insurance.

[giblinchimne]

i am about to purchase a new house in the north of cyprus.

over the next 12 months i will have to send �115000 to cyprus for the constuction of this property as they require stage payments.

is there a policy available that would cover that sum of money should the builders for what ever reason do not or could not complete on the property and i was to loose all of my money.

if your company does not do this sort of policy do you know of any other company that could assist me.

thank you stephen giblin.

[Loosehead]

You won't find anyone to cover you for this. Buying/Building property requires a lot of attention to detail. If I was spending that kind of money I'd be on site watching the thing progress and paying stage payments accordingly. Hold back a lot till completion also.

Also Verify you own the land, I know it's a bit obvious but a lot of counrty's have some strange Tenures. Also make sure you have a good local lawyer. 

[mystress]

stephen,

As NO country in the world,(with the exception of Turkey) recognises Northern Cyprus,please be very careful that you have things fully checked out,and in writing.I don't think ANYBODY in the UK will give you such a policy,for the same reason (Non Recognition).

[KJN]

I would respectfully suggest you put more of your concern on who owns the land on which the house is to built rather than worry about insurance , I say this as a British frequent visitor to Southern Cyprus who reads the Cyprus Mail on line every day and see the problems arising at the moment regarding house purchase in the Northern part of the island on land that does not belong to the builders, there are in fact two big court cases going on at the moment concerning ownership  please be careful. I do not mean to scare you but this is something you should be very very careful about.This is in no way a political answer just a good piece of advice which I hope will be taken the right way.Regards.