Posts Tagged ‘Foreign Property’
Michael is a previous Cypriot Client of EU Property Solutions that we reached a very successful settlement for. He featured as a guest on our latest webinar ‘Cypriot Mortgage Issues: Downward Spiral’ where he answered some questions regarding the issues he was facing with his property in Cyprus and his life now without the burden of foreign property debt.
Welcome Michael & thanks for joining us today, tell me a little bit about your Cypriot property experience and when did you know it was time to seek help?
I purchased my property in 2005 and from day one I saw the Developers and the Bank in a different light. Despite much communication between all stakeholders, it became clear there was no future with the property. After constant re-mortgaging, involvement with communities that were all in the same boat, and taking advice from Barristers; we knew there was no light at the end of the tunnel. It wasn’t until my wife came across EU Property Solutions and we engaged with you that the rest became history.
Did you find contacting the Developers & the Bank difficult?
They did play ball to start with but as soon as money had changed hands, we were treated like second-class citizens with regards to any plans or attempts to try and improve the situation. We found that the Bank was very rude, ignorant and they pushed us to the limit. The developers shrugged their shoulders and said, “You decided to buy in Cyprus, it’s your problem.” It was a problem, a big problem but the Bank and the Developers didn’t seem to care too much.
At that time, where you living out in Cyprus or traveling to and from the UK?
I was working and living in my property in Cyprus from 2005- 2010. These problems didn’t come to a head until we left the property. We moved back to the UK in 2013 with my job. We were grateful to have had the delight of living in our property in Cyprus and then renting the property out. But when we came back to the UK in 2013, that’s when things really took their toll.
After reaching out to EU Property Solutions, what was it about our company that made you and your wife feel like this is the route that you wanted to go down?
Right from the start really, I had an initial telephone call with a really nice chap who made us feel at ease. There was no pressure or sales pitch. He allowed us and permitted us to contact other people who were successful with EU Property Solutions. We thought are we going to be scammed again by another company because everyone we have dealt with previously just wanted to take our money with no interest in what we wanted to achieve. From day one we felt at ease with EU Property Solutions and the staffing, the staff work and the communication between EU property Solutions and ourselves was enough for us to commit to them looking after our case.
That’s a very interesting point you made about feeling like you were going to be scammed. At EU Property Solutions, that is a huge barrier that we come across with our clients because one of the main reasons that our clients are in their situation is because they have been wronged from the very beginning. So that is why we always try to put them in the right direction by speaking with our other clients who we have reached a settlement for who were in the same situation as yourself. Did you avail of that service?
Yes absolutely, I spoke to a couple of Spanish clients that you had in very similar situations. I hope I can be of value to anybody now, being an owner who invested in Cyprus and having gone through the process, I am more than happy to help anybody else in the same situation as ourselves.
In terms of your journey with us, after appointing our services, did you feel like our team was helpful?
Yes, my case manager was really on the ball. The biggest thing for me was being able to pass my problems on to her. I didn’t want to communicate with the Developers or the Bank while I was going through this process. EU Property Solutions took full ownership of my problems for the whole period while fighting my case. One of the big thing I found, was having the opportunity to forget about all the issues that were surrounding; knowing that it was being managed in good hands.
A lot of people think that even though they appoint our services, they think that they have to be in correspondence with the lender and the developer, but that all stops when you come on with us. It takes you away from that situation and our legal team deal with it. Once you knew we achieved a settlement, how did you and your family feel?
It was a bittersweet feeling for my wife and I. We invested a lot of money into the property, and we were gutted it went down the drain. But we have now got no more trouble and a heavyweight has been lifted off our shoulders. We can move on forward with our lives and not feel threatened by Cypriot authorities. It was a Bittersweet feeling but a huge moment of celebration!
What would you say to people who have found themselves in a similar situation to what you experienced?
I would say across the board, it doesn’t matter who you are whether you are a serious investor in properties; there are people who fall foul to the Cypriot Scam. Hold your head up high, there is light at the end of the tunnel. It doesn’t matter how much debt you are in or how many properties you have; if you want to get out of it there is help available.
Chat to a member of our team today. Our initial consultations are free and we can quickly help clients with Cypriot property debt.
You can watch the full video interview here: https://youtu.be/RCr7irb-hIU?t=823
0044 330 124 1230
There is currently a huge problem in Spain with ‘Squatters’ unlawfully occupying unused holiday homes.
With Covid-19 travel restrictions ongoing, many holiday homes across Europe have been sitting empty for over a year. This has made the likelihood of Squatters in Spain invading properties x10 times more likely than before the pandemic.
Squatters are moving into these empty properties, making it their home and fitting new locks. They also avail of the properties water, electricity, and bins; leaving property owners left with increased bills and bins which cannot be used.
In a recent interview with Ena Cummings, founder of GoldenKeys Property; squatters were described as “vile, evil beasts” who should be thrown out immediately. Unfortunately, due to Spain’s insufficient legal system, Community Presidents not taking action, Banks being irresponsible and the countries water and electric board turning a blind eye, therefore, this means that property owners are left to deal with these squatters themselves.
In Ena’s community, there are 8 squatters who not only have moved into the development but have displayed public indecency. They have thrown bleach and wine at homes on top of stealing water, electricity, and their bin facilities. Ena expressed that the community wanted an AGM with the community presidents.
“It was arranged in 2019 to get the removal mafia in from Madrid. This was to remove the squatters, to get a loan, and pay it through our community fees (which was agreed.) But our two so-called presidents won’t sign the forms as they don’t want to throw people out on the street.”
The only guaranteed way to get squatters removed from a property is to hire a removal mafia from Madrid. This comes at a fee of €5,000. The other option to protect an empty home is to pay €35 a month for a photographic alarm system. The alarm system will notify the Guardia Civil who can throw them out within 48hrs. Nonetheless, both options add further expense to unused holiday homes in Spain.
Ena is adamant that “Spain needs to change their law, but it’s going to get worse before it gets better.”
If you have an unused property in Europe that you no longer can maintain, this is your time to act before squatters make your home theirs!
If you would like to dispose of your foreign property, there are options available for you to do so. Get in touch with EU Property Solutions today and speak with our specialist team for your FREE consultation.
Welcome to today’s blog on Webinar Feedback – Mark Stucklin. As you may be aware we held our first-ever live webinar on the 27th May 2020 on Spanish & Cypriot Property Debt. If you happened to attend, we would love to hear your thoughts on it, send them over to us on [email protected]
If you are interested in watching the live webinar over again, you can do so here: https://youtu.be/E4aRc_l8Oz8
We had a great blog write-up from Property Market expert Mark Stucklin who discusses our webinar below.
The economic crisis building as a result of the coronavirus pandemic will leave some people with mortgages in Spain in financial distress, through no fault of their own.
If this happens to you, it is advisable to seek help from independent experts on how to handle the situation.
Last week I attended my first webinar (online seminar, for those that don’t know), held by Terry Bell, speaking on behalf of Bell & Co. in the UK and Ireland, and EU Property Solutions in Spain and Cyprus.
These companies specialise in helping people with business and personal debt find negotiated solutions to their financial problems.
Terry’s presentation about the typical financial problems borrowers from the UK and Ireland run into with mortgages in Spain and Cyprus was an eye-opener.
For instance, there are still many people struggling with mortgages taken on in the boom years before 2008. They are not getting any younger.
Terry explained that the “demographic” of people with mortgage problems in Spain means that time is not on their side. They need to sort out this problem before it’s too late.
There are many people in arrears on their mortgage payments who think they can walk away from their foreign debts. They think the problem won’t catch up with them back home. That is wishful thinking, even for those who did this years ago.
Slowly slowly, Spanish mortgage debts are being worked through. Debtors are pursued back home on the basis of EU directives, increasingly by vulture funds who have bought the debt.
The worst thing you can do is stick your head in the sand and hope the problem will go away. It won’t.
The best thing you can do is contact third-party experts like EU Property Solutions, who have dealt with many cases like yours, and know what to do to get the best solution for you.
Experience is key to negotiating the best terms in this complicated situation. This is probably something you have never had to deal with before. And every lender in Spain has a different approach to dealing with what they refer to as ‘delinquent debt’. Only experience of dealing with many cases helps you decide the right strategy.
Terry talked about all the problems facing borrowers in Spain and Cyprus. There’s one brutal problem in Cyprus – that we can be grateful few borrowers in Spain are having to deal with:
- Namely the Swiss Franc mortgages that were so gaily mis-sold to borrowers in Cyprus back in the boom years.
Since then, the value of property in Cyprus has plummeted:
- Whilst the Swiss Franc has appreciated, crushing borrowers financially in a vice of negative equity.
Mercifully, most borrowers in Spain have euro mortgages, but some of them will still be in negative equity more than a decade after they purchased.
And now we have a new wave of financial problems to look forward to, thanks to the coronavirus crisis.
If you find yourself in financial distress, and unable to cope with your mortgage in Spain, don’t stick your head in the sand, get in touch with EU Property Solutions.