Here comes the deadline for all the owners of the distressed real estate in Cyprus, acquired over the last 10 years. These are about 30,000 people, 10,000 of whom are British citizens. All of these people had problems whith buying property in Cyprus. The deadline will come December 31, 2013, so it's time for difficult decisions .
A lot of people have been victims of fraud when buying a property in Cyprus. Some never took possession of housing that has already paid the money for, others soon after buying found out that the seller failed to mention the certain shortcomings of the object. Someone took a mortgage in euros and now can not maintain the debt because of higher interest rates. Those who can pay the loan, suffering from falling home prices and a small income from the lease.
It does not matter what the problem is, the owners of property in Cyprus are obliged to report them immediately or after December 31, 2013 they will lose the right to have an assistance in the problem.
At the moment, the Cypriot "Alpha Bank" offers a 20% debt write-offs for those clients who refuse to declare the problems with the purchased housing. However, a group of law firms in the UK have already filed in the High Court in London on the bank and another 24 developers. George Kounis, a leading consultant in the Maxwell Alves Solicitors, said that the problem must unite the property owners and make them speak with one voice. This will help them to better protect their rights.