Cyprus Today article

kibrissibel


Joined: 18/02/2008
Posts: 562

Message Posted:
21/03/2009 17:18

Firstly, we’d just like to say that some statements in the Cyprus Today article were incorrect. When asked if we were forming an owner’s association re the mortgage problems, we said no, but anyone with mortgage problems or any property problems were welcome to attend the HBPG surgeries for advice. We also did not call on other buyers to join together for obtaining money back. We also did not say: “There are several apartment blocks at Seaterra and if any other buyers have similar contracts to ours we would like to talk to them with a view to joining forces.” We have no idea why this was added.

kibrissibel


Joined: 18/02/2008
Posts: 562

Message Posted:
21/03/2009 17:19

Re some issues raised, we would like to make the following comments: Some owners have stated that us going public will cause sales to diminish, but we gave Seaterra a year to sort out the mortgage problems from when we first learned of them. We also gave plenty of warning before going public. With the economic downturn, sales are poor with many of the developers. It is a great shame that Seaterra has to be exposed before they start issuing letters of exclusion. They had many opportunities in the last year to do this and to rectify the problem. If problems are not being addressed, you can only do nothing for so long before you have to take action, the same with any problems in life. Knowledge is power, and unless people are aware of problems they can’t do anything to correct or avoid them. This doesn’t just apply to Seaterra, but to the TRNC construction industry as a whole

kibrissibel


Joined: 18/02/2008
Posts: 562

Message Posted:
21/03/2009 17:19

It was only after this information become public that Seaterra stated they would issue an exclusion letter, and if this is a legally binding document then we believe this exposure will have been helpful to owners. We have lived here for 3 years and Sibel is a volunteer with the HBPG who hear day in day out of the property problems here, so we know first hand all the problems that go on and the devastative affects that the problems here have on people who have lost their life savings. It’s not until you know all of this that we realise how gullible we all were in the beginning when there was no information out there to help people.

kibrissibel


Joined: 18/02/2008
Posts: 562

Message Posted:
21/03/2009 17:20

Many people with holiday homes are not fully aware of the real issues here. Even the head of the bar association stated that lawyers in TRNC have no duty of care.

If we had an “I’m alright Jack attitude” we would not have asked months ago for the mortgages to be moved onto the unsold apartments, we would’ve just asked it be removed from ours. We did ask for it to be removed from all the sold apartments because this would benefit all buyers, not just ourselves. We simply wanted many questions answered about the mortgages to calm our fears, and for them to fulfill their promises, but they blatantly refused. We personally wouldn’t want any further people to get involved in any potential situation like this, but for those who wish to keep it a secret and do not think other buyers should be warned, ask yourselves would you want your parents, close friends etc to buy with this situation, or would you say nothing? In our opinion, we don’t wish anyone to be in that situation.

kibrissibel


Joined: 18/02/2008
Posts: 562

Message Posted:
21/03/2009 17:21

Seaterra state that they have built more than 600 units here. There are approx 60 units unsold, so surely they must be in profit by now and have no need to have a mortgage. We don’t believe that Seaterra have tried or endeavored to deregister the mortgages at land registry.

We sincerely hope that there is a happy ending and Seaterra lift the mortgages and issue deeds asap. We know the way it works here when you expose someone’s actions, so we are not likely to get what we were promised by Seaterra, but the other owners will hopefully have a legally binding document.

As far as I am aware none of the Seaterra sites have had their deeds yet. Some owners wanted information about the hold up of title deeds. In our opinion, we don’t understand why the other sites are still waiting. Esentepe was completed three years ago. Even with unsold units, a site can be parselised. There are private companies that are recognized by Land Registry that deal with the whole process, so we don’t understand

kaiserphil


Joined: 14/12/2008
Posts: 1096

Message Posted:
21/03/2009 17:31

Dear Sibel - "Some owners have stated that us going public will cause sales to diminish". What other course of action would they have recommended?

There will always be those who find fault with those who DO take action! You have nothing to reproach yourself for. I hope to goodness something decent will come out of this for all of you.

gooligan


Joined: 30/01/2007
Posts: 1591

Message Posted:
21/03/2009 17:56

I'm surprised they actually sent a journalist out to you,most of the articles are just regurgitated from the forums so they go to the source and still get it wrong.No wonder nobody takes any notice of Macha.

Someone should suggest to Seaterra if they sold all their Hummers and BMW's they would raise a million in no time.And think of the money they would save on car tax.

Inca999


Joined: 25/11/2007
Posts: 20

Message Posted:
21/03/2009 18:43

Hi



Do Cyprus today have a web site ?

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
21/03/2009 22:48

Sibelle and Brad wrote above:



"It was only after this information become public that Seaterra stated they would issue an exclusion letter, and if this is a legally binding document then we believe this exposure will have been helpful to owners."



I did read something like that in Cyprus Today paper and I hope this is not a proper quote by the paper. How can ST issue exclusion letters to buyers? If I borrow money from somebody and sign a bond to that effect, can I send a letter to the lender or anybody else and cancel the bond? Of course not. It is up to ST to offer the mortgae holder a suitable payment against lifting of the mortgages. I do not think it is possible to lift the mortgage partially on land which is not parcelised yet. What may be possible is a written undertaking by the mortgage holder to the buyers on the basis that they will not claim any rights based on the mortgage as far as the sold house is concerned.

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
21/03/2009 22:50

This will have to be a leter in writing signed by a director of the mortgage holder and notorised as true signature of an authorised director.



There is another point of interest: Sibelle and Brad wrote on the original post that they had a letter from "Dalcross Trading Ltd" about the mortgages. I am privy to some information about the mortgage holder to be a firm named "Amiel Development and Investment Ltd." So who is saying that one million of the two millions mortgage has been paid? Should it not be the mortgage holder who should make such a statement or is it a case of multiple idendities? I will say no more but it seems to me that something is not right.

ismet

cocos


Joined: 04/04/2008
Posts: 129

Message Posted:
22/03/2009 11:45

As usual very helpful information Ismet. So there are 4 strange companies involved in this mortgage which hardly seems honest and above board.Probably more like Seaterra owns all the companies and is lending money to via the others so they can use buyers money to fund other projects abroad. If they don't stick to a contract, why would they stick to a letter, even if it is legally binding, which sounds questionable as to whether it would be.

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
22/03/2009 14:43

KS - you've done it now, i'm sure you'll be getting a solicitor's letter threatening you with a £5m lawsuit !





Nick

BillyB


Joined: 19/05/2008
Posts: 436

Message Posted:
22/03/2009 20:18

It must be over a month now since Seaterra were supposed to do this letter of exclusion. It seems that customers are being constantly fobbed off with next week, next week. I wonder if its a case of that they have to keep changing their letter of alleged exclusion as more information comes to light through these boards and the media. Seaterra need to come up with something that protects their customers 100% as whatever they come up with will be hopefully srutinized by the more legally knowledgeable members of this board. The bottom line is your not going to get your deeds while theres a mortgage in place. Now it seems theres a fourth company name involved in all of this. Is it a case of robbing Peter to pay Paul? Wheres all the money gone and whats happened to Seaterra/Dalcross Trading/Amiel Development/Marsol properties PR team? whoever they all are??

MimoMar


Joined: 26/01/2009
Posts: 150

Message Posted:
22/03/2009 20:27

Is ST owned by Tc's?

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
22/03/2009 20:31

after readin all this i would say no look to isreal xx

catalkoykid


Joined: 15/02/2009
Posts: 1190

Message Posted:
22/03/2009 20:36

sounds like you have been beaten with a titanium bat

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
22/03/2009 20:36

Have all ST purchasers all been conned ?

MimoMar


Joined: 26/01/2009
Posts: 150

Message Posted:
22/03/2009 20:45

It's not clever to abuse the trust that someone puts in you.

Fulfilling your obligations under the contract can be considered a success

Sounds like ST have failed to me!

cocos


Joined: 04/04/2008
Posts: 129

Message Posted:
23/03/2009 19:50

Mimomar they are Israeli

Littlenige



Joined: 24/12/2006
Posts: 3594

Message Posted:
23/03/2009 19:57

never trust a journalist ............. just ask d/ c

kibrissibel


Joined: 18/02/2008
Posts: 562

Message Posted:
27/03/2009 12:50

Thanks everyone for your support.



Details of the mortgages can be found here:



http://www.cyprus44.com/forums/12699.asp



Sibel