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jock1



Joined: 06/01/2008
Posts: 3786

Message Posted:
18/01/2008 13:28

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Message 1 of 17 in Discussion

Hi all out there has anybody on this forum had a property built buy abaras construction???



gatsby


Joined: 10/08/2010
Posts: 34

Message Posted:
11/08/2010 17:03

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Message 2 of 17 in Discussion

Hi jock1



just picked up your posting re Abaras. Did you eventually have a property built by them or purchase one of their builds? We have a property built by them in 2008.



Be good to hear your feedback



Stonehousepub


Joined: 21/05/2009
Posts: 755

Message Posted:
11/08/2010 18:32

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Message 3 of 17 in Discussion

Ive bought ready bulit from them Graham....



gatsby


Joined: 10/08/2010
Posts: 34

Message Posted:
12/08/2010 08:03

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Message 4 of 17 in Discussion

We did too. We are withholding 2000 for snagging / faults (they have not completed any of the jobs we raised), as per contract which they signed.



They are now saying we must pay up in full (thereby ignoring the agreed retention clause!) and pay interest on the vat (not sure where this clause came from as it has never been documented anywhwre) in order for transfer to take place.



Neigbours who have paid in full are still waiting fot the transfer a year later. Once they paid their final monies they never heard anymore from Abaras.



Think the problem may lie in the capital gains tax that the vendor has to pay (namely 6.25%) on completeion. I don't believe have the funds to pay the tax(es) hence the silence and non transfer. Not sure as to whether the tax office can legally force them to sign the transfer and then they pursue them for the capital gains tax?





What has been your experience with them?



Regards



John



malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
12/08/2010 08:40

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Message 5 of 17 in Discussion

I think a 100% retention until transfer of title is the only way to go from now on. NO KOCAN, NO MONEY!



fosterscan


Joined: 27/02/2010
Posts: 541

Message Posted:
12/08/2010 09:06

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Message 6 of 17 in Discussion

malsancak i recently did a thread on no kocan no money, so as this maybe the only way to go from now on its not possible at this moment or the foreseeable future.it should read no ptp no kocan no money no property.That helps no one.now back to the original thread.



Molly


Joined: 30/08/2008
Posts: 299

Message Posted:
12/08/2010 09:17

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Message 7 of 17 in Discussion

Stoppage tax is 4% - it was reduced from 6.25% last year.



VAT is 5% of the sale price or District Lands Office valuation, whichever is the highest. A TAX OFFICE invoice must be issued but only pay remaining taxes concurrently with transfer of title deed.



Only pay via your lawyer. If you doubt his/her integrity, you will have to be present or find other legal representation.



gatsby


Joined: 10/08/2010
Posts: 34

Message Posted:
12/08/2010 09:29

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Message 8 of 17 in Discussion

Hi Molly,



is the stoppage tax the same as the capital gains tax?



Many thanks



Molly


Joined: 30/08/2008
Posts: 299

Message Posted:
12/08/2010 09:32

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Message 9 of 17 in Discussion

Yes, locals call it stopaj, usually referred to on contracts as Capital Gains Tax. However, the tax is calculated on the whole amount, not the profit.



jock1



Joined: 06/01/2008
Posts: 3786

Message Posted:
12/08/2010 10:44

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Message 10 of 17 in Discussion

Hi gatsby, i posted this back in 2008, yes we bought from Abaras, we were asked to pay the KDV which we did, and were told that we would have our kocan in 5 to 6 months, however after the time lapsed i went to see bekeer in the office and was told all kocans will be given out next year ????



Lazy days


Joined: 24/07/2008
Posts: 847

Message Posted:
15/08/2010 09:24

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Message 11 of 17 in Discussion

Jock theres hope for you yet, 2 years to get a reply now thats sssssssssssssssllllllllllllllllloooooooooooooowwww

A



jock1



Joined: 06/01/2008
Posts: 3786

Message Posted:
15/08/2010 09:30

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Message 12 of 17 in Discussion

yavasssssssssssssssss yavassssssssssssssssssssssssssssssssssssssss



cyprusman3



Joined: 09/06/2009
Posts: 297

Message Posted:
15/08/2010 10:07

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Message 13 of 17 in Discussion

I bought an off plan apartment from abaras and it took me 4 years to get the hise kocan !!! And I have a trnc id card !!! They are very difficult to deal with and if you pay them up front you will be chasing them for a long time. Not one of the best firms to buy off but their building works are quite good. They tell a lot of lies and I think they are short of funds although the directors drive 50k motors etc...



tamand


Joined: 23/07/2009
Posts: 240

Message Posted:
15/08/2010 10:47

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Message 14 of 17 in Discussion

MESS 13 thats why theyre short of funds



Bertie


Joined: 15/04/2008
Posts: 155

Message Posted:
15/08/2010 11:00

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Message 15 of 17 in Discussion

Dont they all, and yes post 53 but if the only way to improve the situation is that no properties get bought then so be it the only way things will improve is to hit them where it hurts in the pocket otherwise they will just go on 'selling!!' poorly built not completed propery for which the poor buyer has handed over their retirement money, to end up having nothing but empty pockets to show for it because they cant get access to the property, the Kocan, electric or water.Just in case you are wondering we are not in that situation but I feel heart sorry for those who are and who see everything they worked for end up in the pocket of others.



cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
15/08/2010 11:07

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Message 16 of 17 in Discussion

Bertie ( Margaret )...msg 15



It is good to hear from someone who hasn't had those problems,but can still empathise and offer support to those who have been victims.



It makes a change from the "I'm alright Jack" attitude that some posters display on here.



jock1



Joined: 06/01/2008
Posts: 3786

Message Posted:
15/08/2010 14:57

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Message 17 of 17 in Discussion

I have no complaints about the build with Abaras.



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