 Euros, I owe 170, 000. How can this be?
Mar 04, 2014
 Mis Selling Mortgages
by: Anonymous

My wife and I would like to echo other posters on here who have recommended CUBISM LAW a London based firm of Solicitors who specialise in the Mis Selling of Mortgages in Cyprus. We looked at all options including the various groups that are fighting this issue. However, Cubism Law and Solicitor Mr McNair were far more informative compared to the others and offered a free consultation. The solicitor is a Mr Duncan McNair you need to speak with. Contact CUBISM LAW at 116 – 118 Chancery Lane WC2A 1PP, 0207 831 0101
Mar 03, 2014
 Christina Hill Top Apartments Cyprus by: natina
by: Anonymous

Hi Natina,

Please contact Dr Katherine Alexander-Theodotou at Highgate Hill Solicitors ASAP (find contact details on web).
Feb 24, 2014
 Christina Hill Top Apartments Cyprus
by: natina

i need some advice regarding my situation.
paid the deposit and additional monies to the builder. i understood the deposit etc was non refundable. alpha bank are bankrupt. i have been getting letters chasing me for outstanding interest payments on the mortgage set up by the solicitor even though the monies for it are in the account (alphabanks). the property is finished and in have no idea whether it is vacant or not.
i have tried maxwell alves on their no win no fee basis and they have quoted me a minimum of £1600 for the initial costs with a 15% success fee. i have no idea or have been given any idea of what i could expect to win if anything. all i want is for alphabank to basically tell me that we will not chase me for the interest payments and that the house is now theirs and i owe no money so that i can walk away with a clean slate and no more threatening letters from debt collecting agencies.
Feb 20, 2014
 advice
by: Anonymous

Can anyone give any updates on how the legal proceedings for mis-selling are going? We too bought a property in 2007 with a Swiss Franc mortgage from the Laiki bank, our repayments are unaffordably high and we're struggling. We've been in contact with various legal groups but are concerned that the initial fees are high and we're uncertain of the on-going costs - has anyone tried to negotiate directly with the banks, would this jeopardise our claim?
Feb 12, 2014
 Cyprus banks
by: Anonymous

We have not had anything from the bank. However we did have a letter from a firm dealing with the debpt back in June 2013 i replied to that but have had nothing back since.
Feb 05, 2014
 Mortgaged land
by: Anonymous

Can anyone tell me the situation where a house has been paid for in full, the sale properly registered and after the sale the developer has mortgaged the title deeds ?

We wanted to buy our deeds but were told we couldn't.

Can our house be repossessed even though we have paid for it ?
Feb 01, 2014
 Bank of Cyprus Takover of Laiki Bank Debts
by: So Over Cyprus

Has anyone received any correspondence regarding their mortgage with Laiki Bank since the Bank of Cyprus took over? I have heard nothing...
Jan 26, 2014
 Bailiffs knocking at your door
by: Alethriko

Sorry to hear your plight. This is the nightmare scenario for each of us. Do you have legal representation? I could provide a list of the law firms I know if that are representing people on Cyprus property matters. There are very many people who are suffering because of Cyprus property issues and lots of us will gladly help by sharing information and experiences. Out of interest, were you served a judgment in default which is now being enforced through a European Enforcement Order? Did you receive a writ and did you respond or did you ignore it?

Best of luck.
Jan 22, 2014
 Please sign this petition calling for a Panorama investigation into property problems in Cyprus
by: Tracy

We have recently written a petition in attempts to gain publicity for the property problems we are experiencing in Cyprus and to expose the corruption that has ruined the lives of so many of us. Please sign this petition and ask your friends and colleagues to do the same. We all have an interest in exposing this widespread problem, regardless of whether or not we are directly affected. The more publicity we have, the more pressure there will be on investigating this.
Please follow this link to sign:https://www.change.org/petitions/panorama-investigate-the-issues-facing-uk-citizens-who-have-purchased-off-plan-properties-in-the-republic-of-cyprus
Jan 14, 2014
 High courts
by: Anonymous

I too am in the same situation. The property has been repossessed plus the Bank is pursuing me in the UK for money. This has been done through the high courts who have agreed I have to pay a large amount of cash plus they maintain ownership of the apartment. Bailiffs have already knocked at my door in the UK
Dec 29, 2013
 Help
by: TooTall

My situation is purchased Victoria complex Tersafanu 2007 property complete 2010. Have not paid mortgage in over a year but do not understand why I have not been chased or lettered to advise. Can anybody in similar situation advise on what to expect.
Dec 16, 2013
 Deadline for Action Extended
by: Cyprus Property News

Please note the deadline for action has been extended until 31st December 2014 (An official announcement was made in the Government Gazette last Friday).

You may read the relevant extract (in Greek) at http://cdn.cyprus-property-buyers.com/wp-content/uploads/2013/12/4419-13-12-2013-PARARTIMA-1o-MEROS-I.pdf

So there is no need to rush into anything.

Regards, Nigel
Dec 05, 2013
 Swiss franc
by: Anonymous

Hi all
Needless to say caught up in the Swiss franc debacle caused by the grreed of the Cypriot banks.
I note that substantial amounts of people have now taken the banks or in the process of doing so

Can anybody out there share any light on how they are proceeding ?have they made any inroads ?Have the alpha bank or solicitirs acting on your behalf made any inroads ?
Thank you
Nov 19, 2013
 Cyprus Claims
by: Anonymous

Cubism are filing claims in Cyprus I think. Also Christofi Law have already been dealing with these claims for a while - but its a bit late in the day to shop around and I suspect it will get pricier the closer people get to December because they will not be able to take on more claims.
Nov 06, 2013
 Swiss franc mortgage/impending deadline
by: David

Hi Guys

We are in exactly the same situation as thousands of others and have instructed a high profile 'English' lawyer to act for us against all concerned in our case with Alpha Bank and the Swiss Franc Mortgage miss representation.

His firm is Cubism Law and they practice from Chancery Lane in London WC2. The lawyer we are dealing with is Duncan McNair. Please note the deadline for action against those involved is 31st December 2013 so everybody must act fast. Duncan can be contacted directly on 07852 416696 and has mentioned he is willing to discuss your situation initially free of charge.

I hope this will help you with your problems!,
Oct 16, 2013
 Swiss Loans issue
by: Harry A

Does anyone know of the cut-off date for commencing actions against their bank over the matter of mis selling of CHF loans?

Does anyone know if it is possible to take action against the Bank Of Cyprus in this matter.
Oct 01, 2013
 Alpha Panareti Problems?
by: Anonymous

For those with issues with their purchase of Alpha Panareti property, go to Facebook and type in APOG (Alpha Panareti Owners Group) and request to join as it's a closed group.
Sep 11, 2013
 Which lawyer?
by: Anonymous

Can anyone help? Have looked into Dr Kathy and Maxwell Alves and am unsure where to go. Has anyone gt any advice or knowledge of either.
Have Alpha bank problems too and developer /property issues that need sorting?
Also any info on upfront and ongoing costs?
Any advice appreciated.
Thanks.
Aug 30, 2013
 Meeting in Islington
by: Anonymous

Is anyone going from Devon I would love to car share? Could we grab a lift and share the fuel cost?
Aug 28, 2013
 TERRA DIVINA COMPLETION
by: Anonymous

Does anyone know when Terra Divina resort is due to complete as i cant seem to get an answer from AP?
Thanks
Aug 12, 2013
 Tersefanou nightmare
by: Anonymous

Bought an apartment off plan in Feb 2010. Foolishly signed for delivery of the property even though it was not fully complete as I was advised by the (corrupt) Lawyer that there was no way to back out.

Mortgage repayments an unaffordable rate so never started paying. Have received letters in the post from Alpha Bank which I have returned to sender. Also received letter from a debt collection agency threatening to take action if the 5000gbp arrears is not paid within 7 days.

I have ignored this problem for 3 years. I want the bank to repossess the apartment in Cyprus and that be the end of it, I don't care about the money I have lost already....I cant pay what they are asking. Is my UK home at risk? Should I sell my UK home and transfer any cash out of my name / close my bank accounts? Who can help? is there any way out of this nightmare??
Aug 05, 2013
 To Nikki
by: Anonymous

Judicare will help you with this situation. Their number is 01438 841293. They will talk you through how they can help.

Good luck.
Aug 05, 2013
 Nikki
by: Anonymous

Please contact Dr Katherine Alexander-Theodotou at Highgate Hill Solicitors ASAP (find contact details on web). Successful actions were taken last year to hear case(s) in UK court (rather than in Cyprus)and they anticipate a successful negotiated solution to 'issues' by end of 2013/early 2014. They are taking legal actions against Panaretti, various Cypriot lawyers and Alpha Bank. Call Katherine to discuss joining the ACTION GROUP ASAP.
Aug 05, 2013
 Alpha Bank CHF loans.
by: Anonymous

Hi Nikki,

How would we contact you? I have had a similar experience with Alpha Bank, but have made some progress with them.

Cheers

Richard
Aug 03, 2013
 Alpha Bank - Swiss Francs
by: NIKKI

Hi Everyone,

Wow!! What can I add?? Its a nightmare that we all seem to be having each night!!

I bought in 2006/7 an apartment that was sold to me at a rate which I was told would not go up, but as you all know was a lie!!! Not only has it gone up, but to a figure that I can not afford.

I want to join this group to also fight as I really do not want to loose all what I have worked for (deposit) as little as what it may seem to some, to me was a lot to sacrifice.

Please could someone direct me to someone who could help me in this awful situation?
Jul 23, 2013
 Emporiki bank Swiss franc loans
by: Louis. New York

I also was talked into getting my loans in Swiss francs and I am now paying higher margins to Emporiki. I am thinking to contact a lawyer to help me convince the bank to go back to our original 2.5 margin from 4.0 that they changed it to . Did anyone try it successfully and if yes would you please recommend a lawyer?
Jun 12, 2013
 Maxwell Alves Solicitors
by: Anonymous

Yes, I'm currently with them along with over 100 (atleast) other cases. They are in process of negotiating with several Cyprus banks but also going to start letigation due certain Cyprus deadlines. Seems quite positive but they all do. If not spoken to them already you can call George Kounis on 0208 882 6964. Very informative guy.
Jun 06, 2013
 Maxwell Alves Solicitors
by: Anonymous

has anyone used Maxwell Alves Solicitors , and if so what was your outcome, im thinking to go with them for my bank of Cyprus loan, has anyone used them and won?
May 22, 2013
 Alpha Panaretti contact - David S
by: Anonymous

David,

I've just received a water bill from AP - email
m.mastihe@apcyprus.com

this might be of use to you in trying to contact someone at AP.
May 21, 2013
 Alpha Panareti
by: David Sinclair

I have been trying, unsuccessfully, for three weeks to contact Alpha Panareti. I have used each and every one of the e-mail addresses, I have even completed the request for information forms for everyone of their developements, and every single one has bounced back. Can anyone advise. Many thanks in anticipation of a response.
Apr 20, 2013
 Alpha Bank CHF loans
by: Terence Becksnonymous

I regularly read articals about property owners in Cyprus caught up in a CHF loan after purchasing properties at the peak property boom 2006/2007. Many of those loans are now coming to the end of interest only payments.Repayments not only inflated greatly by the strenth of the CHF will be increased to accommodate the start of actually paying off the loan.
Panic is setting in and many people adopt the ostrich symdrome or pay expensive lawyers for advise.I found myself in the exact same situation a year ago, paying double my original monthly amount on a loan thats nearly doubled against a property thats halfed its original purchase price.
Having no finantial background I decided we were not prepared to lose our dream in the sun because of the banks loan advisors bad advise.Over 3 months I took on the bank over the bad selling of our loan and after many emails the bank reduced our outstanding amount by 50,000 euros although never admitting any fault.This enabled us to pay off the loan and keep our home in Cyprus and more importantly our sanity.I have kept all the emails as proof and even showed my lawyer whom was amazed at the final outcome. I am helping others caught up in the same senario and if i can also help you email me on lashmere@btinternet.com
Apr 18, 2013
 Chris Christofi Cases
by: Anonymous

Has anybody on this list used Chris Christofi? If so did you win a case, and how long did it go on for?
Apr 10, 2013
 alpha bank swiss franc mortgages!!!!!!!!!!!!!!!!!!!!!
by: Anonymous

PLEASE GET INTO A GROUP ACTION AND GET A GOOD REPUTABLE LAWYER THE MORE IN THE GROUP THE BETTER WHAT THEY HAVE DONE IS MISS SELLING AND THE BANK HAVE A LEGAL OBLIGATION TO YOU SO YOU UNDERSTAND EVERY ASPECT OF THE MORTGAGE WHICH WAS NOT EXPLAINED TO ANY OF US AT THE TIME THIS IS THEREFOR ILLEGAL AND YOU ARE NOT DUTY BOUND BY THE CONTRACT BUT A GOOD LAWYER WILL TAKE THIS ACTION FOR YOU. tHE GROUP ACTIONS ARE THE BEST AS THERE ARE VERY SMALL PAYMENTS TO BE MADE BY EACH MEMBER AND THERFOR ONE LAWYERS COST AS I THINK WE HAVE ALL PAID ENOUGH MONEY ALREADY AND YES THEY CAN SEIZE ASSESTS IN THE UK THROUGH BALLIFS BUT AGAIN I DO NOT THINK THIS IS LEGAL. READ THE CYPRUS PROPERTY NEWS ALPHA BANK VISITED BY BALLIFS THERE IS HOPE.
Apr 07, 2013
 Property Purchase From Quality Group
by: Anonymous

I was interested to read the post in Jan this year by Mazatos shambles by: Dave. I also purchase a property in 2009 from Quality Group and like everybody was encouraged to take out a swiss franc mortgage by Alpha Bank and like everybody this has spiraled into a much larger payment.

Can I ask anybody if they know the development in Larnaca called Oroklini Hills it was developed fully and then suffered subsidence so became uninhabitable. Does anybody know if this development is now habitable. I have offered it to Alpha Bank but they have not accepted to take it they just ignore like everyone my mails.

Does anybody know what we have to do to get the bank to just take the property from us rather than keep increasing interest on the loan.

Additionally I have got buildings insurance would this cover me for the damage to the building and loss of earnings from rental.
Mar 25, 2013
 ALPHA BANK
by: ANON

I got the information from this article in the Times . Query it with them not me
http://www.thesundaytimes.co.uk/sto/business/Finance/article1193210.ece
Mar 25, 2013
 Ref Paul Lambert Anonymous post 25 Mar
by: Meza

All of you who find yourselves in the situation outlined in numerous messages below, please contact Dr Katherine Alexander-Theodotou at Highgate Hill Solicitors ASAP (find contact details on web). Successful actions were taken last year to hear case(s) in UK court (rather than in Cyprus)and they anticipate a successful negotiated solution to 'issues' by end of 2013/early 2014. They are taking legal actions against Panaretti, various Cypriot lawyers and Alpha Bank. Call Katherine to discuss joining the ACTION GROUP.
Mar 25, 2013
 PAUL LAMBERT
by: Anonymous

Paul Lambert you should disclose any arrangement with Highgate-to cut a deal on fees and come clean about the fact that they never pursued the bank - just the developer and their action not so successdfull. The only lawyer who has consistently attacked the banks is Chris Christofi at Christofi Law - I understand one of the other so called lawyer being mentioned here contrary to what you say was continuously and blindly saying the banks should not be attacked.
Mar 15, 2013
 Negative Equity property in Cyprus
by: Anonymous

I have a studio in Paphos that I just cannot pay off. There was a conflict of interest with the developer Paschali & Solicitor Emily Lemoniati which is well documented. I have written to Alpha bank with a budget sheet explaining my debit issues and that I will not be able to make any repayments ever. But still they add interest and defer my payments for 6 months again & again. Is there a way out of this without for me?
Mar 11, 2013
 Cyprus Litigation Act (1st July 2012)
by: Anonymous

If you took out a mortgage with a Cypriot bank before 2007 you may not be allowed to contest any Court Order against you or put in a counter claim against the bank due to the new Cyprus Litigation Act which was enforced 1st July 2012. This basically allows the bank to pursue your debt from 6 years of contract date with no redress. If you do have assets in the UK and are worried about a Cypriot EEO do not hold cash in UK accounts or in UK properties, instead it is best to purchase property outside of the EU eg. Canada, USA or Australia. They would have virtually no power or ways of means in getting hold of your assets outside of the EU.
Mar 10, 2013
 buying property in cyprus
by: olga


I'm investor who is willing to assume mortgages less than 150,000 euros must have title deeds.
If interested send an email to
olga71@live.com.au
Mar 02, 2013
 Walk away
by: Anonymous

Hi Anonymous, i am in the same position and have been emailing the bank re the issues i have. The bank have not been any help at all dispite a number of differant offers/ideas from me. So i am about to walk away, will keep you informed.
Mar 01, 2013
 I,m a hoodwinked investor Get me out of here!!!
by: Anonymous

I have been monitoring this thread for several years, I stand to be corrected but I have yet to read a positing from anyone that details what they have had to actually do to extricate themselves from the nightmare that is owning a debt in Cyprus.

a would anyone advise selling their uk home and paying off the spiralling debt
b offer the bank a settlement that has been accepted
c gone to court and won or lost
d had a ccj taken out against them

We own a poorly built badly located property financed on a Swiss franc mortgage paid in euros while earning in UK £.
I owe the bank of Cyprus 326000 CHF a debt that was in 2007/8- UK £170,000, it is now £230000! The property is next to a non existent golf course and is worth at most £60000 if I could find a buyer.
I have engaged legal help but have heard nothing of any significance in 6 months from the lawyer or bank I have not paid the mortgage in 6 months
If anyone can give me some advice on how I can bring this living nightmare to an end QUICKLY that does not mean me losing everything I have worked so hard to get over the past 30 years or so, I would be grateful.
Feb 27, 2013
 Can i walk away?
by: Anonymous

I am in the same situation as many others. I have been missold and mislead by alpha bank on both mortgage type and swiss rate. I can no longer afford to pay the mortgage as it has gone up 200%. If i walk away what come back will i have, there or in the uk? Has anybody else done this?
Feb 21, 2013
 Insult to Injury
by: Anonymous

There are accounts in cyprus which have been set up in my name via an invalid power of attorney which I have appointed lawyers to take to court to prove (all tied up with Alpha Bank and builders)but now I have the Inland Revenue in England demanding I pay them tax on the interest earned in this account (it still has the builders final payment in). This is hundreds of pounds but how can I pay when I am disputing the accounts are really mine. Has anyone else come across this?
Feb 17, 2013
 Villa sale Buster
by: Anonymous

Hi Buster - if your property has Title Deeds there should not be a problem selling it - depending on price required. We are agents selling a wide range of properties in the Paphos and Polis area and always looking for good value properties with Title Deeds. you can contact me peter@a20realestate.com
Feb 14, 2013
 Will bankruptcy work?
by: Anonymous

Hi all,

I have been monitoring this site for over a year now, and have a story of my own now.

I have a property in Paphos called Vanessa Luxury apartments. This was purchased in 2007, to complete 2009.

I have a solicitor (or should I say Paschalis does). But I must say I'm not too keen on eating raw Lemons - it leaves a sour taste in my mouth, similar to this whole situation.

Basically, alpha bank setup a mortgage with stage payments released to the builder at set dates. I cancelled power of attorney when I knew knew what was going on. I didnt release the final payment to the builder, as I wanted to use this as bargaining power. In the end when the build was complete, the builder let me waiver the final payment of 5% if I released the the last mortgage instalment.

I contacted the bank to release the money, but they declined. Their reason was because I have put in less than 20% in the property. This negated having a discount in the first place! As it stands the money is still in the frozen account.

The bank is still adding interest to the loan. This started at 212 swiss francs, and now stands at 250 swiss francs. How can the bank charge me for something, that they haven't released!

I am willing to loose my 15%, if I can find a way for the bank and builder to cancel the contracts/loan agreements.

Just to note, I don't have any assets, just loads of negative debt in the UK which was used to fund this property.

What I want to know if will bankruptcy clear all of this, and stop them coming after me in years to come????
Feb 13, 2013
 panareti and alpha
by: Anonymous

clearly the alpha bank in paphos and alpha panareti have come unstuck and both parties knew exactly what they were doing selling the same properties over and over again and making out imaginery deposits
Feb 11, 2013
 For common sense ref legal fees
by: Anonymous

Suggest you contact Dr Katherine Alexander-Theodotou at Highgate Hill Solicitors (find contact details on web). Sucessful actions were taken last year to hear case(s) in UK court (rather than in Cyprus)and they anticipate a successful negotiated solution to 'issues' by end of 2013/early 2014. Call Katherine to discuss joining the ACTION GROUP as she works on monthly payments. Good luck.
Feb 11, 2013
 Lawyers and their fees
by: Commonsense

Many people would clearly like some legal help but cannot afford £10-£20k, either up front or in total, especially without having an indication of the likely outcome. In the situations at issue, a good law firm should work on staged payments. First an initial fee for assessing an individual's case, then a further fee to progress to a particular stage, etc. How many offer this approach?
Feb 07, 2013
 Villa purchase
by: Buster

Dear Yang

Read your article with interest. I have a beautiful fully furnished 3 bedroom, 2 bathroom villa with a private pool for sale in Tala. Panoramic sea views 250mtrs above sea level over Coral Bay.Title deeds available from developer.

Do you think this is something Chris Childs would be able to market? How much did he charge you if you don't mind me asking?
Feb 07, 2013
 Alpha bank/alphapanareti
by: Buster

Reference to Paul lamberts post of 11th December.

I have a Cypriot barrister costing 200 euros per hour and I am just going round in circles. Been trying to resolve this since 2006,
after complex delivered late, not as per spec on the contract and complete pack of lies and excuses the whole time. Alpha bank promised to come up with help, after I stopped paying mortgages (originally on CHF, backed by Panareti, promising my rate would "never go above 2.6%")
On the point now of bringing case back to UK court to get some action. I agree with others FWIW, you MUST fight. I actually want to get the banks to take the properties back without the risk of any further liability. I want Panareti to be liable to the bank. I have UK investments, my strongest advice is to go and see a GOOD solicitor here and get your property/properties into trust. May cost you a couple of grand, but it may well be the best couple of grand you've ever spent.

Good luck all.
Feb 06, 2013
 Swiss Franc / Alpha Bank
by: Alex

Has anyone actually had a UK property or asset seized for repayment of a debt held in Cyprus yet?
Im resigned to losing the apartment in Paphos, and also the deposit, but Im damned if Im going tto lose my UK home because I invested in their country !!
Feb 06, 2013
 Contact Chris Childs
by: Yang Siming

I recently purchased some property in Cyprus where the owner had the same problems with the banks. Chris Childs acts as a lawyer and also a licensed estate agent, he has helped many people in your situation and has helped me purchase property at a good price from an individual who has given up on everything. try him out 99348868 pls tell him its through me :)
Jan 17, 2013
 What we are trying to do.
by: Andy H

We are struggling like the rest of you. We owe 660,000 CHF. Mortgage payments now £1850 per month and only one year left before it increases by 50%. Lost my job due to a back injury over a year ago. My wife is unemployed.
The world is not going to change, I am sure the bank doesn't want property.
Ok so this is the plan. We are moving to Cyprus. We are going to try starting a couple of businesses.
One of which is renting out our luxury villa in the summer.
We are looking to rent an apartment, furnished. We are none smokers, very clean and can pay from a UK bank account. Must be low cost and in return we will look after your place.
We have sold our business of 20 years in the UK so we could live in Cyprus for a few years without doing anything, but when we need money we will be too old to earn it. That is why we are doing it now.
If you are interested in renting your apartment to us, we are looking around the Chloraka area of Paphos near our villa. Email andy.a.holt@ gmail.com
Jan 15, 2013
 Court action against Cyprus property developers
by: Anonymous

There are many comments abouts solicitors offering help and it must be very confusing to those with a Cyprus property problem.As far as I am aware the onlt legal group that is actually proceeding in the High Court London, is headed by Highgate Hill solicitors.They have managed to get jurisdiction for the UK courts to hear their case. No one will get justice in Cyprus, it has been proven time and time again over the last few years. If any other legal group can claim that they are getting THEIR case heard in the High Court then please step forward to give potential clients something to put their faith in. I am being represented by Highgate Hill and can confirm that their team of barristers is second to none. Transcripts of the case management hearings so far can be obtained from the High Court so that you can clearly see the progress they have made . I have attended CMHs in London and heard for myself the powerful argument they put forward. I have listed to other legal groups such as Judicare, Rgeulatory Legal etc. and none of them have made any real progress other than to say they are in 'discussions' with Alpha Bank.Professional legal work costs money , there is no getting away from that but spend it where it will be used well.
Jan 15, 2013
 Louise zambratas lawyer
by: Anonymous

lz.law@cytanet.com.cy

Louise is looking after us may be worth a call
Jan 15, 2013
 TAKING LEGAL ACTION AGAINST ALPHA PANARETI & ALPHA BANK
by: Anonymous

All of you who find yourselves in the situation outlined in numerous messages below, please contact Dr Katherine Alexander-Theodotou at Highgate Hill Solicitors (find contact details on web). Sucessful actions were taken last year to hear case(s) in UK court (rather than in Cyprus)and they anticipate a successful negotiated solution to 'issues' by end of 2013/early 2014. Call Katherine to discuss joining the ACTION GROUP. And write to your local MP regarding the matter as an all party group of MPs are engaging with the Cypriot governemnt to get the Cypriot government to take action to address the situtaion.
Jan 13, 2013
 Cyprus Property - Alpha Bank
by: Anonymous

I am working with Christofi Wells & Co Solicitors in London to try and get out of this property disaster. It's going to cost approximately £20k to get a case again Alpha Bank and the outcome may be that Alpha Bank take ownership of my apartments or the mortgage is converted back to Euros instead of Swiss Francs. Do I put another £20K into this and the outcome could be very disappointing. I'm kinda of relunctant to put another £20K into this and get no outcome. Any thoughts from anyone?
Jan 11, 2013
 Bank Of Cyprus property repossession
by: Anonymous

Court case pending in January.
Can anyone reccomend a good solicitor in Larnaca
Jan 07, 2013
 Mazatos shambles
by: Dave

Hi All - my wife and I bought a property through Quality Group in 2009 with (wait for it) a Swiss franc mortgage. We were 'guided' through the entire process by the selling agent and our corrupt contacts in Cyprus (the developer, the solicitor and the bank), our mortgage payments have almost doubled and we will be walking away over the next few months. Our question to anyone who could please advise is this - are there any cases as yet of someone actually winning a case against these absolute vile specimen? The flood gates will hopefully open as soon as someone does. We've lost over 20 grand so far and still no title deeds!
Dec 21, 2012
 Mortgage problems
by: Jilly bobs

I have an apartment in paphos and have been struggling with mortgage payments for well over a year now and over the past few months being unable to pay the full amount. I contacted Alpha bank who was initially very good offering to reduce the payments once I had sent in writing why we was struggling with payments and sent in wage slips etc, did all this never heard anything until I received a letter from moretonsmith debt recovery agency demanding money, I have sent seveal emails to alpha bank asking why I received a debt letter and they stated I hadn't complied with their requests. I sent paperwork again, still nothing from alpha but recieved another letter form moretonsmith and a answer machine message from them.

I am terrified that they will come after my property in UK,

Has anyone else had any sillier problems?
Dec 11, 2012
 ALPHA BANK
by: paul lambert

tHERE ARE NO SOLICITORS WHO WILL HELP YOU FOR NOTHING. THE ONLY SOLICITORS WHO ARE TAKING ACTION AND ARE NOT JUST NEGOTIATING ARE HIGHGATE HILL LED BY DR KATHY ALEXANDRE. THIS IS THE ONLY GROUP WHO HAVE TAKEN THE BANK TO COURT ALONG WITH UK SELLING AGENTS AND A CYPRIOT DEVELOPER, HERE IN LONDON, NOT IN SOME CORRUPT CYPRIOT COURT. SEE THERE WEBSITE
Dec 11, 2012
 alpha bank
by: paul lambert

Just to correct some previous contributors. It is not difficult for the bank to repossess your UK home IF you do not put up any resistance. They will yse a European Enforcement Order to recover monies owed in UNCONTESTED CASES . You MUST challenge them every step of the way but NEVER in Cyprus. When/if you get a writ via a court in Cyprus challenge it by stating that you do not accept the jurisdiction of the court in this matter.There are case going on at the High Court in London challenging them on this issue. The one later this week was adjourned by the bank. There is a facebook group sey up to offer advice on these issue . Search Alpha Panareti or Alpha Banh. Also contact CPAG for advice. Do not ignore this issue it will not go away on its own.We know of over 2000 people affected by the actions of the bank. Illegally obtained power of attorneys, loan contracts that are unfair according to EU legislation,banks not following correct procedures as far as consumer legislation goes.
Dec 05, 2012
 Maxwell Alves
by: Anonymous

Is anyone dealing with London Based solicitors Maxwell Alves. They are talking to Cyprus banks, including Alpha Bank and dealing with on client by client case.

Alpha bank have indicated they want to look at individual cases and see if anything can be done.

Would like to hear from anyone else who may have had similiar dealing.
Dec 03, 2012
 Hexagon developments Paphos
by: Anonymous

I had a 2 bed apartment built by the above i invested in it back in 2008, it should of be compleated in 2010 but due to the current climate they didnt finish until April this year. My plan was to build and then sell in 2010, this didnt happen. The deal with Hexagon was that they would Pay 520.00 Euros per month to Laiki bank but this seems to be an on going battle and they now owe 3 months payments. Is anyone ahving they same problem.

I now also own the bank Circa 4200.00 Euros and they are thretening action which could effect my property in the uk. Dose anyone find them selfs in the same situation or able to give advise
Nov 26, 2012
 Cannot have what you have not got!
by: Anonymous

Please don't waste your money on so called helpful solicitors! Cyprus Banks lent money willy nilly to anyone and promoted the Swiss Franc for most mortgages which is scandalous! If you have a mortgage with a Bank in the UK they are always going to want their money first! Cyprus Banks cannot force a sale of your home in the UK and anyway Banks everywhere are not lending money for mortgages so buyers are extremely hard to find - stalemate!!!
Same goes with developers they have had their money in form of us suckers paying deposits to build all these properties so even if they come after the thousands that are in the same boat for any money they cannot have what you havn't got! Just visit Cyprus and you will see thousand of empty properties
all owned by the banks!!!!!
Nov 20, 2012
 Laika Marfin Bank
by: Anonymous

To the writer of the post on 14/11/2012, I too am having serious problems with this bank, how can I get in touch with you??
Nov 14, 2012
 Alpha bank
by: Anonymous

Hi there
Have been unable make the repayments on my apartment in kato pathos for some 8 months.
I purchased the property through the Alpha Bank having put a down payment of approx 30.000 thirty thousand pounds.
I am obviously reading and have observed that numerous people are now fighting the Alpha bank on certain legalities in the courts in england.
May I add that the bank threatened me with repossession also,and to be frankly honest I told them I do not have anything to give you so do your best bye.
I am not trying to be the big guy here but I have not heard from them until recently when they informed me they would not be taking the matter further at this time due to the financial situation throughout basically Cyprus and the uk.
I don't know if this helps anybody but if you don't have they cannot take not unless they want the wife humour.
Please keep me updated on the court actions
Very helpful
Nov 14, 2012
 DERYNEIA LAKE VIEW PARALIMNI
by: Anonymous

Is there anyone on this forum who has purchased a property at Deryneia Lake View Paralimni through Dormas Island. The developer Ergoliptiki Etairia Demetraki Elia. If so we are trying to gather a group together to go up against the Bank Marfin Laiki and I have instructed a very good English Lawyer to look into this.
Sep 22, 2012
 Stung by Cyprus property
by: Anonymous

I am considering defaulting on a mortgage on a Cyprus property because I am now unemployed and there is just no rental market for the property to pay for itself. I have been told the property is now worth 30% of what I have paid/still owe a local bank. I have invested around Euros 110K and still owe the same. The property may be worth Euros 85K = Euros 115K already, if I can get a buyer)

I have been told the developer will come after me (as the bank will go after them) I think they have easily made their money out of me already, regardless of the mortgage I now hold.

I would like to negotiate and get some leverage with the developer - I now realise I should have threatened to walk away before I signed the mortgage a couple of years ago. Can anyone advise me on how to proceed with either handing the property back to the bank without being stung any further? Or how I could get the developer to share some of the loss rather than go through the hassle of chasing me abroad and trying to drag me into court/seize my assets?
May 09, 2012
 Alpha Bank and Al;pha Panareti
by: Bendybunny

Just an update on my proceedings following my last post. Judicare have now submitted drafts to the bank and gave them till 17/3/12 to defend their position in this nightmare, no defence by the bank has now been registered. Writs from the Bank have started to be issued to others giving them 30 days to defend their situation, the best advice is not to ignore these but to submit your defence.
In the meantime Alpha Panareti continue to request management fees despite uncompleted accounts for one of the last completed sites, not showing any income as according to them that would have put the account in credit. Only in this banana republic would this be tolerated.
Apr 01, 2012
 dont panic
by: paul lambert

If you are based in either in Cyprus or the UK and are having problems with Alpha Bank or Alpha Panareti then legal action is already underway against these parties.

Their case hopefully will be heard in the High Court in London. No chances for any dodgy decisions by a Cypriot court ! There are over a thousand people in different legal groups who are concentrating on the major issues that people have faced.

I am a victim myself and have demonstrated outside property shows in the UK where Cypriot property was being sold.My intention is, along with many other protesters, is to ensure that everyone is aware of the many problems they will face when buying off plan.

The legal groups are Highgate Hill solicitors in London, Regulatory Legal and Judicare. I have a preference for Highgate Hill as they have progressed the furthest in getting this to court, but please research and ask questions. Go onto the Cyprus Property Action Group website for further advice. You need not be alone in handling your problem.
Mar 29, 2012
 Cyprus property repossesion help
by: Anonymous

We own a property in ayia napa, bought off plan, with a swiss frank loan.

The property is currently worth around 75000.
We owe, in euros around 90000.

No help from the bank, we are using cyprusrepossessions.net I will update you with the progress.

Best of luck to you all.
Feb 29, 2012
 Petition
by: Anonymous

To the person who wrote on the 17th February I would gladly add my name to a petition. I think there are people suffering unfairly here financially and psychologically because either the property/development isn't fit for purpose and can't be rented or because of the present global economic gloom they just can't afford to proceed. The Alpha Bank like all banks are the main culprits in terms of getting us into this mess in the first place and rather than looking at viable solutions to try and help their main industry, tourism, (upon which Greece and Cyprus' economies depend) they are choosing a short termist approach of simply trying to bully and beat money out of people with a stick.
Feb 28, 2012
 Lawyer
by: Anonymous

Hi all,
Can anyone recommend a Cypriot lawyer not connected to the banks?
Feb 28, 2012
 cyprus property action group
by: paul lambert

For those of you having problems with the illegalities surrounding your attempted purchase of prpoerty in Cyprus, particularly using a Swiss franc or other type of mortgage with Alpha Bank, please do not be intimidated by the threats of legal actions by debt collection agencies or solicitors acting on behalf of the bank. Take the fight back to them and accuse them of harrassment. Unless they can provide some evidence that Alpha Bank has actually taken court action against you in Cyprus (and obviously you would have been served a summons before this took place)then NO action can be taken against you in the UK and your UK home is not under threat. Their are currently legal actions taking place in the High Court in London against Alpha Bank, the developer Alpha Panareti, Cypriot solicitors and UK agents. You can contact Highgate Hill solicitors in London (you will also find them under Anglo Hellenic if you do a web search) For general advice on how to defend yourself and information about how wrongly the banks and developers have behaved ( and believe me they have transgressed many consumer laws and EU Directives go to the website of Cyprus Property Action Group and you will find that you are not alone !
Feb 17, 2012
 House bought in Sotira from OFF PLAN DEVELOPMENTS
by: Anonymous

Hi all,

I am in a situation that most of you all are in, property purchased with all the illegal goings on, I am refusing to pay the entire sum of repayment to alpha bank as they are refusing to provide us with the information we as a group of villa owners are requesting. how long does it take for the bank to take you to court in Cyprus for monies you owe to them?
Our site is also flooding causing much concern regarding the villa's foundations. We are looking to instruct a surveyor to see if the site should of been built on at all hoping that this will add weight to court case and walking away from this fraudulent build and mortgage.

I am mainly concerned that this will effect my entire future and the financial stability of my family. I am currently making myself so ill worrying about it.

I think action is the best remedy I would like to know if anyone would like to start a petition with me to take to downing street highlighting the Cyprus property market and how they are breaking eu law and what safe guard can they give UK people who have been conned.

Let me know your thoughts

Thanks
Feb 17, 2012
 Debt Collectors in Cyprus
by: Anonymous

I was buying a property in Cyprus, but didn't take possession of the property, yet the bank are still chasing me for the mortgage. I have received calls and letters from a debt collection agency acting on behalf of the Alpha Bank. I know debt collection agencies don't have any rights, so I've just ignored them. Does anyone have any experience of this?
Feb 09, 2012
 Repossessions
by: Anonymous

The Island of Cyprus is undoubtably beautiful, but overrun with dishonest Developers, Bankers and Lawyers... it has taken me 2 years to find a Lawyer that is not connected with the Banks and who is Cypriot, efficient and effective.

You need to defend yourself first in Cyprus, I've struck a fantastic deal with my Lawyer and the more people I refer to him the cheaper the overall
cost for everyone.

Good Luck Everyone
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.
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 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

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