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Ex-pat wins case against builder and then takes bank to court

bankWhilst registering my Contract of Sale in February 2008, I, like so many others,  discovered that the builder and landowner of my development had taken out mortgages on the site.  One in  the sum of £1600.00 sterling and one in the sum of 100,000TL.

On investigation I found that the larger mortgage had been taken out after I had signed and paid Stamp Duty on the Contract of Sale, about a month after.   Discussion with my Advocate led me to commence a Breach of Contract action against the Builder as an individual, his Company and the Landowner (as appearing in the Contract of Sale).  The mortgage being just one of seven breaches but by far the most important breach.

I started proceedings in September of 2008 and after securing Injunctions on sufficient  property and land to cover my claim the actual hearing started in April 2009.  During this time with both the Injunction hearings and Breach of Contract hearings I attended Court 28 times and had three different Judges.

During the time the above hearings were going on I also started an Appeal against an Order obtained by the  Bank in November 2008 when they won the right to repossess our homes.  My main concern being that they might obtain an Enforcement Order before I had had a chance to complete my Breach of Contract Hearing.

The High Court gave me leave to Appeal  but then the Builder and Landowner who were involved in the original case brought by the Bank for non payment of the mortgage had to be served with the papers involved in my Appeal.  By this time the landowner had high tailed back to Turkey but with a  little detective work and a lot of help we found him at his place of work and the High Court served him papers there  (Hatay Airport in Turkey)  Now we have all the ducks in a row and are waiting for the Registrar to issue the date for the full trial at the High Court.

Meanwhile back at Girne District Court on Friday 6th November 2009 the judge ruled in my favour and  I was awarded £120,000 (£23,800 more than I had paid)  an amount that just about covers all I have spent  on home improvement, fees etc.  Nothing can repay  me for  the stress and worry.   The Builder has six months to pay and if at the end of this time he has not, the property and land will be sold to pay the award.  Interestingly, the Judge also awarded my Advocate some costs.

Why then should I pursue the Appeal against the Bank to stop them repossessing my home?

  1. Until I have the award in my Bank, I am still vulnerable.
  2. Winning could set the Legal Precedent.
  3. Losing would show us all where we stand.
  4. Why the hell should they get away with this.

Too many Banks and Lending  Institutions here have acted cavalierly towards the ex patriot community, and I am led to believe towards some Turkish Cypriots, by allowing as security for a loan the use of land/property they  know to have been paid for by, and Contracted to, someone other than the Builder.   I cannot imagine a Financial Regulatory Body anywhere in the world allowing this.  It appears to be blatant fraud.

In  November 2008 the original debt of £1,600 and 100,000TL was said to be 650,000TL – today it is said to be 1 Trillion TL!   Obscene rates of interest must be being applied.

I am starting a petition against this practice by banks and hope to take this to court with me. Watch the NCFP in the near future and add your name if you like me want to stop banks from lending money on property they  know to have been paid for by, and Contracted to, someone other than the Builder

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