Mortgaged land,is it really a surprise

bachelibelly


Joined: 04/09/2008
Posts: 275

Message Posted:
06/04/2009 11:11

As more and more developments are throwing up previously undisclosed mortgages i find it beggars belief that more of this problem hasnt surfaced earlier. When you look back to the "boom time " of 2004 " The Annan Times" when suddenly Mr. Mustapha Cornashopowna overnight became the proud developer of " Turtle Paradise Mountain Sunset Bay View "under the auspices of " Gotnomoni Construction under the umbrella of sister company "Nohistrior experiencofbuidin Developments (very) LTD.



With my limited knowledge of the Construction Industry it seems that there are two basic requirements for success



1/ A sound financial backing sometimes requiring an additional backup loan facility from a well established bank who knows also the perils of the construction industry..



2/A knowledge of construction,planning ,finance etc backed up by a workforce of experienced professionals aimed at providing quality builds ,thus attaining customer satisfaction..



Of course there is the alternative TRNC

bachelibelly


Joined: 04/09/2008
Posts: 275

Message Posted:
06/04/2009 11:14

Just to give balance (as i ran out of space) of my above posting i would like to say there are many good builders and developers in TRNC having built successfully for years,who are now unfortunately being "Tarred with the same brush"

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
06/04/2009 11:20

hi bacheli

do you know if there is such a system like the one at companies house in the uk?

when we were in the uk and any company proposed to do business with us we would always check them out before doing anything with them.

you can tell loads from the uk system.

at least that way you do know who you are doing business with and their financial situation.

allycatthree


Joined: 22/04/2008
Posts: 86

Message Posted:
06/04/2009 11:30

just because aston villa lost??



Please try and keep the thread 'on topic'

AJ

bachelibelly


Joined: 04/09/2008
Posts: 275

Message Posted:
06/04/2009 12:22

Thanks Allan, i cant believe we threw it , blew it, outplayed for the most ,lost the ball too easy when it mattered and 5 MINUTES INJURY TIME,what for ,still suppose gotta be grateful we were drawing when that was announced ,if we had still been winning then they would have probably have still been playing now !!!



Anyway congrats to RED RILEY ably assisted by his linesmann( two definately dubious offside calls when Villa clean thru,still only to be expected.



Sour grapes ,maybe, fair play expected, maybe ,at Old Trafford ,NEVER !!!



Please try and keep the thread 'on topic'

AJ

stevemac


Joined: 21/07/2008
Posts: 99

Message Posted:
06/04/2009 12:59

Yes there is a companies house I believe in Lefkosa where you can check directors of companies etc

stevemac


Joined: 21/07/2008
Posts: 99

Message Posted:
06/04/2009 13:05

I agree there are many good builders etc but there are many bad ones who have caused alot of suffering for people too. Perhaps the reason they are all being tarred with the same brush is because no action has been taken by the contractors union to take action against members who have acted badly, the bar assoc has not taken action against lawyers who have acted badly, the estate agents union has not taken action against members who have acted badly. If they're not rooting out the bad apples of course nothing will change.

allycatthree


Joined: 22/04/2008
Posts: 86

Message Posted:
06/04/2009 13:32

it was heartache for me as well as liverpool did the same saturday, what if?? the blues would be back in it?



Please try and keep the thread 'on topic'

AJ

cocos


Joined: 04/04/2008
Posts: 129

Message Posted:
06/04/2009 15:24

I bet it's a surprise to alot of buyers! It will an even bigger surprise and downright awful shock if the banks foreclose on these mortgages. The UK and USA has been responsible for the sumprime mortgage crises and they "apparantly" knew what they were doing and had the experience. With the TRNC banks and the new boom of construction they had little experience to go on. The banks will want their money back on unpaid loans and mortgages and the only way they'll get it is by auctioning off the land thats already been sold to owners or demanding more money from them. It seems that the tax office and other debtors don't actually chase the developers for it, they go after the easy option, the purchasers.