Property & Email Marketing: Login or Register Telephone Number Tel: (+34) 952 471 774 | UK Freephone UK Freephone: 0800 047 0597 | US Toll Free US Toll Free: +1-866 656 7152
IPIN Left IPIN Middle IPIN Right
Header Corner
Find Property in :

E.g. "Marbella" or "Manchester". Looking for more search options?


Cypriot property owners mis-sold homes reach crunch time

Date : (News Section: Cyprus)

Cypriot property owners mis-sold homes reach crunch time
It's almost crunch time for Cypriot property owners mis-sold homes over the last ten years. It is believed 30,000 people, 10,000 of whom are UK residents, bought property outright without title deeds. This means a prior creditor could foreclose to recover the debts of the developer or vendor. According to Maxwell Alves Solicitors, the December 31st deadline means claims against such action could be time-barred and its time to make some "tough decisions".

Across Cyprus there are people that haven't received the properties they paid for, or had the properties delivered with major deficiencies and without promised amenities. Others bought homes in Euros but as banks hike up interest rate margins have no way of refinancing. Some have even been able to maintain repayments, but a lack of rental income and a fall in property prices has caused issues.

No matter the cause of difficulty, Cypriot property owners are now being told that unless they act immediately any claim or defence they have could no longer be valid by the end of the year. Confusion has also emerged as to whether people should claim in Cyprus or in England.

Currently, Alpha Bank is offering a 20 per cent write down if borrowers forgo claims of mis-selling. However, law firms in the UK have now filed a major High Court action in London against the bank and 24 property developers.

George Kounis, the consultant leading on these matters at Maxwell Alves Solicitors, said: "Owners must unite and present a common front. This way, owners will not get conflicting advice and will know whether a 20 per cent offer by a bank is good enough."  This doesn't amount to disbanding either, he stressed, which would harm competition. "We have invited these groups to form a collaboration circle. This way, owners could choose through whom they would want to engage but they would know that they can tap into shared intelligence, the best legal advice and join in collective actions at a fraction of the cost," Mr Kounis said.

Article by +Danny Bance on behalf of

Read More

  1. 10 September 2014 - Cyprus Acts to Unlock Further 350m Troika Bailout
  2. 15 August 2014 - Property Investor Confidence Returning
  3. 18 March 2014 - Cypriot property market 'stabilising at last'
  4. 12 March 2014 - Cypriot Developers Call for Changes to Taxation on Properties
  5. 05 February 2014 - Concerns Raised in Cyprus Over Tax and Property Ruling

Let us search for you Let Us find Property in Cyprus for You

Fill out a requirements form and our experts will help you find a great selection of Properties for sale in Cyprus.

SubscribeGet Email Updates!


* We value your privacy and will never share your email address with anyone else.

USA Income Properties Fully Managed From $22,000

Subscribe to This Feed

RSS News
Subscribe to this RSS Feed
Country: Cyprus
Channel: All

More RSS FeedsGo

Media/Press SectionProperty News Search


News ArchivesNews Archives

View worldwide property news from as far back as 2005 in our News Archives Section.

View News ArchivesGo