Buying Property In Cyprus, Big Problems

johnrcyprus

Like so many on this forum I have fallen victim to these dodgy developers and am in the process of contacting the support group.

I have also made contact with a UK based lawyer who is representing a number of purchaser and has recently been over to Cyprus and met with AP to resolve the dispute and explain to them that what they have done is illegal under EU law.

In addition a lot of the mortgages that were arranged are not legal, as they used Power Of Attorney which was not certified in Cyprus, so any bank that arranged mortgages using these POA's has a problem.

If you are in a similar position to me then speak to the guy who is dealing with my case, he can explain the ins and outs. I have posted his contact details below:

Richard Hayes
The Terrace
Grantham Street
Lincoln
LN2 1BD
08453082351
07854130310

Or you can email on [EMAIL="enquires@conflict-international.com"]enquires@conflict-international.com[/EMAIL]

For those who have suffered the same fait as me I have asked my solicitor Richard Hayes to provide a bried explanation on this whole Power Of Attorney thing, see his comments below:
“If the bank did not think it needed a certified power of attorney why would it go to the trouble of requiring one? If the borrower’s signature, unwitnessed, is enough to make the agreement valid, why embarrass the certifying officer by having him/her make a declaration that they know is untrue?

Not all agreements that one person should act as agent for another need to be made using powers of attorney (and formally certified, or even written down). However an agreement that one person is to appoint another person as their agent to obtain a loan secured on immovable property must be made by a power of attorney. This kind of power of attorney must be duly certified.

The description of the process for having a power of attorney witnessed that is outlined in Mr Coucounis’s article only applies where the power of attorney is signed in Cyprus.

Different rules apply where the power of attorney for use in Cyprus is given by someone who is outside Cyprus at the time they sign it. The Cypriot High Commission in London has produced a useful summary of the two procedures which can allow someone who is not in Cyprus to grant a valid power of attorney for use in Cyprus.

There is also a risk that an otherwise irregular power of attorney (or a contract entered into using that power of attorney) might not be void if the person granting the power of attorney to the attorney actively honours the contract after they believe that it is invalid (e.g. by continuing to allow the attorney to act, or by making mortgage repayments). So once you/your legal team want to argue that a power of attorney or certain contracts signed using that power of attorney, are invalid then you have to say so sooner rather than later (and you have to sack the attorney)”

PaulHarry_2

Land with registration number 0/4634, Sheet/Plan 45/43, Plot 85 in Eleoudia, Tremithousa, Pafos.

Development by Alpha Panareti Public Limited of a project called “St. George Hills”.

Owners of land: Alpha Panareti Public Limited (APPL)


Contracts on land:

There are 395 contracts registered on the land starting from 16/03/06 and the last one deposited was on 14/06/10 by the Electricity Authority of Cyprus.

The total amount payable to the developer as per the contracts of sale is €89.491.395 – this amount includes an amount of €75.000 which is payable by the Electricity Authority.



Mortgages:

There are 364 mortgages registered on the land. The first mortgage that has been registered on the land is one in favour of the Alpha Bank dated 28/02/06 for the amount of €8.884.727,50 (predating any of the contracts of sale) and thereafter the first mortgage that was registered on the land is dated 24/09/07 and the last one is dated 26/05/10. The total amount of the mortgages from 24/09/07 onwards is €82.791.173,54.

Greyghost

Seems all is not well with Alpha Panaretti. Contacts have returned from time share this week with reports of bankruptcy on the property side of things. Needs checking out thoroughly before anybody decides to part with their hard earned cash.

Needinghelp007

Would this explain why I am struggling to sell my timeshare back to Panerati's?

e-mails not answered
calls passed to wrong people.

resort @ RCB wanted paying for maintainance but were not helpful on how we can sell it back.

Anyone help?

Greyghost

They don't buy back as far as I know. I've just received a letter today talking about a new directive and that maintenance fee for next year needs to be paid by end of October THIS year.