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.
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.
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.
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.
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.
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 I’ve 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.
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.
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
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