Not A Member Yet? See All The Features Of The Forum By Clicking Here To Register For FREE! Or Members Login Below:

Cyprus Eastern Forum Index Cyprus Eastern Forum Index
Offering Free Help, Advice, Tips & Support for those buying or living in:
Paralimni - Protaras - Pernera - Kapparis - Agia Napa - Larnaca - Oroklini - Pervolia - Kiti - Xylofagou
Vrysoulles - Frenaros - Dherynia - Sotira - Agia Thekla - Liopetri - Ormidia & surrounding areas...

 
Main Homepage Cyprus Eastern Forum Index Register Directory Memberlist Search

  Ads By Forum Sponsors

    
Cyprus Eastern Forum Index » Property Action / Support Groups » Anyone else bought off plan and now struggling?
Post new topic  Reply to topic   View previous topic : View next topic 
Anyone else bought off plan and now struggling? 
Post: #1   PostPosted: Fri Jan 31, 2014 4:09 pm Reply with quote
John C
Joined: 18 Jan 2010
Posts: 13
Pictures: 0
Location: Essex, England

 
We like a good many others were lured into making the decision to invest a chunk of our hard earned money into a property in Cyprus. It is a long story, and I am certain we were not the only ones who fell for the sales pitch. We are now 'enjoying' negative equity and are behind on our mortgage repayments thanks to the Swiss Franc mortgage we were advised to take. Yes, maybe we should have conducted more due diligence ourselves but it is very easy to be wise after the event!

There is a petition requesting that the BBC current affairs programme Panorama takes an investigation into the issues surrounding 'off plan' purchases in Cyprus and the lack of information relating to the SF loans.

They need 2,500 signatures to take the petition forward but are just 230 short of the magical figure.

Take a look here https://www.change.org/petitions/bbc-panorama-current-affairs-investigate-the-issues-facing-uk-citizens-who-have-purchased-off-plan-properties-in-the-republic-of-cyprus
and please sign if you feel it should be looked into.

We still love the island and hope to be over later in the year!
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel


Hide These Ads? Register for Free or Login

 
Post: #2   PostPosted: Fri Jan 31, 2014 4:44 pm Reply with quote
Tangutica
Joined: 11 Jul 2008
Posts: 11935
Pictures: 26

 
I should have conducted more due diligence when I entrusted 3D Global to look after my life savings a few years ago (apparently). Ended up losing around 1K a month for the duration I was with them.

I don't expect anyone to compensate me for that or even have sympathy. If I'd put it in property here I could easily have 'lost' just as much (on paper).

I've been happily 'managed' by DeVere since then but ... they pulled out of Cyprus last year! Here we go again!

It's not just people who 'invested' in property who have felt the pinch over the past several years. Was bad enough when sterling went down the crapper.

I am pragmatic about it. If you are illegally and irresponsibly advised I say good luck to you getting some recompense. If you understand that there are risks associated with any sorts of higher returns on money invested or much lower interest rates on loans. Well, I agree with you - maybe more due diligence should have been applied.

I wish someone could compensate me for all the money I've 'lost' over the past 8 yrs or so!
Personal Photo Album View user's profile Cyprus News,Weather & Travel
Success 
Post: #3   PostPosted: Thu Mar 06, 2014 8:08 am Reply with quote
davidmonk
Joined: 14 Mar 2010
Posts: 319
Pictures: 0
Location: UK, Bromsgrove

 
This will be good news for some.
I received this email September/October 2013

Quote:
we had very good news about our chf mortgage miss-selling case against the bank, alpha are going to reimburse us 75% of the losses we incurred due to the chf strenghening against sterling and are dropping our interest rate to 2.5% fixed for the full mortgage term with a choice of repayments in either sterling or euro,s so im very relieved about that plus the leaking roof potentially being fixed means things seem to be looking up at last.


If not already, you might want to take action against the bank or whoever for mis-selling. Hope this helps
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
Re: Success 
Post: #4   PostPosted: Thu Mar 06, 2014 9:13 am Reply with quote
Stabilo
Membership Closed
Joined: 05 Oct 2007
Posts: 3191
Pictures: 1
Location: Paralimni / Kapparis

 
davidmonk wrote:
This will be good news for some.
I received this email September/October 2013

Quote:
we had very good news about our chf mortgage miss-selling case against the bank, alpha are going to reimburse us 75% of the losses we incurred due to the chf strenghening against sterling and are dropping our interest rate to 2.5% fixed for the full mortgage term with a choice of repayments in either sterling or euro,s so im very relieved about that plus the leaking roof potentially being fixed means things seem to be looking up at last.


If not already, you might want to take action against the bank or whoever for mis-selling. Hope this helps


Sounds like very good news for as many as 4,000 buyers. Not so good for the banks but that is what you get if you employ managers based on who they know rather than their intellect. Another small fortune lost by the banks.

May I ask why you didn't post this information back in Sept / Oct?
Personal Photo Album View user's profile Cyprus News,Weather & Travel
Re: Success 
Post: #5   PostPosted: Thu Mar 06, 2014 11:15 am Reply with quote
davidmonk
Joined: 14 Mar 2010
Posts: 319
Pictures: 0
Location: UK, Bromsgrove

 
Stabilo wrote:


May I ask why you didn't post this information back in Sept / Oct?
Because I only stumbled upon this thread this morning and no-one else had replied with this news.
The news was part of a longer email in which there were other things of concern to me and at the time this was not one of them. I only remembered after reading this thread in a section I do not read often.

I would have thought there might be another mention elsewhere on this forum in a different thread perhaps. Have you searched for similar before now?
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
Re: Success 
Post: #6   PostPosted: Thu Mar 06, 2014 2:57 pm Reply with quote
Stabilo
Membership Closed
Joined: 05 Oct 2007
Posts: 3191
Pictures: 1
Location: Paralimni / Kapparis

 
davidmonk wrote:
Stabilo wrote:


May I ask why you didn't post this information back in Sept / Oct?
Because I only stumbled upon this thread this morning and no-one else had replied with this news.
The news was part of a longer email in which there were other things of concern to me and at the time this was not one of them. I only remembered after reading this thread in a section I do not read often.

I would have thought there might be another mention elsewhere on this forum in a different thread perhaps. Have you searched for similar before now?


AFAIK the last reference to Swiss Franc mortgage holders being offered 'compensation' for mis-selling was the thread I started last September, see http://easterncyprus.com/viewtopic.php?t=68274

It referred to an article on Nigel's site where Alpha Bank had offered 20% (presumably of the exchange rate loss). In the post it was discussed what percentage would be acceptable as 20% did seem very low.

I think 75% of the exchange losses covered by the bank, the option of sterling or euro mortgage AND 2.5% interest for the full mortgage term is a very good result.

As many of the CHF mortgages are less than 6 years old the below market rate of 2.5% for the rest (or all) of the term may well cover the other 25% exchange rate loss.

Congratulations to those that have taken action and received compensation and hopefully the banks will be making similar offers to the rest of their clients that were similarly affected.
Personal Photo Album View user's profile Cyprus News,Weather & Travel
Re: Success 
Post: #7   PostPosted: Fri Mar 07, 2014 12:09 am Reply with quote
davidmonk
Joined: 14 Mar 2010
Posts: 319
Pictures: 0
Location: UK, Bromsgrove

 
Stabilo wrote:
davidmonk wrote:
Stabilo wrote:


May I ask why you didn't post this information back in Sept / Oct?
Because I only stumbled upon this thread this morning and no-one else had replied with this news.
The news was part of a longer email in which there were other things of concern to me and at the time this was not one of them. I only remembered after reading this thread in a section I do not read often.

I would have thought there might be another mention elsewhere on this forum in a different thread perhaps. Have you searched for similar before now?


AFAIK the last reference to Swiss Franc mortgage holders being offered 'compensation' for mis-selling was the thread I started last September, see http://easterncyprus.com/viewtopic.php?t=68274

It referred to an article on Nigel's site where Alpha Bank had offered 20% (presumably of the exchange rate loss). In the post it was discussed what percentage would be acceptable as 20% did seem very low.

I think 75% of the exchange losses covered by the bank, the option of sterling or euro mortgage AND 2.5% interest for the full mortgage term is a very good result.

As many of the CHF mortgages are less than 6 years old the below market rate of 2.5% for the rest (or all) of the term may well cover the other 25% exchange rate loss.

Congratulations to those that have taken action and received compensation and hopefully the banks will be making similar offers to the rest of their clients that were similarly affected.

Thanks for the link but it is not working for me.

I get the following messagae:
Quote:

The topic or post you requested may have been deleted by the author or admin.

Alternatively it may have been moved to a section that you are not subscribed to.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
Re: Success 
Post: #8   PostPosted: Fri Mar 07, 2014 2:20 am Reply with quote
Steve - SJD
Site Admin
Site Admin
Joined: 16 Jul 2005
Posts: 25189
Pictures: 55

 
davidmonk wrote:
Thanks for the link but it is not working for me.

I get the following messagae:
Quote:

The topic or post you requested may have been deleted by the author or admin.

Alternatively it may have been moved to a section that you are not subscribed to.


David - I believe the thread is in the Debate section which is a subscription
only section.

Click here to join the group and you will be able to read the thread.

HTH

Cheers

Steve
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel


Hide These Ads? Register for Free or Login

Re: Success 
Post: #9   PostPosted: Fri Mar 07, 2014 8:57 am Reply with quote
davidmonk
Joined: 14 Mar 2010
Posts: 319
Pictures: 0
Location: UK, Bromsgrove

 
Steve - SJD wrote:
davidmonk wrote:
Thanks for the link but it is not working for me.

I get the following messagae:
Quote:

The topic or post you requested may have been deleted by the author or admin.

Alternatively it may have been moved to a section that you are not subscribed to.


David - I believe the thread is in the Debate section which is a subscription
only section.

Click here to join the group and you will be able to read the thread.

HTH

Cheers

Steve

Thanks Steve. I had not noticed the Debate section. I might even join in some debates now.

Regards
David
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #10   PostPosted: Thu Mar 20, 2014 12:02 pm Reply with quote
cyprussmoothie
Joined: 17 Nov 2009
Posts: 2171
Pictures: 0
Location: larnaca

 
Hiu Tang. Sorry for delay in joining in and agreeing wholeheartedly with you. Certainly 3D Global cost us a few thousand as well.

As regards due diligence. We thought we had explored all avenues prior to using them and also using the lawyer for our house purchase. How clever are they in hiding what they do not want you to see eh?

Luckily for us we took the developer/landowner/builder on and won which proves there is justice here in Cyprus. Yes the wheels turn so very slowly but that does not mean you are not listened to.

Perhaps we have been lucky but i would say to anyone get a good lawyer and enjoy your lives.



Vee [its me]
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #11   PostPosted: Fri Nov 30, 2018 12:03 pm Reply with quote
katabrontes
Joined: 28 Nov 2018
Posts: 6
Pictures: 0

 
We looked a t quite a few "of plan" deals in 2005-6 and were amazed at the punitive terms proposed. In most cases one would have paid 50% or more of the total cost before a spade was even put into the ground and 75% plus as soon as a small hole was dug.

One has to wonder why a builder would ever build the property since he had 75% of the total sale price in his bank without having built anything. In financial terms downhill all the way for the builder after that!
Personal Photo Album View user's profile Cyprus News,Weather & Travel
Anyone else bought off plan and now struggling? 
  Cyprus Eastern Forum Index » Property Action / Support Groups
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
  


All times are GMT  
Page 1 of 1  



  
  
 Post new topic  Reply to topic   
Search Tags: #Anyone #bought #struggling



 Facebook Page    Facebook Group    Our Channel    Cyprus eBay Search    Shopping To Cyprus    Contact Admin   SmartFeed RSS Feed



BUYING PROPERTY IN CYPRUS? PLEASE ENSURE THAT YOU SEEK INDEPENDENT LEGAL ADVICE FIRST.
Cyprus forum covering Kapparis, Protaras, Pernera, Agia Napa, Agia Thekla, Paralimni, Larnaca, Oroklini, Pervolia & surrounding areas
Please note that the views expressed on this forum are those of the author and may not reflect the views of the management.
* Problems Logging In? Click To Contact Us | Powered by phpBB © phpBB Group Design Style: VTrushkin | View Lo-Fi Version