Builders going bust

pond JuMpEr



Joined: 11/16/2007
Posts: 11


Message Posted:
11/16/2007 2:49:

Hi all, been told by my lawyer that a company has some money problems and has raised mortgages over some of their sites. Where do we stand if we don,t have our deeds yet, but are in possesion of our property? All advise welcome.

smoggyjim


Joined: 7/21/2007
Posts: 37


Message Posted:
11/16/2007 5:31:

Which company ??

lovingcyprus


Joined: 3/2/2007
Posts: 457


Message Posted:
11/16/2007 10:50

If you haven't got your deeds yet and the builder has taken out a mortgage and it involves your property, you have a problem.



If the builder defaults on the mortgage the bank (lender) in effect will own the properties and would want to sell them so that they can recoup their money. In this situation you would have to pay again for your property.

simbas



Joined: 7/16/2007
Posts: 1623


Message Posted:
11/16/2007 11:00

Dont you get your deeds when all properties have been completed on your developement ? that was my understanding you can apply when all building works have been completed

regards simbas

breezyboy


Joined: 5/14/2007
Posts: 210


Message Posted:
11/16/2007 12:19

Sorry to say that when my developer was doing nothing on the site for a long period, I asked my solicitor what would happen if they went bust. The reply was that I would rank as an unsecured creditor of the company. IE minus a lot of money. Please let us know which builder it is that you have heard this about.

bb

lovingcyprus


Joined: 3/2/2007
Posts: 457


Message Posted:
11/16/2007 1:21:

simbas



Not neccesarily, my understanding of the situation is that when parcelisation (that is dividing the land into x number of individual plots) has been completed that deeds can be issued for each plot. In theory parcelisation should be done at a very early stage so that when building is complete the deeds can be issued, this though does not always happen.

dodger



Joined: 7/29/2007
Posts: 1228


Message Posted:
11/16/2007 5:31:

we need to know which company pond jumper.

butters


Joined: 12/27/2006
Posts: 10


Message Posted:
11/16/2007 6:41:

Hi folks

as I understand you can't hold the deeds until you have permission to purchase

from the council of ministers

people do need to know the builders name!

regards

pond JuMpEr



Joined: 11/16/2007
Posts: 11


Message Posted:
11/17/2007 5:32:

The Builder that I am talking about is Boyut construction.

Bradus


Joined: 2/25/2007
Posts: 754


Message Posted:
11/17/2007 12:04

Yes I too heard that this company was going bust but I now take everything with a pinch of salt as there are so many rumours floating around. Where is the evidence from?

ces88


Joined: 10/23/2007
Posts: 41


Message Posted:
11/17/2007 3:01:

I heard this rumour too but i spoke to them and they assured me everything is fine. As Bradus said any rumours like that definitely need to be taken with a pinch of salt...

Boredhousewife



Joined: 3/15/2007
Posts: 890


Message Posted:
11/23/2007 8:10:

I am sure there is a development very close to Esentepe by Boyut (I may be wrong?) but anyway looked as though nothing had been done for years there. Half built apartments, palm trees that were obviously planted and not looked after - that sort of thing.

DONTY


Joined: 6/7/2007
Posts: 138


Message Posted:
11/24/2007 12:05

there has been rumours about Boyut recently due to the two partners (brothers i believe) breaking up but they are still operating. i heard a rumour 3 years ago that santa fe were going belly up but they are also still there.



Boredhw



i think that could be the NCP site just before Esentepe, sea side of road with dead palms? they are villas though!

MCSTEVIET



Joined: 5/11/2007
Posts: 699


Message Posted:
11/24/2007 1:34:

Or part villas ???

The Ratman


Joined: 12/9/2007
Posts: 4


Message Posted:
12/9/2007 5:54:0

I have heard from a reliable source that Boyut are in difficulty and I would tread very carefully.