LIKE many other Britons looking for a holiday home in the sun, W & E attended an exhibition in 2007 hosted by a well-known overseas property marketing company. Subsequently, they visited Cyprus on an inspection trip and bought an off-plan 2-bed apartment near Paphos.
The marketing company introduced them to a so-called ‘independent’ lawyer to handle the legal side of their purchase.
Both the property marketing company and the developer assured them that the apartment would have a covered area of 79 sq m and a balcony of 33 sq m; the developer’s current price-list for this development continues to reflect these sizes..
The ‘independent’ lawyer also arranged their mortgage and the loan amount was based on the bank’s valuation which was in turn based on the advertised size of the apartment.
The apartment, and the rest of the development, is approaching completion. But an inspection by a professional, independent surveyor has confirmed that its covered area is more than 15% smaller than its advertised size – this means it has been oversold and overvalued in excess of €30,000.
This lawyer actually drew up a contract omitting the size of the apartment and also ensured that no dimensions were shown on the apartment plan attached to the contract as a formal annex – contravening the lawyer’s own statements, given in a booklet given out to property purchasers, about what is essential in a contract!
From the various website forums about developments in Cyprus it appears that this developer has carried out this scam on a number of other developments, aided and abetted by this so-called ‘independent’ lawyer who is allegedly this developer’s own ‘pet’ lawyer and the partner of one of the developer’s family.
This first lawyer has now been discharged by W & E and they have appointed a truly independent lawyer (who is on the list provided by the British High Commission in Nicosia) to genuinely look after their interests and to pursue this matter, through the courts if necessary.
W & E are contacting their local MP, the BBC, British newspapers, and even a journalist friend in Cyprus, to raise awareness of this scam. They feel strongly that purchasers should not let developers get away with these scams – but nothing will change unless those scammed make others aware – even when they feel so foolish for having allowed it to happen in the first place!
Further developments to follow.
Editor’s comment
To avoid being scammed when buying property in Cyprus, it is absolutely essential that you take independent legal advice before handing over money or signing any contract documents.
The British High Commission in Nicosia maintains a list of English-speaking lawyers and a recently updated warning on the British Foreign Office Website gives prospective property buyers blunt advice.
Invariably, contracts prepared by a developer’s ‘pet’ lawyer are written to favour the interests of the developer!!
