Posts Tagged ‘Swiss Franc’

Title Deeds in Cyprus

It’s estimated the owners of c100,000 properties in Cyprus have not been able to obtain their Title Deeds in Cyprus. This is a massive issue for our EU Property Solutions clients, as to all intents and purposes the property can only be sold to a ‘cash buyer’ – because of the flawed Title on their property.

In Cyprus:

  • The developer,
  • Central Government departments, and
  • Local government/councils are all involved in the process for the issuance of Title Deeds.

Undoubtedly, this gives plenty of opportunity for something to go wrong. Especially in Cyprus which it invariably does where huge delays and problems arise.

Our specialist team then works with the added factor that many developers have also now ceased to trade and are not contactable, thus the likelihood of ever obtaining complete Title Deeds is poor at best.

Many developers did not correctly divide up the plots of land when they were building apartment developments. Therefore could not provide individual separate title deeds for purchasers.

A major problem our clients face is selling without Deeds. Cypriot mortgage lenders will now not lend on properties without title deeds. Thus, the comment above your buyer must be a cash purchaser resulting in far low values/prices.

Despite the many issues for properties not having Title Deeds, the vast majority of EU Property Solutions successes in Cyprus, with Swiss Franc Currency issues and the Negative Equity arising, have been achieved for our client settlements without the right Title Deeds.

EU Property Solutions along with our Cypriot Legal Team understand how the core lenders work and their processes to resolve these property issues and settle mortgage debts. Subsequently, we often avoid sales procedures and assist borrowers with alleviating their Cyprus property debt burden which has been fuelled by the non-existant issues of Title Deeds and Swiss Franc mortgages.

A recent settlement below. This client will speak to any prospective clients about their experience with EU Property Solutions.

  • A couple* approached EU Property Solutions after struggling for years with their holiday home and the mortgage thereon,
  • They owned a 3-bedroom Townhouse in Paphos with no Title Deeds,
  • Their outstanding mortgage at the time of our appointment was SwFr399,000 equating to £313,000 (Sterling).
  • The property was valued at €70,000 
  • EU Property Solutions negotiated the successful settlement of the mortgage account.
  • Including our fees and settlement with their developer, the clients saved over £200,000 and most importantly protected their UK assets.

*This client will speak to any prospective clients about their experience with EU Property Solutions.

If you are struggling with a property with no Title Deeds and a mortgage sold to you in Swiss Francs make sure you call EU Property Solutions now: 0044 330 124 1230

CYPRUS AND SWISS FRANC MORTGAGE ISSUES

EU Property Solutions receive numerous enquiries from borrowers who purchased properties in Cyprus pre-2008 and were offered Swiss Franc Loans.  These mortgages were sold on the basis that the Swiss Franc was a stable currency. Unfortunately for mortgage holders, the Swiss Franc has been a very strong currency against the £ and the €.

Bizarrely pre-2008 Cyprus had the Cypriot Pound as their currency with the Euro then taking its place. At no point has the Swiss Franc ever been used other than for property purchases. Even more amazingly, Switzerland is not even an EU Country. Without doubt, these mortgages were mis-sold* and at best were deemed to be loose lending by the Cypriot Banks

Following the global financial crisis of 2008, Swiss Franc Loan balances grew due to the Swiss Franc appreciating against the Euro. Added to that there was a property crash worldwide and property prices in Cyprus plummeted. This created Negative Equity and left significant shortfalls for borrowers.

Add to this the issue of a lack of title deeds available and Land Registry issues for purchases in Cyprus, then you have a ‘heady mix’ of issues to overcome. This ‘heady mix’ manifests itself in sometimes huge Negative Equity positions.

Help is however at hand and settlements can be reached by us at EU Property Solutions ….. through our extensive knowledge, negotiating skills and together with our local legal teams, full technical understanding of all cases.

EU Property Solutions were appointed to assist a couple who purchased a holiday home in Paphos and their financial exposure position and our work saw:

  • A mortgage balance was SwFr414,000 which at the time of purchase equated to £182,000,
  • This ‘ballooned’ to £330,000 due to the currency fluctuation referred to above.
  • The property value was only £150,000.

EU Property Solutions negotiated the sale of the property with the lender and a lump sum payment of £35,000 to close the mortgage account. Savings of c£145,000 achieved.

Furthermore, Cyprus is not the only country we have seen the use of Swiss Franc Mortgages. We have seen cases in Poland and Hungary with mortgages issued in Swiss Franc Mortgages.

If you are losing your Swiss Franc Mortgage battle and wish to discuss your options, please call EU Property Solutions today on +44 (0)330 124 1230.

Will I be receiving no rental income in 2020?

Following the UK confirming that those returning from overseas travel will have to Self-isolate for 14 days, the Spanish Government has followed suit imposing the same restrictions. With this in mind, the question is – will you be receiving no rental income in 2020?

This year’s Summer Holiday season may well and truly be cancelled. 

If you are reliant on rental income to support:

  • Your mortgage payments,
  • IBI taxes, and
  • Community Fees on your Spanish Second Home –

The above will see you face increasing pressure to top-up payments from your home income.

Speaking with a local Costa Del Sol Agent:

  • It was confirmed that many Second Home Owners will take on long term rentals but given supply, these rental agreements will be very low in income.

Furthermore, many will be left without employment & may fall behind on their rent.

Second Home headaches are stressful enough in more positive times, but in these trying circumstances, they can be a real burden.

EU Property Solutions can end this burden in an effective manner without the need to travel to Spain.

We can help so your not asking yourself if you will be receiving no rental income in 2020?

Especially if the mortgage is greater than the true market price and the associated selling costs…which can be as much as 12%.

EU Property Solutions have options and plans for every eventuality, ensuring we protect you, your income, your home, pensions, and other assets – from any potential or ensuing legal threat.

WE HAVE THE SOLUTIONS TO DEAL WITH SPANISH PROPERTY DEBT ISSUES.

Get rid of Overseas Property – Without Visiting Spain.

CORONAVIRUS – NO TRAVEL, NO PROBLEM – WE HAVE THE SOLUTION FOR YOU.

The world continues to be an uncertain place. In the UK the Government has announced its stepped plan to restore normality in the midst of Coronavirus – travel restrictions. We can help you get rid of your overseas property – without visiting Spain.

One thing that has hit the headlines is a 2-week self-isolation for those returning from abroad, bar France.

This is clearly detrimental for those looking to get rid of property overseas, especially during this period. No one wants to self-isolate for 2 weeks having been on lockdown for some time.

EU Property Solutions legal process allows you to get rid of your overseas property without visiting Spain. Here is how:

  1. You swear a Power of Attorney allowing our Legal Team in Spain to represent you and sign documentation in the country on your behalf. This is arguably the most you will travel – to a local notary to have this document sworn.
  2. We will arrange access for a Lender Valuation. Just give us the keys or tell us your keyholder’s details.
  3. We will communicate with the Lender on your behalf. Including any face to face requirements.
  4. We will sign the Legal Paperwork and conclude the case on your behalf.

Trust is key in this process. Trust us to do right by you and we need to trust you will cooperate to get the desired conclusion.

If your Spanish property is detrimental, especially now during this pandemic ~ respond. Allow EU Property Solutions to resolve the matter on your behalf from the safety of your home.

EU Property Solutions have options and plans for every eventuality. We ensure we will protect you, your income, your home, pensions, and other assets – from any potential or ensuing legal threat.

WE HAVE THE SOLUTIONS TO HELP YOU DEAL WITH GETTING RID OF YOUR PROPERTY – WITHOUT VISITING SPAIN. 

Call us TODAY on 0330 124 1230 or email [email protected]