Hold or fold apartment in Esentepe

Johnny99


Joined: 04/05/2009
Posts: 6

Message Posted:
05/05/2009 00:15

I am in the process of purchasing an apartment in esentepe and have so far paid over half of the purchase price.The complex is due for completion in the next few weeks and with that the remaining half of the money.The apartments are on so called" exchange land".In the light of last weeks judgement in the Orams case my dilemma is,should I cut my losses now or proceed with the risk of potentially losing it all?

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
05/05/2009 00:39

No risk, on inspection of your completed flat to satisfaction as agreed take keys and documents paying in full and wait for World War 3 to hit before any regrets!



Richard

Blackpoolfan


Joined: 03/12/2008
Posts: 1568

Message Posted:
05/05/2009 00:42

What a question and what a dilema!! the answer lies with you are your gut feeling. My opinion would be fortune favours the brave live for today and run with it. A lot has been said about the orams case and yes it is a worry but it could also drag on for a while yet. Look past all the crap and scaremongering and propoganda that is sometimes posted and ask yourself will we all lose our property? is some title safer than others? does anybody know what will happen the logical answer is no. Oscar Wilde once said , "The only thing you can be sure of is we will all die in the end." Enjoy it while it lasts, who knows may end up being a storm in a tea cup Good Luck.........

Krawpy


Joined: 28/04/2009
Posts: 29

Message Posted:
05/05/2009 01:39

Simple

Just work out how much you want to lose i.e. half the price or all of the price. If you choose to lose all, then the recent Orams judgement means you will probably lose considerably more than the "all" amount depending upon your UK assets. Shit has happened.

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
05/05/2009 01:46

I don't think it is anything to do with gut feelings. Its about researching the problem and weighing up what the future might hold.

Its very easy to shrug and put everything down to propaganda and scaremongering, but if you take that route you tend to just sit back and bury your head in the sand.

Nobody can tell you what decision to make but do some research, ask questions and come to your own informed decision.

Lemtich



Joined: 15/02/2007
Posts: 1487

Message Posted:
05/05/2009 01:53

Stay with it. Multiple apartment sites will be subject to compensation than restitution.



Supposing you were Stavros the the farmer, he was driven out by the Turkish intervention of 1974, cruelly and unjustifiably, forced to live in a south Cypus refugeee camp with his family.



Roll forward to 2010, you are Stavros's son, determined to have justice for what your father lost.



Have you got the funds to sue a 100 plus respondents through the ROC courts and then to the UK courts having paid £1000's in search fees to identify those respondents, only to find they are other EU Nationals who don't have any UK assets anyway and their UK property has been signed over to some one else in the meantime.



Ask yourself, would I go down that path or would I accept compensation that is offered through a EU recognised compenstion body in the TRNC that precludes a British court getting involved? Lets face it, no one is going to knock down developments to restore grazing ground.



Lem

tonyhickey



Joined: 13/06/2007
Posts: 413

Message Posted:
05/05/2009 03:08

hI johnny 99 Yes go ahead with it life is a gamble but were else will you get an East med apartment at a price we are paying. Tony.

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
05/05/2009 08:30

Johnny go ahead...nothing will happen here, do you honestly think this is the end for all the brits living here...TRNC will probably be annexed by Turkey soon anyway...the gc's are propogandering all over the place scaring ppl..

arrry



Joined: 19/08/2008
Posts: 1235

Message Posted:
05/05/2009 09:20

Message 6

Lem i thought you put rather well old chap . Funnily enough we do get invaded by cattle every day because it used to be their grazing ground ! Can't blame them can you? They were here first ! Luckily we now have gates fitted .I can sleep better at night now thanks Lem.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
05/05/2009 09:27

I agree with Lem - message 6. You should hold no fears about losing your apartment. Multiple apartment blocks will be subject to compensation rather than restitution - there would be no other way to settle it apart from all the apartment owners walking away and handing all the keys over, which isn't going to happen.



If it were a single property on a single plot of land, then I would still go with the deal. It'll be years before any settlements are made and you still may only have to pay compensation.



Enjoy your new home.

wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
05/05/2009 12:01

Stick with it .

immediate costs

What's the cost of you breaching your contract the developer suing for the remainder of the contrat lost interest on his borrowings(20%pa on TRNC rates ) plus court costs .

As with the other posts on a multiple site there will be settlement rather than you being pursued.

Also it will will be ages before your name is on the PTP for the deeds it will be the builder still owning the site

Enjoy the sun enjoy the life

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
05/05/2009 13:02

Hi Johnny99

Worst case scenario: The Orams as I understood only recently, could originally have walked away with £13000 paid in compensation for a large house on a siingle plot with single Kocan dating back to whenever.



So how much compensation for an apartment on a complex. Unless you too have a benefactor willing to stake (up to date) £740000 for legal fees.



Simple scenario. One partner owns property in Cyprus and none in EEC, the other only owns property in EEC.



Then we have the legal profession who are going to make sure that this just runs and runs. Appeal Court, House of Lords and trump card European court of human rights for the way the Orams were treated by ROC court in the first place. We will all have shuffled off by the time they have finished picking the bones of this one.

rtddci


Joined: 29/12/2007
Posts: 842

Message Posted:
05/05/2009 22:39

"Worst case scenario: The Orams as I understood only recently, could originally have walked away with £13000 paid in compensation for a large house on a siingle plot with single Kocan dating back to whenever."



First I've heard of that scenario. I don't think the Orams were given that choice.

The-Wicks


Joined: 27/05/2007
Posts: 2279

Message Posted:
05/05/2009 22:47

rtddci - I was under the impression that the Orams (or rather, their advocate) 'missed' the deadline date in responding to the writ that was served on them - could this have been the reason??



No doubt someone, with a much wider understanding than I, will put me right on this one.



J

TheSaints



Joined: 28/01/2009
Posts: 1369

Message Posted:
05/05/2009 22:50

msg 13



I remember hearing that somewhere too and they refused to pay it..........

Don't know if is fact or not.

Johnny99


Joined: 04/05/2009
Posts: 6

Message Posted:
06/05/2009 00:27

Thanks for all the advice guys,you have given me real food for thought.Some big decisions to be made in the next few weeks.The fact that we have bought on an apartment complex may swing my decision in a certain direction.

tonyhickey



Joined: 13/06/2007
Posts: 413

Message Posted:
06/05/2009 00:31

Were have you bought your apartment, I am sure all will work out well if you decide to go ahead. Tony.

newlad



Joined: 02/03/2008
Posts: 7819

Message Posted:
06/05/2009 00:37

Johnny,

Who have you bought with as i am in a similar situation and have also bought in Esentepe on an apartment complex.Mail me off board if you like.

mmmmmm



Joined: 19/12/2008
Posts: 8398

Message Posted:
06/05/2009 00:53

Dear Johnny99



I'm interested to know - what were you advised about the "safety" of buying on "exchange"(sic) title -deeded land ?



There is little doubt in my mind that compo will ultimately be due - for loss of use - at least - and that title will become leasehold - not freehold in any settlement.



Be under no illusion - as far as the world outside TR is concerned - "exchange"(sic) title is STILL legally owned by the GC who ran away from the TR army back in July 74.



For me there is a moral, as well as monetary decision.. but you have already sunk 50% - so I'd go for it - and hope I'm wrong ;)

Johnny99


Joined: 04/05/2009
Posts: 6

Message Posted:
07/05/2009 00:57

Newlad,cant get your e-mail address but would like to talk as we're in the same position.Can you e-mail me?

CyprusChill


Joined: 08/05/2009
Posts: 666

Message Posted:
08/05/2009 23:33

Don't look back in anger or forward in fear but about you in awareness. It is very difficult to change the past and time more often than not helps to heal. I so much enjoy watching the sun rise and fall whilst meandering away the time in between, perhaps i may indulge in another one should it rise and fall again.

Sandcastle


Joined: 16/03/2009
Posts: 215

Message Posted:
09/05/2009 00:29

Was there a house on there before or was it farmland or scrub land?



If farm or scrub land then def go for it. Even if you have to pay compensation later it will be small and then split between the apartments.



If however there was a house then the compensation will be larger, although again split between the apartments.



As said before, do your recearch, then go with what you feel happiest with. I have an apartment on exchange land which was scrub land, and so does my advocate. If its good enough for him .....................

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
09/05/2009 00:42

johnny99, go for it /////////

cornish



Joined: 30/12/2008
Posts: 186

Message Posted:
13/05/2009 00:53

Go for it. Ask yourself this question - 'There are 200,000 TC's living on/in exchange property. Do I think they will all be losing their homes' ? I think not.



Will the GC's be asked to demolish Larnaca airport and other constructions built on Turkish land in the south? I think not.



It is a well known fact that Turkey has always said that it would pay all future compensation claims; should there be a settlement. Don't be frightened by GC propaganda or ill informed remarks.



The Orams case has a long long way to run.