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Cyprus Eastern Forum Index » Your Developments » final payment armonia
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final payment armonia 
Post: #1   PostPosted: Tue Nov 18, 2008 7:47 pm Reply with quote
the_cat69
Joined: 14 Nov 2008
Posts: 8
Pictures: 0
Location: n ireland

 
we have just through prompting of emily lomonati found out they are looking final payment at the end of the month .is this usual etiquette ?
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Post: #2   PostPosted: Wed Nov 19, 2008 12:46 am Reply with quote
zhirong
Joined: 23 Jan 2008
Posts: 37
Pictures: 0

 
Hi,

Isn't the final payment suppose to be made when the property in due to complete? If the completion date is in Feb, then we shouldn't have to make such an early payment. Maybe someone else who purchased another property before can share some information.

Regards
Jack
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Post: #3   PostPosted: Wed Nov 19, 2008 9:35 am Reply with quote
Erin
Joined: 14 Nov 2008
Posts: 38
Pictures: 0
Location: Protaras

 
My Brother recently was being pressurised for a final payment on a property he purchased off plan. He instructed the services of a local independant surveyor who with his report enabled him not to pay the final payment until he was satisfied the property was totally completed. The Surveyor was Kevin McKenna and his contact number is 99189074.
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Post: #4   PostPosted: Thu Nov 20, 2008 8:47 am Reply with quote
the_cat69
Joined: 14 Nov 2008
Posts: 8
Pictures: 0
Location: n ireland

 
had yourbrother granted power of atorney to the solicitor as i feel he may be the one agreeing to it
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Post: #5   PostPosted: Thu Nov 20, 2008 9:37 am Reply with quote
Erin
Joined: 14 Nov 2008
Posts: 38
Pictures: 0
Location: Protaras

 
No he did not give power of Atorney to the Lawyer he used the Surveyors full report which included the communal areas of the Development which were not completly finished either by the Developer. He did not pay his final payment until he was satisfied it was complete.

Erin.
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Post: #6   PostPosted: Sat Nov 22, 2008 1:51 am Reply with quote
zhirong
Joined: 23 Jan 2008
Posts: 37
Pictures: 0

 
Thanks Erin for the information. I haven't received any words from my lawyer yet for the final repayment. However she had me sign the POA, it is possible that she might taken the money already. I can now asking another forumer on how to open a internet banking to monitor the movement of money in my account.

Cheers
Jack
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Post: #7   PostPosted: Sat Nov 22, 2008 9:21 am Reply with quote
the_cat69
Joined: 14 Nov 2008
Posts: 8
Pictures: 0
Location: n ireland

 
i have finally found somebody that is half sensible in mri
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she has been able to get answers from emily and is hopefully getting answers from the bank as well
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Post: #8   PostPosted: Sun Dec 14, 2008 8:26 pm Reply with quote
Malky6
Joined: 22 Aug 2007
Posts: 57
Pictures: 0

 
Hi Jack,

If you email the Lawyer (Emily & Co), they'll give you an email address for Alpha Bank. Then ask Alpha Bank to email you a form for internet banking. Just post this back to Alpha Bank. You can set this up for a Euro and Sterling Account. Although, Euro is definitely the better option as CHF/GBP is getting worse with the weakening pound. I'm tracking it every day and my mortgage has got more expensive with the CHF/GBP but has got slightly better with the CHF/EUR.

I've not been asked to pay the remaining 5% yet. From the contract it should be done at completion i.e. Feb 2009.

Regards,
Malky
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Post: #9   PostPosted: Thu Dec 18, 2008 11:36 am Reply with quote
tommo
Joined: 12 Nov 2007
Posts: 74
Pictures: 0

 
Hi Malky6


Iím slightly confused about the banking process.

I have two accounts at this time one is a Current (EUR) account and the second is an Alpha (CHF) Flexi. What will be the one and only account that we need for the internet banking.
I would say it would be the current account. Is this right?

I only ask because Iíve asked for the internet banking form also and the bank want to know what is my account number and I understand they need this but I would think it should be just the one account, hence my question.

Hope you or someone can help.

Tommo
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Post: #10   PostPosted: Thu Dec 18, 2008 12:51 pm Reply with quote
Malky6
Joined: 22 Aug 2007
Posts: 57
Pictures: 0

 
Hi Tommo,

You don't touch the Swiss Franc Account as far as i know.

Basically, a direct debit should be set up from the Euro Account in Cyprus. Just tell Alpha to set this up for you.
You need to wire enough over to that EUR account in Cyprus (taking into consideration, currency fluctuations!!) each month or just lump in a large sum. This direct debit should initiate the first month after completion?
You will have an email from Alpha on how your mortgage is structured.
I believe you can wire money straight into the Swiss Franc account as well but I wasn't instructed to pay the mortgage that way.

I realise the swiss franc amount or direct debit is fixed for 60 months, then an increased amount is paid for the next 60 months etc. We're paying fixed amounts each month regardless of the decrease in the Swiss Franc base rate (now 0.5%). I believe this decrease in swiss franc base rate pays off some of the capital and pays off the mortgage quicker.
Would someone on this forum have a better insight to the swiss franc/interest only mortage?? I know the basics but I wouldn't mind getting more background on it.

Regards,
Malky
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Post: #11   PostPosted: Fri Dec 19, 2008 9:49 pm Reply with quote
driller.drew
Joined: 28 Oct 2006
Posts: 98
Pictures: 0
Location: Northern Ireland

 
I would have thought it would be the Swiss Franc account you need to be making payments into - The Mortgage would have been set up in Swiss Francs and then a drawdown was made and converted into Euros. It's then from the Euro account that the stage payments are taken from to pay the developer.

This is only my thought as I have been making monthly payments to my Swiss Franc account for last 18 months fixed at the rate back then- Sort of glad I did this as it was set up when the exchange rate was above 2.40

Drew[/img]
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