Cyprus property mis-selling disputes
Many British people have alleged that they were mis-sold property in Cyprus, and as a result cannot afford their mortgage payments, or are seeing their properties sold to pay off their developers' debts.
Many British people have been contacting their MPs about property mis-selling disputes in Cyprus. Buyers have for instance found themselves unable to meet drastically increased mortgage payments, and/or have discovered that their homes were to be sold in order to pay off their developer’s debts. One particular issue is the Alpha Bank/Alpha Panareti dispute, which concerns British people who bought property in Cyprus using Swiss Franc mortgages and allege that they were not properly advised by the bank or by lawyers.
The British Government does in some circumstances raise property issues with the Cypriot government, and provides information and advice on its High Commission website, but it cannot give individuals legal advice.
Bill Cash MP is co-ordinating a new All-Party Parliamentary Group on British Property Owners in Cyprus, set up after a meeting between MPs and people facing legal action by banks in Cyprus. The European Parliament has also taken an interest in this issue.
Some people are pursuing cases against Cypriot developers and banks in UK and Cypriot courts.