Property Investment Recovery
We are at your disposal to provide guidance when your overseas property transaction anticipates problems and irregularities. We are able to help in the settlement of a variety of property investment of matters such as:
- Late or non/delivery
- Problematic Contracts of Sale
- Planning Disputes
- Developer Fraudulently Trading
- Insolvent Developers
- Mortgage problems (e.g. Swiss Francs, Yen)
Cyprus mortgage problems
Many of our clients have purchased properties in Cyprus with the assistance of a foreign currency mortgage (mostly Swiss Francs and Yen). As a result of the interest and exchange fluctuations they have now found themselves in extreme financial difficulties which resulted in mortgage arrears and threat of not only losing their property in Cyprus but also placing their assets in the UK at risk.
Getting out of your mortgage
Despite the adverse currency damage, many purchasers wish to retain their properties in Cyprus and as a result they are willing to enter into a renegotiation with their bank resulting to a restructuring of the terms of their existing loan or a whole new loan. Renegotiating with the bank can result to:
- Conversion of the Loan currency to euro or sterling
- Reduction of the outstanding amount
- Reduction of monthly instalments
- Reduction of the interest rate
- Extension of the repayment period
If you choose to reach a settlement with your bank it is vital that you take independent legal advice and assistance before doing so. It is important that the terms of any restructuring deal are reviewed by a lawyer prior to the settlement.
However, the vast majority of the purchasers are seeking to release themselves from their obligations towards the bank under the loan agreements and they wish to take up their legal rights before the Court. If this is the case, we will review personal documentation, as each case has to be judged on its own merits in order to ascertain the irregularities that have been made throughout the process of the purchase of the property, and identify if there are any grounds upon which the individual can challenge the validity and legality of the mortgage and therefore potentially release himself from the mortgage.
It is noted that from our experience, in the vast majority of the cases, irregularities have been made as to the way that the mortgage was presented to potential borrowers and also irregularities in the paperwork, such as for example the Power of Attorney through which a mortgage was signed and as a result can be deemed to be void.