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Other property from MRI

 
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spangle
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Joined: 23 Oct 2006
Posts: 163
Location: Kent

PostPosted: Tue Oct 31, 2006 6:50 pm    Post subject: Other property from MRI Reply with quote

Has anybody purchased other properties in another country with MRI ? If so how did those purchases go?

A couple of months after I purchased in Aspen Suites, I got carried away with the sales pitch, yet again and purchased in Paphos, Cyprus another off plan apartment due for completion Dec 2008. That purchase has not gone smoothly, finding out important things after the contract had been signed.

I certainly know a lot more about buying property abroad now than I did a year ago! It's all down to asking the right questions at the right time and if you believe the answers, or not, then get it in writing..............

p.s. Let me know if you fancy a change from your holidays in Bulgaria, as I hear Cyprus in 2009 will be fantastic. You can ski in the morning and play golf or sunbath in the afternoon.... Cool
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chris
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Joined: 13 Oct 2006
Posts: 138
Location: Cookstown, Northern Ireland

PostPosted: Tue Oct 31, 2006 7:36 pm    Post subject: Reply with quote

Spangle I was so nearly buying in Armonia exclusive resort ( Protaras)

care to share your purchasing woes with us, do you wish you hadn't bought or are you happy enough now its sorted ?
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spangle
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Joined: 23 Oct 2006
Posts: 163
Location: Kent

PostPosted: Tue Oct 31, 2006 11:09 pm    Post subject: Reply with quote

Hi Chris, So why didn't you buy in the end?

My problems in Cyprus are still not sorted, it's all quite complicated. The deal was pay 15% and then nothing until completion in 2 1/2 years time, by then I should of made 15% a year on the capital, I could then sell it before completion and get my 15% back plus another 15% profit........with me so far.

The contract states that I have to take out an interest only loan for the remaining 85% straight away but the developer will pay the interest until completion and I will take on the interest payments after completion. MRI and the layer convienced me that it was all normal in Cyprus to do this so I signed the contract. The bank in Cyprus then informs me that I have to pay the interest as the loan is in my name and they do not get involved with any deals made between me and the developer!!!!! The layer said the developer will pay the interest, at the moment it is going backwards and forwards. All these little problems will get sorted out, I'm not paying a penny more until completion, this is stated on my reservation document.

Having said all this I am happy with my purchase, lovely position, 5 mins to sea, 25 mins to airport, 4 swimming pools, gym and gardens. Rental market is a bit more established than Bulgaria, it has been in the EU a couple of years now and should adopt the euro in a couple of years time.

I have to confess to something, I didn't go on an inspection trip, I just purchased on some artist impressions and info from another web site, I have never been to Cyprus before in my life...............hope I like it!!!
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chris
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Joined: 13 Oct 2006
Posts: 138
Location: Cookstown, Northern Ireland

PostPosted: Wed Nov 01, 2006 8:07 am    Post subject: Reply with quote

spangle wrote:
The deal was pay 15% and then nothing until completion in 2 1/2 years time, by then I should of made 15% a year on the capital, I could then sell it before completion and get my 15% back plus another 15% profit........with me so far.


That was my thoughts exactly, its basic what I will do with Aspen heights hopefully, I have been to cyprus and totally loved it. Weather is fantastic, sea is nice, its full of history and the people are lovely. Plus they drive on the proper side of the road.

Reason for not buying is the prices, I decided it not worth the risk, so looking at other alternatives on home soil Confused
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spangle
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Joined: 23 Oct 2006
Posts: 163
Location: Kent

PostPosted: Wed Nov 01, 2006 6:23 pm    Post subject: Reply with quote

I read on google news last week that UK property is still a better investment than overseas property! Who knows?

Hopefully we will all make a little dosh along the way............ Smile
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bailey
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Joined: 08 May 2007
Posts: 20
Location: IRELAND

PostPosted: Sun Jul 15, 2007 9:10 pm    Post subject: other property with MRI Reply with quote

Hi All,

This is my first post on this forum.

I have bought in France with MRI and everything went smoothly from start to finish..I have also bought in Aspen Suites and Pirin Rise and hopefully it will run as smooth. :

Bailey
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chris
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Joined: 13 Oct 2006
Posts: 138
Location: Cookstown, Northern Ireland

PostPosted: Mon Jul 16, 2007 10:41 am    Post subject: Reply with quote

Hi Bailey and welcome to the forum, were all in it together Smile
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