Cypriot Mortgage Issues: Downward Spiral

Cypriot Mortgage Issues: Downward Spiral

hi there it's terry bell here and uh we've got today's webinar on thursday here at one o'clock but you've got a minute before we kick off so we've got our a presentation here to give you and hopefully an insight into the way things go on in cyprus we've worked with property in cycles we work across europe and a little bit beyond in terms of property issues and cyprus is a little bit of a hotbed because of the number of issues so what we're doing in this webinar is giving you an update and what we've got to do here as well excuse me leaning across we have a book which we're going to be promoting sending to you and everything else but i'm going to be making reference to particularly on something page 23 which i'll come back to so we'll get going so we're looking at stop uh cypriot property issues uh and we refer to it as the downward spiral when we say it's now responding it's not getting resolved in fact issues are arising uh makes people's situation potentially even worse we're not the profits of do we get on and do things but we're reporting to you our findings so we'll get underway here for a little bit of a bonus here anybody that's joining us today goes into into a hat very technical and we'll be sending somebody a 100 pound easyjet voucher hopefully you can use it sooner sooner rather than later but just a little little thank you for uh enduring me if you like so that's that's going to be thing everybody's name going and we'll tell everybody who who won that we'll get that so um there's our free book which we're talking about this stanley one of my colleagues as you can see he's a man of a certain age uh hanging on my every word no it's not and it's it's it's an informative one again we don't it's a difficult subject we're not trying to uh labor and people's pain we sort these things out that's what but we have to bring it up we have to give context sometimes we have to give people reality checks and things like that which is sometimes tough but and everyone's been wronged we get that but if you're gonna resolve it you gotta get on with it and that's gonna be a bit of a theme here as we go through the webinar so what we've done we've broken this into three parts so part one here of the recent findings obviously very few people have been to cyprus since uh coveted and very few who have been anywhere um so we're going to give you a bit of an update there we're talking about loan sales which are becoming more prevalent it's very very important to understand the backdrop here because it makes it's a game so we refer to it there is the elephant in the room we're then looking at the banks from where they are at the moment in time in cyprus it's not a great deal of change you just get more apathy and a little bit more aggression um and then we're going to offer you a genuine testimony there's a video here which the gentleman kindly did in a new audio talk we're just trying to cover obviously he's glad to talk to anybody his name's out there but he decided that he should cover his identity and it's genuine in its content its emotion and hopefully puts across what we do i'm going to say a few times during this webinar this is all about trust we know you've been wronged and you what we do may look like we're always trying to you know snake oil definitely not and there's any number of testimonials we can offer part two is where there's been quite a bit of litigation and a lot of people go it's not their fault it's the banks cool that is the situation but if you start fighting the banks you'll win absolutely nothing you'll achieve nothing we're gonna go through that so we're looking at the swiss franc mortgage which are undoubtedly sold but by today's standards we're also going to look at the class actions that are going on blah blah blah okay it's a bit of a bug bearing particularly in cyprus uh and then we're looking at the three ds which we'll come to we'll keep you hanging a little bit interest on that we're looking at our book a little bit more in terms of what this is on offer and uh it's it's our insights what we do it's again i repeat it's not there to be negative it's what's going on in the real world and then we're going to look at what to do now this is our a little bit salesy i'm not going to go over the top but if you don't take action these things don't get resolved you look to blame somebody continually it doesn't get resolved if you can i want to sort this out then that's what we're here for you have to in there no matter what you do and it smells like a prevalent life and i use always attack the problem a bit about us want to give you that not selling it as a more confidence in what you know that we do as a group here we've got another company here in belfast that is bigger than eu solutions but across the board we've got over 350 clients so as we say um we're big enough but we're small enough to care that's the key and we must always keep that mantra and it's our approach there and then we're ending our genuine testimonial and there's a couple of examples at the end so you get a bit of context on on the monetary amounts involved because we have a number of people that come to us and say right and given enough right that isn't going to work and you're not going to solve it ever so that's where we are so we're looking at loan sales first and it would deem them to be the opener excuse me uh i'll put this on silence uh we're dealing with the elephant group because they're a little bit of an unknown uh animal particularly in cyprus but they're happening and loan sales see a bank assign the whole mortgage the security the right uh your personal commitment everything else to to another third party and they're officially known as ultraviolet so uh-oh loan sales are here vulture funds we at eu solutions and our other brand balance company we have dealt with fog funds across europe and there's a different type of animal not saying we know everything but we know what to expect from them we know what risks you have because it does change your position in terms of what's going to go up there was an spv which is a special uh purpose vehicle which is a brand new company that's been set up that's just literally sprung up they're called phoenix npo finance and they're dealing with a couple of properties and basically they're buying the the excuse my friends the crappy loan book to say the likes of alpha pirius any spanish bank may have they sell them to these guys at a discount which you'll never find out and they're looking to maximize their return and maximize their will there are different animals a foreign bank we were speaking to a bank the other day who's writing from spain in spanish to our clients in england and if they're going to achieve nothing these sort of guys that come up along uh who use these sort of agents in the uk particularly uh are there to squeeze every penny out of a situation and they will do what they have to do they will run up uh they'll be very aggressive and they will run up to considerable costs as well so your situation can blow again not trying to spook anyone it's don't wait for these things to happen and alone salesman say they're a whole different ballgame the um these sort of uh vulture funds they have strong cross jurisdictional skills alpha bank though furious are better uh bank of cyprus not very good anyone anyone you want to call in circus aren't very good they shout from cyprus they may appoint legal teams in the uk etc but these uh vulture funds when they come and we've seen it we're particularly based in ireland obviously in northern ireland here and they are brutal they get local animals capital a on the ground to chase lightning crazy and if you're worth it they're looking to get every penny they can from you so it's like i say they're a whole different program and all your assets suddenly come to consideration you can include your home you can include elections investments and they'll be looking at the whole thing and they have the intellect the techno technological support and most importantly they go for the animals to support me and do what they're doing so it's something that has to do with we would say this anyway because we want you as clients now but it's something that is coming banks have to continue to tidy their act up the cypriot banks are the slowest and last to do it but doing it they are so it's very very important to understand what could happen don't procrastinate even if you don't use balance company do something here don't wait for lunch sales because like they say that it's a whole different bush they're commercial but they're very hearty it's what we do so if you have got a loan sale going on in your mortgage we're here to help for sure so the banks are the minute at the moment okay so they are really the same old but they're getting a little bit angrier they're getting a little bit even more impatient um they've had enough they take a lot of abuse you might say quite rightly at the end of the day that people do their jobs and all likelihood the people on the end of the phone are facing you in these matters they had absolutely nothing to do with the crazy lending that went on back in the day in 2008 etc so they're so hard to engage really are we we was one of those frustrating things in cyprus that we face uh along with our leadership we have an excellent legal team in cyprus by the way um and we'll come to that in a minute but they're so hard it can hardly be bothered to do anything apart from be angry so they take a very solid view again they've got the best job in the world you know just basically deal with us moaning at them and you're moaning at them and shouting it and doing whatever you do you know it's not great but they're very hard to engage they're functionary at best in that they just go through the motions you know you're trying to get uh with a situation where i was in a pathos office one of the top offices there for alpha bank and they said that they were going to go to the credit committee and the credit committee would have been from this office 20 yards down there but they weren't going to be able to look at it for six weeks that's a 20-yard walk going gonna talk to the man or woman get the thing done but now they have a certain way of doing things they're noisy they're writing off letters they're issued it's there but they very little very motivation in terms of what they do if we find a good in the bank we hold them certainly because we want to try and get things done for our clients um one of the things we're strong we i'm going to use the word stamina quite a bit this sort of work does take a lot of stamina you have to keep pushing at it you can't just have one go and it works now our ip our intellectual properties over the years okay which we've most likely worked inside seven or eight years now um is our is our knowing how they work that is the most important part plus our stamina plus our attitude plus our legal team's attitude and we take absolutely excuse my french again no crap from anybody you don't want to do it don't worry about it leave it it never gets off we turn it on the banks okay which is which will only happen and i'll mention again later if you do have some sort of third party acting for you here it will not work and that and it no matter where it's in the world we apply our same intellectual property our same processes we're here you're there let's talk or what are you gonna do about it so it's a little bit aggressive stamina as i said their intellectual property knowing how their work financials which undoubtedly we eu property solutions will know more about than the other side and it's that heading mix if you like that lets us achieve the results that we do across europe and beyond okay we've got it we're going to give you a little bit about us typically hands-on on eu cases on any day we have about eight people working on these cases in a team of about 25 here in belfast and leeds we've also got a small outpost that is a small outpost out in spain and san pedro there which is nearest above but we'll go through a little bit badass later and that isn't to sell it's trying to give you an element of trust because we know what you've what you've endured is we call it the book we call it the nightmare mortgage like that we know that that's a dramatic effect we know you may have made a wrong decision once 12 13 15 years ago but still still it's there now i would say this anyway i've used that phrase earlier you could go to them directly okay and you could try and do this but be very careful if you don't you are required to be there they look for you to be transparent you may in all honesty think you're doing the right thing uh but don't okay they will uh if you give them certain figures like i said about council of business they will perceive them in some way and they're not uh technically astute enough to do that so be very careful be very guarded okay they've they they're just not up to it but be very careful what you say if you do want to do it absolutely great cool knock yourself out but and again bad language you'll it up so don't in our opinion don't if you don't want to use us don't you just use somebody else but don't go direct to the bank yourself there's a genuine testimonial here we're going to sort of plane at the end of this little section one that we're only just saying we're talking about the long-term talk about the banks with that not too informative i know but i'm trying to give you an overview we're not going into the detail now mr frederickson has kindly given us this testimonial he felt he should which was quite nice and uh it shows the sort of quality that work he talks about a little bit about team and where we got to his frustrations in the process and everything else and hopefully uh that will support and validate what we say and i say as we say that trust is all we know okay we know you need to trust so we're going to play this quick video now and then we'll join up again in particular mike it's so so nice to have you here thank you for joining our webinar today thank you very much no problem so um for for anybody watching today and for any of you that might not know and mike is a very very special guest and mike is actually a previous client of ours that we had reached a really successful settlement for now i might cut a property out in cyprus and i believe mike it was in the passover region yes correct yet clerica in pathos and when was it that you purchased the property mike um i purchased the property in um 2005.

And um do you want me to name developers in the bank um no that's okay no you don't have to do that it's fine um so one one of the main reasons mike that we have you on today is obviously you know as we always say you know it's such an emotive subject and people that they say like they've been wrong and what we always try to do is just always let people know that they're not location there are others that have faith and are facing the type of issues that you did face and there are always always options so i think i'd like to begin by sort of asking you what what was it you know that you were experiencing the type of issues and when did you know that it was time to seek help um it was clear from day one from taking delivery of the um of the property back in 2005 um all of a sudden i seen um the developers in the bank in different in a different light um and it got to a stage where despite uh much communication a lot of communication between all three stakeholders including myself um i could clear there wasn't any um any any future with with the property um and it comes to a point where um despite constant re um remortgaging and speaking to um and getting involved with um communities that were all in the same um in the same boat and taking advice from barristers we knew that despite all that there was still no light at the end of the tunnel and it wasn't until my wife came across eu property solutions for this day we can't remember where we saw where we saw where we saw you that's when we we engaged with um eu solutions and uh the rest is history absolutely and then would you say whenever you obviously had tried to make contact yourself it was very hard obviously to try to get anything back as you said you know even whenever you reached out to the communities and stuff you just felt like you weren't getting anything back that's whenever you knew them yeah we knew we knew definitely they they did uh they did play ball to start with um um we found as soon as uh money um changed hands with them um they they treated us as second class citizens really with regards to plans or attempts to try to improve the situation um they we found that the bank were really really rude and arrogant and ignorant with us and they just pushed us really really um pushed us to the limit and the developers were kind of um shrugging their shoulders as they do and just saying you decided to buy in cyprus is your problem um and it was a problem a big problem which the bank and the developers didn't seem to care too much about and at that time were you living out in cyprus or were you traveling to and from the uk so so speaking to a lot a lot of different people we were in a quite a unique um situation i was actually working um and living in cyprus at the time so um from 2005 onwards to around about 2010 i was actually living in my property so we kind of the um the problems even though they were being exacerbated whilst were living there they really didn't come to fruition until we actually left the property while living in the property uh we benefited from obviously you know owning the property um so we we moved back to the uk in 2013 with my job so we had should i say it delight of um living in the property and renting the property out and when we come back to the uk in 2013 um that's when things really really um took its toll yeah absolutely and then whenever you had reached out to eu property solutions then what was it about you know our company that made you and your wife feel like this is the route that we want to go down and we think that these people can really help us um right from the start really initial initial telephone call um i can't again i can't remember who it was a really nice chat um he really made us feel at ease um there was no pressure it wasn't a precious sale um it's he allowed us and permitted us to contact you know other people that were um were successful with eu property solutions um we felt as if um i don't hate to say it but we just thought you know are we going to be scammed again by another company because everyone we've dealt with um just literally um you know want to just take our money not no real interest in what we what we're trying to achieve um but from day one we felt at ease and the the staffing the staff work and the communications between eu solutions ourselves was was enough for us to commit to them um looking after our case okay so in terms of really really interesting points that you made there about you know feeling like you were going to be scammed they at eu property solutions that's our that's a huge barrier that we come across with our clients because we know one of the main you know one of the main reasons that the people are in their situation is because they have been wrong from the very very beginning so that's why we always try and as you said there's put you in the right direction of speaking to other clients who we've had that are experiencing the same issue as you that we've reached a settlement for because we feel like that really you know would you say that did you did you avail that service did you feel like that put you at ease speaking to other clients yeah absolutely unfortunately i didn't really speak to a client that was in uh that was based in cyprus but i spoke to a couple spanish clients that you had very very similar situations but you know having a pool of cypress um clients is will be of real value of you and i hope you know that i could be of value to anybody and and as i said before um haven't gone through the process um being an owner invested in cyprus um and you know i i'm more than happy to help anybody else um in the same situation as ourselves yeah and we and we were so grateful that you do do that for us you know anybody watching this webinar today um whether you are a past client the current client or maybe a potential giant and we always give you the chance to speak to people whether it is in spain or cyprus or somewhere else in europe and mike does he might have actually spoken to somebody that's watching here today so we are very very grateful because it does give clients that extra ease to know that you know i'm not alone and you know they've reached a settlement for them so that they'll do the same thing for me in terms of then your journey with us and after you had appointed our services did you feel like our our team were helpful did they give you updates throughout the whole process yeah my particular um case manager um was really really on the ball um the the biggest thing for me the biggest um uh sort like uh breath of fresh air was being able to pass all my problems onto onto her um what i mean pass my problems on me um i refuse to park the deal of taking up engaging with eu property solutions is i didn't want to i didn't want to communicate with the developers or the bank whilst i was going through this process and the solutions fantastic they took on ownership of my problems um for the whole period that and they were looking you know trying to find my case so one of the big things that i found was literally forgetting have an opportunity to forget about all the issues the matters that were surrounded knowing that it was being managed in good hands okay that's you know that that's it just it's so great to hear that and i'm sure that because a lot of people do think that even though they appoint our services they still think that they're going to have to be in correspondence or in communication with the lender with the developer and you know that all stops from the minute you come on with us and that completely stops and as you say it just takes you away from that situation because sometimes it can get all too consuming so that's why we always like to just take the client away and our legal team then deal with it so one of one of the most important questions once you knew that we had achieved a settlement how did you how did you and your wife and your family feel and how does it feel now being able to move on you know knowing that that part of your life is no longer with you yeah i mean you know it was a marathon it's not a sprint so please please be prepared for that because um you know the best you know the greatest uh greatest will in the world these things certainly out in cyprus take its time with all secret authorities anyway um but when we got told it was a bittersweet feeling for the family certainly for my wife and i don't get me wrong we've invested a lot of money into into the property and we gutted and we're you know um you know we're really really really really sad that it all just went you know down the drain um but the the sweet feeling is um you know we've got no more troubles we we you know that whole weights gone off our shoulders we can move move on move forward of our lives and not feel threatened by um you know the secret authorities um and what i mean threatened i'm talking you know the threats do come in of you know repossession of your own uk properties etc and assets etc etc so yeah bit sweet feeling but a huge huge uh moment of celebration i think yeah absolutely and then in terms of so anybody that's watching here today and that are experiencing those types of issues maybe they're you know only starting right they're thinking i need to seek help what would you say what would you say that i am the best thought you know i'm alone nobody else has gone through this and i nearly have to hold this burden because there are no options what would you say to them yeah i would say you know across the board um does doesn't matter who you are whether you're a serious a serious serious investor in properties you've got properties everywhere here there and everywhere there are people that fall foul um to the cyprus um what i call scam and i could call it scam because i have literally been scammed um so hold your head up high there's there's light at the end of the tunnel it doesn't matter how much debt you are how many properties you've got if you want to get out of it um you know there is light at the end of the tunnel absolutely mike that is just you know i'm sure people watching here listening today are going to fail you know a way but assured and reassured thinking that i have just heard from somebody because it's very good that we say all this and you know we do say our industry experts and we know that we are but whenever you actually hear from a client's perspective of how it started versus how it actually ended and now you are you know free to move on with your life as you say you're not being pursued there's no aggressive emails no aggressive letters coming to your house and you just a lot of people say whenever they're experiencing these types of issues they can't sleep at night because they're nearly thinking what am i going to get in the post tomorrow so it just it gives us great pride and know that we take all of that away you know we take all that away and a person can move on with their life but i do hope that anybody watching here today has found this really really helpful i know it's great for me to hear from clients like yourself and how um eu property solutions does come along and change your life so mike i really really do want to thank you and for me and the whole team so thank you very very much for coming on here today on this webinar and sort of spreading spreading your story and letting us know how you get all with eu property solutions and look big smile on my face um yeah like like like i said um it's something that's not going to happen overnight um but trust me it's something that it's probably the best i just wish i just wish we looked at this option before all the other options that we tried before and we did everything as we said as i said you know we tried to balance the route we tried working as a working group trying to get through it you know all of us in the same situation and we tried dealing direct with the bank and the developers and we were just getting so so so much push back um it kind of and as you say um you know we know a lot of people that have really really um been stressed out and been made ill as a result of no fault of their home absolutely no absolutely i couldn't i couldn't agree more with what you just said but it's people like you you know that come on and share your story that we do that you know you are raising awareness of the issues you're bringing them to life and as you say you know you were scammed and it's just you know you were very proactive in your approach you knew that you had to do something about it and although a lot of people think you know yes you were wrong as you said you couldn't just sit back because it was going to get worse and worse and more worse so you know kudos to you as well for making that step because we always say picking up the phone and calling eu property solutions is one of the biggest steps that the people do take because it is such an you know this is a property that they bought you know a lot of people buy this and think this is going to be them for their retirement are you saying it was better sweet because you know you nearly fell in love with the property you thought this was going to be you for the rest of your life and once whenever you came back to the uk and it started to go wrong it does hurt it is an emotional aspect to it but mike honestly thank you so so much for coming on today and i really hope everybody found it helpful thank you pleasure okay that's the uh that's that testimony with the thank mike for that and we've supplied him a bottle of champagne there for his efforts and indeed we we keep in touch with the various clients we have achieved great deals so a couple of things here we're going to go into a little bit more technical and the gripes if you like quite rightly the graphs okay we're not we're not belittling it we're not we're not we don't judge anybody we don't judge people who paid far too much reports it took far too much date it was a day it was a date one mistake so we're looking at swiss franc mortgages which particularly stick in the craft of the people we had a case the other day where he had a yen mortgage we couldn't say a japanese currency but an english person buying in a foreign country in cyprus in another foreign country you couldn't make it up today's world 100 it wouldn't happen right so you at the time were undoubtedly missiled okay but quite rightly there are a lot of very angry people again in the book we refer to there's a small graph in there which shows the effect of the swiss franc mortgage rising and the property proper price come the other way and the big gap here that created negative equity and all the other issues it's a it's a hideous mix in terms of what's going on in cyprus so there are a lot of angry people they will miss go together by today's standards these products don't won't exist and there are quite a few these are in europe we've done a couple of cases of polar there's one in hungary which swiss rank mortgages and it was it was of the day we put it under that right and again these things aren't to labor on your pain it's pointing out where we are now okay within reason from our ankle we're not that clinical and i'm empathetic that we just go get over it move on but get on over and move on that's what we've got to do here we're going to achieve so undoubtedly okay and i say point that point make that point again in today's world missile okay you have a load of then we're finding quite a few class actions going on people are looking to take the banks on and yeah there may be merit in it but you did buy you did get the property something went wrong here and the banks but the banks are as equal to playing which gets enables eu to be in a position to argue like we do so if they want to try and come to england to get you right we we've done we've done this before the issue proceedings in nicosia to try and get a judgement passed uk we get in the way we get in the way of those things and class actions though i don't see the miriam i don't see the merit you go if you if you've got a strong legal case it's very good right but the massive thing this isn't technical at all right but it's what we find across europe particularly uh our main market if you like this thing johnny foreigner is not looked at in a great light in a foreign country because we need to be moaning you've come and used this and the judge just sat there it's going to be the most practical man or woman they've got to be you know they're going to be learning they've got to be fair and actual but johnny foreign it sticks i don't care what anybody says i can't get more technical than what i put there but it doesn't work if you trying to take if you're trying to punch their their bank on their nose why should you be where is your journey swiss franc foreign attack the problem and not talk to yourself forever you made one mistake making it always say that and we don't judge but if you don't do it the situation can only get worse thus spiral covert has brought its own effects in terms of the ability to travel and be to buy properties and people's um people's desires can massively change in terms of travel um it's a strange one and it's not like i say it's not going to get better that's why we implore you to take uh action no matter what you do just do something about it use us don't use us class actions litigation blah blah okay that's my my overall view on class actions and noise doesn't equal results shouting call doesn't get it doesn't it doesn't there's too many backdrops in many instances banks can't afford to lose okay and they would drag a case out forever in a day they would appear we see in spain all the time we do quite a bit of uh deposit recovery work there and banks basically you know the nicest way just trying to drag the thing after the end until either you lose enough energy run out of money or heaven forbid you pass because then situations a result it's very hard if class action's been undertaken to then return back to the fray and say okay can we sort this out because effectively i give the analogy it's a bit like punching somebody on the nose and then trying to shake the hand saying are good now can we can we do can we have a point isn't gonna happen but it doesn't matter it's a different approach altogether so if we're acting class action's been undertaken then we will be going back and saying right okay we are where we are you want to sort this out we can um we might decry the client slightly in a good way a bit of a rocket they had to hit term questions solicitors they tried to so you've got we didn't see any merit in it do you want to sort this out but if you threaten them if you've undertaken legals and everything else it's a tough one to come back from so be careful where you are there again johnny foreign courts i overlap with that in the last point but that's the situation as well that's the overall view here it's a well-tron path and the johnny foreign thing here it is where another another moaning action it's a well-trodden path still thinking but most likely it could win but it's it's proven that it's not lots of outstanding cases there and what are the results are you gonna get from it okay you know uh what what are you where are you trying to get to are you trying to recover your deposit you put down or you just want do you just want an equitable position you know um what is actually the class action what went on who are you suing okay because it should be everybody should be the valuer should be the solicitor should be the broker should be the bank it depends where you're going with the class of class actions and serious litigation is itself there's some detail and it's something we do all day and they every day not just in eu in terms of what we do there your your the people act for you should be asked these questions and they shouldn't you get answers but you won't and you can't as i say there you should know the chances of succeeding okay even if it's 50 50 trying to get a barrister and ultimately you need to speak to us who's going to be there stood up in court spouting and stuff right what are our chances is it 50 50 is it 70 30 is it 2080 you need to know the definitive cost to the end of any action including a coherent the banks will see this to the end they will see you to a hearing if they lose the hearing there will be an appeal if you lose the appeal there's most likely provision to appeal again they have to and the time scales are extraordinary in any legal system in the uk and here in northern ireland after covid everything is going to get dragged forever a day with respect to our separate friends and our spanish friends they weren't good before kobe so the time scales are merely indefinite so get that context when i'm not putting you off if you're involved in a litigation here and you're part of a class action cook maybe just ask those questions they won't answer them and they can't answer them so he said tricky one the three d's right a little bit dramatic leaving that as a as a number okay we know the heady mix of cypriot properties and we know what's going on okay and let's call it for what it is i don't care somebody wants to have a gun a couple of people do have a gun right these are my findings these are my opinions and i'm delivering them to you because this is what we're trying to do trying to give a little bit back there yes promote ourselves hopefully you get some idea of what we're doing and potentially the value can bring to a difficult case but it's my opinions okay now there's still a huge issue with the land registry in cyprus although they shouldn't be this because it is a complex lazy system it should have been resolved years ago because the imf when they gave money to cyprus to bail it out that was one of the main considerations been flatly ignored they're playing at it so deeds we know title issues absolutely about if you find a property that's got title deeds they're very rare hence t okay so indeed these okay developers okay they go hand in hand to deed situation and they can't lie straight in bed in cyprus they are dodgy they will do whatever they have to do uh and they are the hand is always out they're always taking we'll give you a couple of examples where there's still developer claims and costs etc that coupled with the dodgy banks okay back in the day there's this gives you a situation we've got deeds you've got the developers and you've got the dodgy banks okay for us to get the bank on side we as a you have to resolve all those issues okay and that can be done by bringing it all together just the simple fact of trying to get the deeds right you've got the local council you've got the developer you've got the bank you've got our client and you've got to bring the four together and all uh three parts apart from you will have their hand out the bank are looking for some of the developers of the council and that's a simple version of it so you've got the three days dodgy banks i'm not talking about the current current staff and things like that but we know what they're about so they didn't tie this up so it's left up a real nightmare um so unfortunately those three are inextricably inextricably linked which is what i was talking about there so we have to deal with more that's part of it and our legal team to get a case to bed get ourselves a situation we'll get the client the hell out of cyprus if they want to get rid of their property we can sort we have the stamina which i'm going to go on and on about none of these are easy we take on very difficult cases we take a very difficult case for instance where there's divorces unfortunately taking cases where there's a bit of death and it's none of those help but we see it right way through we you know it's just what we do um we refer to for instance this is why i've written this book not very good image but that's where we are and what we're talking about on page 23 is that heady mix here and um you know like we say when you see a property with uh deeds it's easy it's a rarity so it should be quite i'm just gonna do a little bit here the acquisition of title deed is simple and straightforward or usually it's it is a very complex process in cyprus state in the obvious but it's in there have a look at it because it brings everything together i picked up a particular point there on the piece but the book discusses all the points we're writing talking about here so there's the book going on again again there's an email for if you're in a hard copy floor if you're old school like me i can look at things during the week great but at the weekend it's going to be it's going to be the broad sheet paper so you can have it read um and you're very welcome to it there's no way it's uh it's fairly light not in the light-hearted world it's very light we've also got one belt which will put up the airport as well which is a little bit uh gallows humor but it's what we do we deal with debt we're dealing problems it's what we do day in day out for some reason we love it but that in turn makes us pretty good at it i'd say so okay going on to section three dealing with separate property and the problems and the mortgage nightmare etcetera etcetera right you have to attack the problem i don't care who and what you are if you're resigned to the fact if you will only talk about it do nothing if you'll only moan about it i'm rude there i'm not trying to be you're not going to resolve it you have to attack the problem inaction is not the answer back to loan sales back to um i'm going to mention this point here because of a man of a certain age as he saw stanley one of my colleagues there bit of gray hair philly thatch how demographic we're not here forever it's a bit of a bit of a you know we've never met right i'm already talk writing you off but i'm not but if we don't resolve things we're passing on to others so it's got to be sorted and it's not just the minecraft sorting foreign banks out from afar through the thermostat list say in england isn't easy isn't going to happen so it's very important we understand that in action is not the answer nobody's immortal okay so we have to solve the problem separate properties in estates if somebody passes away are similarly one of the worst things we've ever come across because it's again we've got our uh bank employees who really like monkeys they're more advanced they've got bold potatoes or chips fatigue we've got a legal system that's not fit for purpose with a land registry system that's not for purpose and it's just shocking so don't let it happen debt problems because we always say so if you're in negative extra you have a debt problem if you have a short for on you know the mortgage is bigger than the value you can sell it for if you can sell it um is creates that debt don't resolve debt problems never ever resolves us you will never get a letter say from alpha bank gain uh we've taken your mortgage back to the value i hope that's okay with you never going to happen in a decade of sundays so they do not result if you wanna if you wanna sort thing out you've gotta you've gotta attack it even if it's not us right always appoint a trusted third party now is vital okay it's no point in going to your high street solicitor who helped sort out the post to your house and helped with something else because they won't even know where cyprus is it's very very important that you get that third party advice and do do your checks 100 do your checks right any within any number of clients that go direct to certain direct display and unfortunately invariably goes wrong and again i would say that anyway we know that happens so we know our stuff it's it's a tightest niche we we believe in europe for instance they're about in the uk and ireland alone about three to four hundred thousand people stuck in this position and that's we appeal like this to to try and get the agent on b a getting sorted b getting this class and yes word again stamina is so important the frustration levels involved here uh and it's we're okay we have banker clients that we work through and eventually like sausage machine but we keep it driven we keep our legal teams driven they may be our legal team they still need their back side kicking and through if there's an issue that we need to have a one-to-one with the bank and literally and puncher will do that and you have to keep the drive just the firing an email out into the ether probably about as much users writing writing a letter and throwing it as a paper jet airplane no good so it's very very important you have that stamp set right the way through so this is a bit about us i'm not saying anything what i'm trying to do here more is giving you an element of trust and confidence to look at us that's all we're asking here so as a group we have over 350 clients at any one point there's a cliche which i've never used but it's definitely relevant here we're big enough but small enough to care every client is important to us every client is absolutely our sole job hopefully we don't get too many idiots but every client gets the same treatment and we will always fight as hard as we can but each and every client we would never want to get to the situation say we had a thousand clients we didn't know what's going on so we're on that thing we're on that edge where we're at a good point here we develop in ourselves in everything we do so we make sure we give the best service possible we have 25 staff now so and we're expanding because we're going to deal with the cove inside and that's to make sure we keep our service levels up we can get busier and busier and busier if we don't keep our service levels up then let's not point because we're only getting ourselves our clients into trouble then we're going to get ourselves into trouble we've offices in leeds we've got offices sorry in leeds and belfast and with an outpost and say in spain we've served specific legal teams in spain and cyprus uh in bulgaria and we use them to sound off and usually they're the guys to help us sign up the deal again to make sure it's absolutely watertight any number of clients come to and say right i spoke to the mac manager in 2012 and he said it was fine to give me the keys okay cool the paperwork is where oh no it's just a conversation right and that's not belittling the client they genuinely thought this battle is resolved they may have an email that says it but it's not a proper sign of legal document in the language of the country and under the jurisdiction that caught and signed off by that court because what we do everything we do is on the back of a legal agreement so that we've got those couple of options that's our other brand if you want to look at that that's what we do that's what we have typically uh businesses and people that have debts uh bigger and as you can imagine a little bit busy as unfortunately kovac takes its effect on the economy here over the years we've developed these strong legal teams okay now i've used the phrase they kissed the frogs right we've kissed all the frogs they're not frenchmen we've kissed all the frogs we've had the bad teeth we've seen clients bad things we found our legal teams and we train our legal teams to work in our way with our standards and if you like with the uk and irish approach okay uh one of the first words i said to our spanish solicitors we don't do manana okay without with our cypriot things we're battle hardened they're battle hard we've got barrister they're directly with now and they're brooks and we have to have these sort of people because um they're very important we make reference to them in the book in the forward there we thank two initials ah and gk there are two main go-to guys across europe so we've done that hard work for you okay and you may say well that's okay i could pick up uh i could google uh help me with my debt in spain help me with my d problems in cyprus go do you know them no so important that you do nothing trust we know you've been robbed okay and what is very important is that you pick the right fight um i use we use the phrase in the book again don quixote so he was the guy that fought the wrong windmill he's off his head obviously but we know you've been wronged we're trying to bring this issue to you so you can resolve it we want to show you we're just clients and we've got to turn money from you yeah we're not that soft but we know you've been wrong but it's how we move on and then attack it very often people are going oh i don't know than that i haven't paid it for 10 years but i don't own that interest when you do get over it doesn't matter stick it on the bill because we're not paying the full bill anyway okay and uh and then all i've calculated i've issued proceedings against them fine but it won't resolve the situation so it's very important again back to that third-party insight it's almost too emotional too raw with people and that's why we do as well as we do we come to the church i've got a big case this afternoon in england and the client's fighting the wrong fight we've just got to concentrate on where the fight is how we're going to achieve the result and get out of where we are that's that's how it works with us and importantly on the trust side we offer genuine testers telephone testimonials which is very important for us because it's that trust thing it sounds too good um uh you know people i can do it and they just just if you need testimonials the clients are there it's not mrs a of the street anytime that's like crap we're telling you what people generally think some of them quite emotional and you're welcome there's a couple of things on youtube that you've got to go and see them uh you're welcome to them right but it's again it's about the trust okay is that there is an associated cost so which we're going to show in a couple of examples here but it gets you to a place where you need to need to take decisions and we deal all over we even did a the seven up there for a guy who decided he was a worldwide developer and he had a property in new zealand done it in hungary which is a bit of fun we do in bulgaria which is much fun we deal in greece mainland anywhere and everything we were mentioning books so we've got that inherent expertise not wherever it is we understand the local markets when they they're worth a lot cyprus is worth a while so quite busy there as indeed are we in spain as i said so within reason anywhere and everywhere so our approach we sensibly and aggressively attack the banks okay by that i mean that should be where we are we can do this the nice way or we do it the hard way either way we and our legal teams are going to win here but it has to be done in a sensible way no no no falling out and name calling group one tell them how it is and in legal financial technical and commercial terms jurisdiction we're very strong jurisdiction okay we're here you're in cyprus if you want the puncture we're ready to do that we then take them to the direction where balance company is where our inherent skills come from which says we defend people that are being attacked so we bring those skills to the full if need be if need be we really get jurisdictional prompts because we cut them off the past with that sensible aggressive approach when i say aggressive it's not shouting it's not threatening or anything like that but it's tell them in words one syllable where we all stand we refer to our intellectual property every case but every case is different but we are able to call upon our experiences our our perceptions our teams that we can go to and we go sometimes outside that team so we've got a barrister at the minute in nicosia looking at something for us he's a separate appointment to open up our legal team but it's something we want to keep ourselves actually and make sure we give the best service for our clients presentation is all the banks we need to nearly speak bank lingo giving them making it easy for them in the nicest way for them to be able to then go up take it to their credit committee and sell it to them and presentation is all so we are a little bit of pain in the back side when it comes to detail but we need you to perform in terms of whenever we ask leave the rest of us we know what they're looking for we have our legal team we have our approach and all our intellectual property we're taking up the line in a certain way that needs to be presented a great ad is that i often use we are we would need to be in a position where we answer all the questions before the credits at the bank of this instant ask i won't bore you that one but it's a long haul so you need plenty of that and we definitely work under this mattress no matter what matters at the end i say it's corny but it's true right we achieve the best clients for our first then we're rewarded always do most of our fees around on a success basis and it's worked for us i've done undertaking this work in this uh environment if you like for about 12 years so there's about 350 clients at any one point that we have now we get it right for you we all treat one another civilly enough we know what we're trying to do commercially we get on it going on a couple of examples here so this one here showed a property that was purchased in paphos essentially we converted it to sterling this one had the swiss francs euros and everything else you can so we put it all in so it gives it gives an example where we are so we purchased this we had 254 000 outstanding no date on the property and outstanding developer costs outstanding developer costs really really really cheese people off because they you very often and quite rightly people take the view they put me in this situation how did this happen okay but there are developer costs okay so it's gonna be a result it's all part of the we bring it all together and we're saying right well there's a certain pot here we could give you a bit there let the other parties nearly argue about it but we bring them all together so we're about 100 grand down and i think our developer costs were about 20 odd grand in this instance so it's serious enough the one that really ticks this kicked this one across and got the client to do something the mortgage payments went up and uh another 600 pounds and suddenly uh little lady was of a certain age she didn't want any more of this carrier she was asset rich in the uk you know the normal thing worked very hard paying for more weeks living retention doing okay a couple of investments but she did not know when to where to go this was talking about she said she made one mistake okay but this extra 600 pounds for no benefit whatsoever at her stage in life triggered the whole thing she contacted us she took a couple of testimonials and then she looked pointless when she appointed us the phrase was it took a weight off her mind we were dealing with it it was all in one place and after 15 months because that's how we can do these things a lot quicker if the banks could engage but uh they're sort of anyway this low after 15 months we resolved the case and settled in in its entirety with costs at 37 000 and what was going to be a 180 000 pound debt here that would have triggered if she sold it and selling property is almost the problem this resolved the whole thing we've done it across we sorted out something with the bank and we resolved and got rid of the property and we ended up 37 000 covered 180 000 pounds of debt and all the uk assets were safe we took those way straight away that's what we do and sometimes people don't do anything because of their fear of what could happen to their uk assets others go they can't contact me i'm here there there they will do loan sales they will come for you so that was that was a great one and this is one we've just recently said where a semi-retired couple now had purchased some of that property near lima salt interest only swiss franc sorry too many acronyms there uh and then that they had about 216 000.

The value of the property was 80 000 their fear quite rightly so is they they paid off their mortgage on the uk property and that was their principal asset there's again there was the obligatory developer his hand out wanting money and there were no dates so we had to bring that heady storm we'll bring all the parties together along we get so before the clients working out how could they get together is totally indebted before costs of 144 000 uh and they generally kept looking at all the options on it they were looking at extra release on their property they're looking at cash and investment doing this doing that looking to add up and get 144 000 so you could get rid of this thing fortunately they stumbled across our website and we were able to help them and settled it for 38 000 saving their saving them 106 000 pounds so it's sometimes the fear could create the inaction which is what happened here in both instances so much triggered both things uh they were fairly fortunate they stand across our website uh the other lady uh just she was gonna be banned 1700 end of so i won't bore you anymore we're all in it gonna be in it to win it so there's the draw uh molly emotionally uh pop everyone an email here um i think we i don't know the numbers are listening today but that'll come across hopefully something's gonna use that hopefully because today's world etc getting somewhere where you can go to and there's our details uh so if you want to contact us any which way if you've got a specific inquiry he wants to look at from this specifically from this webinar we'll entertain that for free if you want us to act well quote accordingly and tell you what you've got to do and how you can do it but we're here ready to help anybody any foreign property there this has been about cyprus as we say there thank you for watching and have a good day goodbye

As found on YouTube

Looking to see what kind of mortgage you can get? Click here to see

Leave a reply

Your email address will not be published. Required fields are marked *