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Paying for Property

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Paying for Property

Postby tbirchall » Sun Oct 10, 2004 5:51 pm

Our investigations into retiring to Cyprus are well under way but one basic fact seems to be a complete stumbling block. All developers web sites seem to be saying that on a new property you pay a deposit then the remainder in 30 days On a property off plan payments are in stages. Now I can understand this if you want a relatively cheap holiday home but as retirees we want to sell our house to pay for the new one pretty obvious really. I know chains can be a pain but......

Help please!!
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Postby Aris » Mon Oct 11, 2004 7:46 pm

Do you base all your reasearch on what is written online?
Maybe you should try to contact some of the developers directly by email or phone, or even better come here for 1-2 week vacation to talk to them face to face.
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Postby tommo » Tue Oct 12, 2004 3:30 pm

We are in the process of buying a property from plan. We are having to pay in stages as certain parts of the build are complete. I think there are about 6 payments in total with the final one due one year after completion. This site is helpful.
http://www.buysellcyprus.com/nqcontent.cfm
Good luck!
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Paying for Property

Postby tbirchall » Wed Oct 13, 2004 2:20 pm

Hi Aris

We have been to CY a few times and have pretty well settled on an area and have contacted a couple of developers by phone and email and that seems to be the situation. I bought a small holiday home in the '70s but those days it cost about a years salary!! So paying stages was like putting money in the bank every 3 months but this is different! No way could I afford to pay 3 stages or within 30 days on say a £130k house without selling my own and yet feel there must be people out there who were in my position or are they all very rich :-)

Thanks
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paying for Property

Postby tbirchall » Wed Oct 13, 2004 8:26 pm

Thanks Tommo
They seem to have some good properties I presume you are buying off them?
Still leaves me in this bind tho' our income is good. We would have no problems when we get there but my capital is tied up in the investments that give me our income and our house so how does one bridge the gap.
We are a bit long in the tooth to sleep in a tent and selling in the uk and renting seems such a waste of money
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Postby Judge Mental » Wed Oct 27, 2004 11:24 am

We are in the same boat - need to sell our house to fund our home in Cyprus....but the property market here in the UK has almost died....so stuck in limbo at the moment :(
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Postby brother » Wed Oct 27, 2004 6:47 pm

where in the u.k are you trying to sell as most people are not having that problem.
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Postby Judge Mental » Wed Oct 27, 2004 6:55 pm

South Coast - Bognor Regis.

....and I am surprised by what you said....the housing market in the UK is suffering a big slowdown due to the recent interest rate rises - mortgage lending is down big time, and buyers are sitting back waiting to see what will happen with interest rates; plus xmas is looming and people don't want to move at this time, so houses are just not selling at the moment.
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Postby brother » Thu Oct 28, 2004 5:20 pm

yes you are right and today i read in the paper that house prices FELL by 0.4% and the trend is set to continue, also this month there has been 8000 repossesions , so it is starting to look bleak.
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Postby Svetlana » Sat Nov 06, 2004 9:35 pm

One solution is to remortgage your UK property to fund stage payments.

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