Report: #447660

Complaint Review: Paschali Holdings - Emily Lemoniati - MRI - Paphos Cyprus

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  • Paschali Holdings - Emily Lemoniati - MRI EMILY A. LEMONIATI LAW CHAMBERS & ASSOCIATES Address: Charalambou Mouskou, Athinodorou Business Centre, Office No.301, P.O.Box 64092 CY8010 Paphos, Cyprus Cyprus

Paschali Holdings - Emily Lemoniati - MRI Sold me an off-plan apartment which has knowingly been built 16% (30k) smaller than advertised! Paphos Cyprus

*Author of original report: Paschali Holdings - Emily Lemoniati - MRI - off-plan apartments built 16% smaller than advertised (worth 28k)! Paphos Cyprus

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Like many other Brits, we attended a Foreign Property Exhibition (hosted by MRI) which led to an inspection trip to Cyprus in 2007 where we purchased (for 192k) an off-plan 2-bed apartment near Paphos.

MRI introduced us to an 'independent' lawyer (Emily Lemoniati) for our purchase from Paschali Holdings.
Both MRI and Paschali led us to believe the apartment was to have a covered area of 79 sq m with a balcony of 32 sq m - Paschali's current price-list for this development still reflects these sizes.
Our mortgage, also arranged by this lawyer, is valued for an apartment of this size.

The apartments have now been built and the covered area is more than 16% smaller than we have paid for - equivalent to more than 30k.

They have been able to perpetuate this scam (on this development and at least two more of which we are aware) with the aid of the lawyer who turns out to be Paschali's own lawyer, and is allegedly the girlfriend of one of the Paschali family. She drew up a contract which did not specify the size of the apartment and whilst a plan was attached, it had no dimensions marked on it.

United Kingdom

This report was posted on Ripoff Report on 04/30/2009 05:43 AM and is a permanent record located here: https://www.ripoffreport.com/reports/paschali-holdings-emily-lemoniati-mri/paphos-cyprus/paschali-holdings-emily-lemoniati-mri-sold-me-an-off-plan-apartment-which-has-knowingl-447660. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Author of original report

Paschali Holdings - Emily Lemoniati - MRI - off-plan apartments built 16% smaller than advertised (worth 28k)! Paphos Cyprus

AUTHOR: Marilyns - (United Kingdom)

POSTED: Monday, June 29, 2009

PLEASE take the time to read this - it could save you ?much heartache as well as many thousands of pounds!

If you are considering purchasing an off-plan property in any PASCHALI development
[Elysian, Golden Hills, Green Hills, Nefeli, Victoria, Marina View, Marina View 2, Park View, Sunset Apartments, Vanessa, Andriana, Andriana 2, Christina, Riverside 1, Riverside 2, Paschali Hills, Alexandra 2, Armonia, Menelaos Luxury Villas, Poseidon Luxury Villas, Marina View Villas 3, Pelargos Exclusive Beach Villas, Faros Beach Luxury Villas]
then please check the following:

Your contract MUST have a floor plan of the apartment/villa attached to it?
This floor plan MUST have dimensions written on it?
If this isn't the case, any developer can build a property significantly smaller than the advertised size and get away with it!
This has happened to purchasers at Paschali's Riverside 2. Their lawyer was Emily Lemoniati - she failed to ensure that their contract contained this vital information.
[This means that the contract clause which states that the developer has to inform the purchaser if there is to be in excess of a 2% difference in build-size is rendered totally meaningless because there is nothing in the contract to measure the 2% against.]
Emily Lemoniati actually drew up contracts omitting the size of the apartments and also ensured that no dimensions were shown on the apartment plans attached to the contracts as formal annexes - contravening the lawyer's own statements, given in a booklet given out to property purchasers, about what is essential in a contract!
From the various website forums about developments in Cyprus it appears that Paschali has carried out this same ploy on a number of other developments, aided and abetted by Emily Lemoniati.
Some purchasers consequently engaged Louise Zambartas, a truly independent lawyer, and a professional, independent surveyor measured the dimensions of the newly-built apartments:
Many of the Riverside 2 apartments were advertised as having covered areas of 79 sq m with balconies of 33 sq m - they have actually been built with covered areas of 66 sq m with balconies of 31 sq m.
Even the Valuer (for the mortgages on these properties) was told these apartments were to be 79/33 sq m and this was the basis of his pre-build valuation.
The surveyor confirmed that their covered areas are more than 15% smaller than their advertised size - this means they have been oversold and overvalued in excess of 25,000 - that adds up to over 500,000 on the Riverside 2 development alone!
[Don't be fobbed off by anyone telling you that the covered parking space or the communal facilities should be included in the calculation of the 'covered area' of a property - this is simply UNTRUE under Cyprus law.]
Please heed this warning:
To avoid being scammed when buying property in Cyprus, it is absolutely essential that you take independent legal advice before handing over money or signing any contract documents;
Invariably, contracts prepared by a developer's pet' lawyer are written to favour the interests of the developer!
The British High Commission in Nicosia maintains a list of English-speaking lawyers and a recently updated warning on the British Foreign Office Website gives prospective property buyers blunt advice;
You may be interested in a recent article in Cyprus Property News Magazine entitled: 'Misrepresented Property and Conflicts of Interest'.?http://www.news.cyprus-property-buyers.com/2009/02/06/misrepresented-property-and-conflicts-of-interest/id=00779

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