Cyprus Mail
Property

Property questions

Why do Town Planning take so long to answer question?

We have an enquiry on a development and we asked the Town Planning Office for an appointment for clarifications and guidance. Much to our surprise they told us to come after 18 days!! In the meantime the project is on hold until we have this appointment. Shocking?

Zenon Psaras

 

Not shocking at all. This is a norm be it most objectionable, but this is the standard of our civil service.

Regards,

AP Loizou

 

We had a property taken over by a financier under a debt for asset agreement. Our property was taken in for €220,000 and after this the financier sold it for €300,000 within three months. Do you think that we have a claim for the deal?

(name withheld) 

 

I do not think. The financers take in the property on a forced sale value i.e. the market value less around 30 per cent.

I must say that the 30 per cent discount is reasonable bearing in mind the loss of interest during the sales period, the administrative costs by the financer and the sales cost e.g. commission etc involved. My opinion is that on many occasions the financiers stand to lose, but, yes, there are some deals where they make a profit.

Regards,

AP Loizou


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