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Alex J.
Alex J., Solicitor
Category: Law
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Experience:  Solicitors 2 years plus PQE
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I agreed to purchase an apartment in Cyprus from a friend

Customer Question

Hi,
I agreed to purchase an apartment in Cyprus from a friend who was paying a Cypriot builder to develop, this started in 2009 and I paid £10,000 deposit with a total agreed purchase cost of £58,000. In early 2013 my friends ex business partner made a deal with the builder and secured all deeds to the properties. In early 2014 my friend adviced me to pay the final balance ensuring me it would be safe. I have not received the property and I have asked for a refund but my "friend" claims because some of the payments were late (no payment dates were agreed at the start of the project) that I cannot recover my £58,000. He has subsequently offered to pay £29,000 over the course of a year.
Where do i stand?
Can I recover any potential loss of earnings/interest from time of completed payment?
Many thanks in advance
Peter
Submitted: 1 year ago.
Category: Law
Expert:  Alex J. replied 1 year ago.
Hi,
Thank you for your question and welcome.
My name is ***** ***** I will assist you.
Is your friend based in the UK?
Did you sign a contract with your fried detailing payment terms?
Was the money paid to your friends bank account?
Kind regards
AJ
Customer: replied 1 year ago.
Hi,My friend is based in the UK
No signed contract
Only 1 payment into his personal account, all other poayments made in cash at his business premises based in Brighton
I have 2 receipts including final payment receipt on his buisiness premises headed compliment slipMany Thanks Peter
Customer: replied 1 year ago.
Hi AJ,Sorry i meant to say I dont have a copy of the contract I have been trying to get a copy from my "friend" but he is reluctant to supply a copy also I am concerned he may alter pages within the contract to further suit his current positionPeter
Expert:  Alex J. replied 1 year ago.
Hi,
Thank you.
Unless your friend made you aware of the payment terms then he cannot suddenly impose them on you as a way of avoiding you repaying the money.
Has he said the £29k is paid in full and final settlement? What I would suggest you do is get at least the £29k back first, you can then sue him for the balance.
Does he actually have any money to repay you?
Kind regards
AJ
Customer: replied 1 year ago.
Hi AJ,He has been very vague about the repay half offer, basically £11,000 payment followed by £3,000 per month for 6 months he has not given any further information such as this is full and final settlement but my feeling is this is what he is thinking.Agreeing to this repayment proposal will delay or jeopardise getting full payment back.Yes he certainly has the money, does having the receipts on his UK business headed complement slips given any validity to sueing his company?Can I send a letter saying from date of letter he will incur an interest charge (company base rate interests chargeable I think are 8%)
Can I pursue potential loss of rental income from date of payment completionMany Thanks
Peter
Expert:  Alex J. replied 1 year ago.
Hi,

Thank you.

If you can get him to pay something without admitting it is in full and final settlement that is a good. I would accept any money he pays on unconditional terms.

You have six years to sue him, so I would first establish as quickly as possibly what you can get out of him. You can charge him interest and your legal costs from the date of Judgment, you cannot otherwise charge him interest unless you have the contractual right to do so.

In terms of claiming loss of profit, this may be possible but only if he was aware that you had given him money with the intention of making a rental income. How much feesibly would claim?

Kind regards
AJ

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