Brits with mis-sold cypriot homes running out of time

Almost 15,000 Brits have bought off-plan homes in Cyprus in recent years, according to Cubism Law, with large loans and overvalued homes or stalled developments leaving investors with "unsaleable and unlettable apartments".

The warnings come as the island continues to work hard to resolve the ongoing issue of Title Deeds, which many buyers are still waiting to receive. With the UK now helping and offices working extended hours to clear the backlog of complaints, confidence is beginning to return to the market following the financial crash and this year's banking crisis,

For those who still need to file claims against developers or lenders, though, Cubism Law advises that law requires them to be registered by the end of 2013 or they are "likely to fail outright".

Duncan McNair, a lawyer specialising in cases brought by victims of such mis-selling in Cyprus, says: “Instruct an experienced English lawyer familiar with the situation to immediately file protective claims, first in England (to assert your preference to be heard in the English courts whose integrity even Cypriots prefer to their own courts); and then file a claim in Cyprus too. These claims must be filed in time and in the proper form. Build a group with others to share key information, to cut costs and to present a strong united stand to the banks when they are held to account at the negotiating table. Use a lawyer the opponent banks will take seriously. Beware unqualified claims handlers whose strategy, remuneration and basis of acting can be unclear.”

Mr. McNair adds: “Beware the ‘offer’ that is here today but will not materialise after the Cypriot deadline has passed. Victims who take no steps risk an adverse judgment in Cyprus which exposes their Cyprus and UK assets to enforcement by the bank.”