Am looking to retire to N. Cyprus - potentially a property in Bogaz

Aeyeofspirit



Joined: 01/05/2008
Posts: 34

Message Posted:
02/05/2008 10:34

My husband & I are going to visit a construction in Bogaz (Sea View) on 16th May & returning 19th - the agents are AngloCyprus Homes - like so many they have said they will introduce us to a lawyer (although as yet we don't know who). Having read some of the messages (and replies) by others it seems that the lawyer may or may not be good BUT even if good the builder may not be. Have got the impression that they are building 'to order' i.e. if we make a reservation for a property not yet started they will then begin building. There are 14 villas on the site & 7 are sold. My questions are: does any one know of the site - or even bought there - is it as nice as it looks? Is the company good/recomendable? The agent of course sounds really nice - but thats his job

brian24001


Joined: 23/03/2008
Posts: 606

Message Posted:
02/05/2008 11:58

Sounds to me as though you need to do an awful lot more research.

From what I have read of your post, you would be unwise to buy based on a 3 day inspection trip.

Sorry to sound negative but wouldn't want to see anyone walk blindly into yet another 'tale of woe'

Take a look for 3 days, walk away and come back for longer.

Want to do this properly, and have the odds stacked on your side?

Then rent for 6-12 months or so while you investigate where/who etc from here.

Want some real advise? buy ready built, resale, water/electric meters fitted in an area already established/built in so there are no surprises in the future.

good luck

b

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
02/05/2008 12:45

Hi Aeyeofspirit,



Very good advise from brian24001. Also speak to Marion Stokes at HPBG



You could try "Watty" on this board. He is on a small development at Bogaz. Sounds as if it



may be the one that you are considering.



Good Luck........but.......Caveat Emptor.



wynyardman

orangekazzie



Joined: 31/07/2007
Posts: 1091

Message Posted:
02/05/2008 12:49

Hi Aeyeofspirit and Welcome

I tend to agree with Brian regarding buying either a completed or re-sale. This way you know exactly what you are getting especially with the problems at the moment with regard to electricity meters and water connections.

Karen

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
03/05/2008 00:28

Hi Aeyeofspirit,



I think Seaview Resort at Bogaz is a Medview Homes development, the quality of build is usually good. My advice is never use the lawyer they advise but find your own and with Medview make certain you ask what the yearly service charge is going to be after the 1st year. There are plenty of resale properties for sale at Hilltop which is next door to Seaview and they would be a better option in my opinion. If you still decide on the offplan option, Medview sites are usually finished with water and electrcity meters already installed at hand over of keys.



AA

ADRIAN


Joined: 01/05/2008
Posts: 11

Message Posted:
11/05/2008 02:09

Hi A Eve of Spirit,



Please let me know how your 3 day trip goes. A friend of mine has bought a 2 bed apartment at the SEA VIEW RESORT, the ones that are facing towards the sea. He paid around £55,000, on the 1st floor. Its around 84m2 with 20 m2 terrace. I.m not sure if that is good value for money. He also bought an HOTEL ROOM at the SKYLINE REISDENCE next door to the Seaview Resort. He paid £30,000 for this a few years ago but there have been major delays there. He is even of thinking of splitting his investment with another buyer as he needs some cash flow back for other projects.



Any way, please let me know how u get on. u can call me on 0034 693 230 904 as I have retired to SPAIN now.



Thanks.



Adrian

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
11/05/2008 07:08

Eyeofspirit,

My advice to you is this:

1. Never ever use the lawyer recommended to you by the agent/developer because of conflict of interest. He/she will be more interested in getting the legal fees against the standard document used by the developer.



2. Do your sums properly. All developers advertise for a low price but when you add up the figures, it may double!!! Watch out for extras like water, electricity, gas, VAT, stamp duty, key hand over, maintenance and finance fees.



3. The initial annual maintenance fee may be low but make sure this maintenance fee will not rise over and above the inflation rate. Do not take anybody's word for it, have it written in the contract.



4. Some companies provide their own water and you have no other choice. The water rate they charge may be reasonable at the moment but what will happen in the future? Have all these possibilities in mind and make your agreement "water tight" so to speak.



5. Watch out for traps in so called mortgage finance schemes. They are not mortgages in the ral sense. In England you get the title deeds staright away in your name and then you "mortgage" it in favour of the finance company. Here in Cyprus your title deeds are years away. So it is not a mortgage in the strict sense, is is a loan arrangement. Probably you will be quoted a lowish interest rate and they are all misleading. All developers and even banks are guilty of this. Normally they work ot the interest as if you are going to pay them back after ten years or so in one lump sum and they do not take into account the reduced principal as you pay your installments. So if they quote you a yearly interest rate of sy 6%, in reality it is likely to be about 12%. You cannot go to a bank and get a loan based on this property because you have no title deeds to "mortgage". You may be able to get a better loan from your home country by mortgaging one your properties there.



6. According to a new law, the developer/agent are supposed to show you a "Search" from the District Land Office to show that the property as a whole is not mortgaged. We make laws here just for the show of it, nobody is observing this rule but your "independent" lawyer can make this search for you. Furthermore, make sure that you register your contract withg the DLO as provided in this new law. It has to be done within 21 days or never. Put it in your contract that if at registration it is discovered that there is a mortgage on the land, you will be entitled to terminate the agreement and a right to get all your money back with interest and compensation.

Good lduck.

ismet

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
11/05/2008 19:34

Aeyeofspirit,

Sorry, missplelled your name.

ismet

daily


Joined: 01/01/2008
Posts: 84

Message Posted:
11/05/2008 20:56

Anglo-Cyrpus homes built a development at Sadrazamkoy? - help elko - is that the correct spelling - in 2004/05 - from what I can recall. It was not without its problems but I cannot remember exactly what. I would go out to this site, independently, and talk to some of the owners before purchasing. It is off the beaten track but I am sure it was one of the first complexes built by this developer.



Anglo-Cyprus Homes also have very close links with Medview - pushing their Bogaz properties for years. Medview are a reputable developer but have also had their issues with clients, particularly over maintenance charges at their Sunrise Beach Club site. Check out the Medview MSN site run by the owners

to be fully informed.



As already said above - good advice is to take your time - lots of it.

Good luck

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
11/05/2008 22:58

Daily,

"Sadrazamkoy" is correct or with the Turkish Characters it should be Sadrazamköy".

ismet

daily


Joined: 01/01/2008
Posts: 84

Message Posted:
12/05/2008

thanks ismet - i hope you are well!