Help: Cyrpus Mortage and Escrow Account

Discussion in 'Cyprus Property' started by mikechrisnev, Feb 9, 2009.

  1. mikechrisnev

    mikechrisnev New Member

    Hello,

    anyone who can help me out with this? I have a property in Peyia due to complete in august this year. I paid 15% deposit on the property at time of purchase mortgaged 80% and owe 5% on completion.

    My mortgage is with alpha bank in swiss francs and I have an escrow account with them also which was converted to euros to protect agianst currency loss. My swiss francs mortgage when converted back to euros and GBP is now more than i originally paid in total. What about the escrow account does that stay locked at value have i lost money here or will i find that there is some money left over due to the currecny chage in one of these accounts?

    Not sure how clear that is but if anyone can shed any light on it i would be grateful.
     
  2. grumpy001

    grumpy001 New Member

    Hello mikechrisnev

    With so many different purchase options available, the best people to check any item of your mortgage are:
    The bank
    Your solicitor

    Hopefully the solicitor is independant and will give you full information.
     
  3. mikechrisnev

    mikechrisnev New Member

    Thanks grumpy001, although I was introduced to my solicitor by the agent - *** so i doubt they are independant also my hope is that i can have some idea of what i'm talking about when i talk to the bank. Seriously i'm totally confused with this situation and expect that i have lost big time on this.
     
  4. Veronica

    Veronica Administrator

    Mike if the agent is independant, provided that the solicitor is not also the solicitor for the developer they shoudl be working in your best interests.
    Many agents will recommend solicitors that they know are reliable and will look after the interests of the ir clients. It is only if the solicitor is recommended by the developer and also works for the dveloper that most problems start.

    Regards Veronica
     
  5. grumpy001

    grumpy001 New Member

    Nonethe less its best a solicitor from the High commission panel is used if possible who is declaring no interest in any third party.

    Ask the questions and of not happy, pm us.
     
  6. mikechrisnev

    mikechrisnev New Member

    Thanks for your help i've emailed my solicitor in the week, hopefully it'll be good news.
     
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