KARAYIANNES - APOLOGY - Cyprus Eastern Forum Chat

SBS

Further to the posting I made about Karayiannes re-mortgaging our land (Ayios Sergios, Frenaros), I have now spoken to Marios Karayiannes and after a long conversation with him can confirm that HE HAS NOT re-mortgaged our houses, only a certain part of the land. I am therefore apologising to Marios and his family for any upset caused.

You can see how easily things get out of control, people relay stories they've heard from other people who heard it from someone else and somewhere along the line things get mixed up.

Once again I apologise to the Karayiannes family as it is clear that wrong information was relayed to me, although by more than one person.

SBS

Tina Torment

Unfortunately, it is a fact of life that Chinese whispers can make or break a persons reputation. Unfounded allegations appear to be rampant here in Cyprus which is a shame as it spoils such a tranquile place to live.

Well, all credit to you for posting your apology. Wink

Kwacka · Forum Moderator

I'm confused.

I understood that land was one plot, until it was divided when title deeds were issued.

E.g. I live on a small development of 6 houses, I don't 'own' the land the house is built on, but one-sixth of the total plot.

If this is true, how can part of the plot be mortgaged?

bromerzz

Maybe he only took a small mortgage on it worth 1/6th of the total, you know the way they work. Twisted Evil

nhowarth · Forum Moderator

Hi Kai,

This is the problem. The mortgage will be attached to the whole of the plot, not the one sixth.

I met with a couple in Limassol a few weeks ago who also have this problem. They can't get buyers because the developer took out a mortgage after he'd sold them the property.

Cheers,

michele

whatever way..it aint right!!! if someone has paid all/or as per contract the money none of their land/property should be mortgaged- unfortunately over here even if you pay all the money it is not yours until you get them deeds!

Road Warrior

cyprusgirl

This MUST be putting loads of potential buyers off. Can these developers not see that by doing this they are shooting themselves in the foot? Most people these days research ventures on the net and the're bound to come across this information.
Angela

evo

Hello,
It is silly to say 1/6 is mortgaged.He may have borrowed against the land but it is everyone who he has mortgaged against.Otherwise you are trying to say 5 people are ok and there is an unlucky 6th.
At the end of the day he may have borrowed against this land to fund another project as some people do in the uk in borrowing against the equity in their house to fund another house or business project.
What beggars belief is how you can borrow against something that isnt yours. i.e the housing complex in question surely belongs to the residents on it.
I think you can only blame the banks for letting this kind of thing go on in their attempt to get their money back from the developer at any cost.
Of course they may be worried they cannot get ther money back unless they fund another project for their client.
It sounds like a very vicious circle and if like the uk when declaring bankrupt you shake off your debts i think its only the residents of his mortgaged lands that will suffer.
I am sure he would be making adequate arrangements for himself if things go pearshaped.
I write this with no knowledge of the situation but purely my observation which could be completely wrong.
I am sure someone will correct me and put me write.

bill

pantheman · Forum Sponsor

evo

Again thinking about this,a situation like this is only going to escalate into a massive problem.If a developer has borrowed money against his previous project,he then becomes involved in a situation like Conors(Conor you have my deepest sympathies it must be a nightmare and i truelly believe you are doing the right and proper thing)
He is then in the position where he is named and shamed on the internet.
Word spreads fast especially when its bad words.
He then finds himself struggling to find buyers for his latest project.
And lets face it there are plenty properties to choose from.
When he can't sell his latest project it won't be long before he can't pay his bills.
This is when there will be a massive backlash.The bank starts recalling debts,people want paying for labour and materials.
Who is going to suffer?
I think there has to be big changes and as far as i can see Conor has opened a massive can of worms.I think he has every right to and i would feel the same and would and will do the same if i find myself in this situation.
From what i can see is that the developers act and feel like they can do what they want and i think we will soon see alot of them going by the wayside.
But unfortunately at whos cost.
I'm still waiting for my pool to be completed that i paid for months ago and i,like Conor will not be intimidated and fobbed off but i am sure this is a experience that is going to develope into more and i will post it when i feel the timing is right.At the moment i am giving the benefit of the doubt to the party involved and i'm hoping my patience will pay off.
We have to make a stand and take the appropriate measures to take these people to task and i hope its not to the cost of other expats who have received a good service and are happy until the banks start knocking at the door.
Again,this is just my thoughts and i welcome being corrected and/or being reassured.
Yours worringly.
Steve.

kipper889

It makes me so mad when you read in the blurb from developers that purchasing property in Cy is very easy and based on the UK principles. When you complete on a sale in the UK you are the owner of your property. Not so in Cy.

I can understand about a part of the land being mortgaged, a similar thing happened with our developement. A third of the land was bought from one owner and the other two thirds from another. A mortgage was outstanding on the one third. (thankfully not the part of the land our house was built on.)

Needless to say, this was a worry for three of our neighbours, it has since been paid off and the title deed process can go ahead.

We have 'owned' our property for 5 years and still have not got the deeds, we are neverless confident after several visits to the land registry office they are working through the sigar,sigar process and should be available soon.

It is a mad and incomprehensible situation, but it seems that is the way it is done in Cy.

Surely it can't be long before they are forced to do the land segregation and make deeds available to the purchaser on completion? Can it?

Ruth

Gashead

You should have locked this thread when it was a simple apology.

Tina Torment

I disagree, it's both interesting and very informative and people need to be made aware.

Gashead

Sure, except the original apology has now been qualified. Seems the developer (according to others) was actually in the wrong.

Tina Torment

Balconia · Forum Moderator

Gashead

Sometimes threads deviate. Personally i feel that this " drift" from the original post has been very interesting.

Perhaps if you feel a thread should be locked you could report this by
clicking on the icon. Saves the thread deviating further by discussing whether it should or should not be locked. Wink

pantheman · Forum Sponsor

Jinty

Personally I am finding this information via the 'hi-jack' very interesting.

We are retired and are examining the possibility of coming to live in Cyprus. The loads of good info. has definitely made us decide that we will rent for at leat a year.

Who knows, maybe things will have changed deedswise for the better by then, (although knowing Cyprus I very much doubt it will be in my lifetime Smile

)

Cheers,
Jinty