International Law Partnership To Cease Trading

John Howell’s International Law Partnership is to close, reportedly due to a collapse in income at the firm.

The UK-based law firm, specialised in overseas conveyancing and legal issues. It is to cease to practice from July 10th 2009.

Howell has said the company had written off over £500,000 of anticipated income so far this year, while actual income had fallen by nearly 75%.

“Over the last few months our clients – and, in particular, our developer clients – have been going bust at a catastrophic rate and many of our other clients are unwilling or unable to pay their bills,” said Howell. “We have, therefore and with great regret, decided to close the business.”

Howell will be well known for his regular appearances at exhibitions and seminars at which he was invariably one of the best respected speakers. He has also been a regular advisor on TV and radio shows in both the UK and Ireland. It is to be hoped that he and his company will not be lost to the overseas property community completely.

The full story on the closure of ILP can be found here.

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs.

Considering relocating to Spain?

If you've ever had any notions about relocating to Spain then a read of this rather in-depth piece in our Editorial section will be very well worth a visit.

Justin Aldridge of Eye on Spain (who is a British expat living in Spain) gives a full run-down of all the issues that were dealt with on the recent ITV series - Paradise Lost.

Essentially the programmes outline how a selection of Brittish expats have managed with investments, homes and businesses in Spain. If you are feeling a little squeamish then it might be best you didn't read it, but if you are considering moving to Spain for any reason, it should be considered at least.

It's not for the faint-hearted, but then the time for the reality check is before you consider such a huge investment or move, not when you've already taken the first steps.

Enjoy, you'll find the piece here.

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs.

To view properties in Spain: Click Here

To View Spanish Agents: Click Here

To View Latest Spanish News: Click Here

Making Agents and Developers Liable for their Activities

There's an interesting article by Diarmaid Condon in our editorial section of the site. The basis of the piece is the need for a proper framework within which overseas property buyers would receive the protection that any other consumer would receive when purchasing a product or service.

The main issues addressed are around where the responsibility for due diligence lies and what levels of governance should be expected by Irish citizens purchasing property anywhere.

A very thought provoking piece - you'll find it here in its entirety.

___________________________________

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs.

Investors to Lose Money in Pirin Park Resort, Bansko

A recent report in the Sofia Echo says that 300 British and Irish investors claim to have lost nearly six millions pounds sterling, or 13.2 million Bulgarian leva, in the Alpine resort of Bansko.

In a joint letter sent to Kafeneto.net the investors explain that they fear that their investments are likely lost because the future of the enterprise in Bansko now appears very uncertain.

The group claims that a combination of "bad circumstances, poor management and rampant corruption is to blame."

In its defence, the company promoting the development, Bulgarian Development UK, has argued that the problem lies with alleged corruption in Bulgaria and the global economic downturn. Investors, however, claim there has been financial mismanagement and that the company has used investors' apartments as guarantees to finance other projects.

Bulgarian Development UK has insisted that they were obliged to adopt such measures in order to pay the builder, MRI Construction, the construction arm of MRI Overseas Properties based in the Costa del Sol. Bulgarian Development UK claims that complications ensued after MRI had terminated construction operations, even though it had been paid fully by the customers in advance.

The investors have established the Pirin Park Resort Residential Association to conduct negotiations on behalf of affected clients.

The full article is available here.

________________________________________

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs.

Bulgarian Property Action Group Formed

If you've had any problems with property purchases in Bulgaria - and quite a few Irish investors have significant problems there - then you'll be glad to hear that someone is trying to do something to relieve the plight of Bulgarian property owners.

The Bulgaria Property Action Group (BPAG) is seeking to bring together as many people as possible that have experienced problems with off-plan property purchases in Bulgaria in an attempt to help resolve any issues which have arisen.

The group aims to provide help, support and information for those who need it. It is also an action group of people who want to see changes that will help them seek justice and recompense for any losses they may have incurred.

Pamela East, the project's administrator, says: "There are currently huge problems with the way that real estate transactions are conducted in Bulgaria. The group want to see legal and structural changes that will give protection and provide a legal framework in the Bulgarian property market. We also want to see a process which will enable them to seek redress for any losses and to prevent such problems happening again."

For further information on the group and how it can be contacted visit the full press release on the OverseasCafe.com website.

___________________________________

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs.

To View Properties in Bulgaria: Click Here

To View Agents for Bulgaria: Click here

To View Latest Bulgarian News: Click Here

Next Kuvera Action Group Meeting Announced - then Cancelled

The next meeting of the Kuvera Action Group is to be held at 8pm on Tuesday June 16th in Dublin's City West Hotel.

The organisers say it is important that as many Kuvera clients as possible attend this meeting because the next stage of the legal process is about to commence, which will be in India.

An Indian legal firm have now been appointed and investors will be updated on what is happening there as well as receiving updates on how legal action in Ireland against Kieran Murphy and Kuvera Ireland is progressing.

Update:

Received from KAG this morning (Monday, June 15th):

"Due to developments late last week and the fact we are back in court on Wednesday, the Committee has decided to postpone the General Meeting that was due to take place on Tuesday 16th June.

This will now be likely to take place the following week, however we will keep you informed.

I can assure you the Committee are working very hard behind the scenes on your behalf."

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.comexperience to your own needs.

Michael Lynn Continues to Generate Headlines

He may have fled the country in disgrace two years ago, but Michael Lynn just can't keep himself out of the Irish newspaper headlines. Two stories, one in the Irish Mail on Sunday and the other in the Sunday Times, yesterday, prove that the on-the-run Mayo solicitor is most definitely alive and well.

The Mail on Sunday article, once again written by Michael O'Farrell (who seems to have become Mr. Lynn's tail in Europe) features Lynn directly. Apparently he's being accused of locking clients in his Cabanas development in Tavira on the Portuguese Algarve out of their swimming pool. 

Residents at  the complex have apparently, taken court action to be allowed to use their own pool. A letter was received by owners from Vantea (to whom Lynn transferred ownership of the development but is a company strongly suspected to be owned by him in any case) asking them to pay management fees due. 

Owners at the complex are quoted as saying that; 'TV's and fridges have been removed from a number of apartments and that guaranteed rental payments owed by the management company had not been paid.'

The swimming pool and bar area are now, apparently, locked up and signs have been removed from the entrance to the pool area. 

The piece also says that a group of investors is seeking to seize the land on which phase 2 of the project was to be built and the contractor, Bemposta, is also seeking to freeze the site as it claims it has not been paid for building work completed to date. 

The Mail on Sunday article isn't available online, but we've scanned a copy of it and will upload a link to it here in the next day or two. 

The second story, carried by the Sunday Times, refers to Lynn indirectly, via his former property agency, KenDar. Some of you might remember the company gave away a property in Bankso, Bulgaria on RTE's Late Late Show in association with the Property Expo and the Sunday Business Post. 

Well the winners, David and Olivia Timlin, who are co-incidentally also from Co. Mayo, never received the property (surprise, surprise) and, in the absence of KenDar, have decided to sue RTE for breach of contract. 

According to the piece: "RTE declined to comment on the case 'which is still ongoing'. The couple referred all queries to Manus Sweeney, their solicitor, who also declined to comment.

You can find the full article here. 

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.comexperience to your own needs. 

Investing in UK Distressed Property

Find out how to invest in UK bank repossessed property at a free seminar on June 22nd in Dublin.

The strength of the euro relative to sterling presents a window of opportunity for the Irish investor looking to invest in UK distressed property. Most commentators agree that the euro is currently overvalued and is likely to weaken against sterling in the coming months following a combination of some positive economic news from the UK and the European Central Bank’s ponderous response to the financial crisis.

It is currently possible in the UK to buy bank repossessed property at discounts of up to 50% on the property's previous sale value. If an Irish investor had purchased a typical city centre apartment in Manchester, for example, at £180,000 in June 2007 when the exchange rate was 1.47 euros to the pound it would have cost him or her €264,600. A repossessed property in the same block in many cases would now typically cost £100,000, while the exchange rate is now 1.15. This means that the same apartment, if a repossession, would now cost an investor €115,000 - a staggering difference of €149,600!

This is an example of a property recently sourced for an investor in Yorkshire:

• Purchased for £74,000 in 2009
• Previously sold for £184,000 in 2007
• Discount of 60%
• Gross yield 8%

Typical yields on bank repossessed property range from 7 to 9% so an investor can achieve good income as well as a healthy discount.

The seminar starts at 6.30pm, lasts for two hours and will cover the following topics:

• The outlook for the UK property market
• How to source distressed property
• Distressed property criteria (what to look for)
• The legal pitfalls of buying distressed property
• Arranging Finance
• The services on offer

Places are limited and allocated on a strictly first-come first-served basis - please click here to secure your place.

If you can’t make the seminar but would like to meet up or discuss distressed property please email us at contact@OverseasCafe.com and we can have same arranged.

______________________________________

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs.

Want to know more about the UK Property Market?

For a selection of property in the UK click here.

For independent articles on overseas property click here.

For news on the UK property market click here.

For new releases and product updates from UK agents click here.

For UK related stories on the OverseasCafe.com's topical blog click here.

French Leaseback in Irish Times

Today's Irish Times has an extensive feature on French Leaseback property, outlining some of the pros and cons.

It's an interesting piece, written by Frances O'Rourke, a well respected property writer with the paper, and features some input from ourselves to boot. What more could you ask for?

Why not nip over and check it out, you'll find it here. 

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs. 

__________________________________________________

Links to French property information on the OverseasCafe.com site:

Property in France

French Property Advice

News relating to French Property

French Real Estate Agent News

Selection of French Property Agents

FBD Runs Aground in Spain

Irish insurer, FBD Holdings, has run into problems with the sale of some land adjoining its La Cala Golf development in Spain's Costa del Sol, according to today's Irish Independent. 

Shareholders were, according to the paper, hoping to benefit from a €50m windfall on the back of an €80m deal which was to be concluded on June 21st. The insurer has confirmed it is unable to meet an imminent planning deadline to clear the way for the sale of the land. This was to be the second tranche of a €200m deal agreed in summer 2006 where €120m was payable immediately for 58 ha while €80m was to become payable for the remaining 40 ha, subject to planning being received by June 21st. 

According to the Indo report by Laura Noonan, the 80 acres will now be legally transferred to FBD although finance director, Cathal O Caoimh, stressed that it would have no financial impact on FBD since the €80m gain had never been recognised.

The 40-hectare site, which is adjacent to the group's La Cala golf course, already has roads and sewage and has planning permission for residential development.

The full article can be found here. 

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs.

_________________________________________________

To view properties in Spain: Click Here

To View a List of Spanish Agents: Click Here

To View the most Recent News from Spanish Agents: Click Here

To View the Latest Spanish Property News: Click Here

To See a Listing of Upcoming Spanish Exhibitions: Click Here

To See a Selection of Advice on Purchasing in Spain: Click Here

Farewell to 'Raising The Roof'

It is with a great deal of sadness that we have learned of the demise of the 'Raising the Roof' 'blog.

We received the following message from the blog's writer, Kevin Brass:

"I regret to announce the New York Times, as part of its latest round of cutbacks, has decided to drop “Raising the Roof,” the international property blog. In recent weeks The Times, which owns the International Herald Tribune, has absorbed the Web activities of the Herald Tribune, downsized the weekly international-focused “Escapes” section and slashed the contractor budget. The last “Raising the Roof” post will go up Friday, May 29.

I will continue to write about property markets for the print edition of the International Herald Tribune, as well as occasional stories for the NYT. I will also be pursing other opportunities in the property industry.

For all those who read the blog and helped develop stories over the last couple of years, I thank you for your attention and support."

What can we say Kevin? We really enjoyed the blog and are very sorry to see it go. You'll be badly missed in the overseas property blogosphere and best of luck with your ventures in the future, we're sure they'll be very successful. 

The Lucky Banker

Ok, at first sight a recent UK seller seems to have it all. He has just sold his Knightsbridge home for the princely sum of £18m. Some achievement, you might say, given current market conditions.

If you look a little closer though, all may not be as it seems.

The asking price for the house was a whopping £40m. before the bust hit. The developer actually rejected offers of £33m. before the economic hurricane swept all before it. 

The buyer in question is Raffaelle Mincioneo, who you might also think is the luckiest guy in the world, but he is in fact a banker - not a jolly lot these days - but then he's obviously doing ok for himself if he can afford to shell out £18m for a Knightsbridge home in the depths of the worst recession in our lifetime. 

He's obviously been blessed with good fortune in his life as he was once dating Heather Mills - now that is a lucky escape. 

The full story from the Daily Mail is here. 

___________________

Sign up for our informative newsletters just , it couldn't be easier.

OverseasCafe.com UK Property Links

For a selection of property in the UK click here. 

For a list of agents selling property in the UK click here.

For independent articles on overseas property click here.

For advice on purchasing in the UK click here.

For news on the UK property market click here.

For new releases and product updates from UK agents click here.

For a selection of property exhibitions featuring UK property click here.

OverseasCafe.com May Newsletter

Whew, there's been a phenomenal response to the May newsletter we sent out yesterday. We are experiencing a huge amount of interest in the properties listed in it in particular, which is no mean feat considering the economic turmoil the country is currently experiencing. It just goes to show, there is money out there looking for a home, it just takes the right product at the right price to get it moving.

We featured a number of UK repossessions as well as a selection of UK commercial property offering strong yields. That's one of them pictured, a very nice London commercial unit tenanted by Sainsbury's with four other shops and eight flats. 

Just so that those who are not signed up for the newsletter don't get left out we said we'd put a link to the May version here. If you want to view other past newsletters you'll find the index here. 

To make sure you are included in future email newsletters just sign up, it couldn't be easier.

OverseasCafe.com UK Property Links

For a selection of property in the UK click here. 

For a list of agents selling property in the UK click here.

For independent articles on overseas property click here.

For advice on purchasing in the UK click here.

For news on the UK property market click here.

For new releases and product updates from UK agents click here.

For a selection of property exhibitions featuring UK property click here.

Legal Eagles Protect Unethical Practices

There's an interesting piece on the relationship between the legal profession and 'big business' in relation to overseas property in our editorial section. It is written by Diarmaid Condon, who has seen and done pretty much what is to be seen and done in the Irish overseas property industry. It's well worth a read - very thought provoking - particularly if you've been on the wrong end of some less than ethical practices in the overseas property industry - and let's be honest, there's plenty of this in evidence these days. 

It certainly raises the question of whether the average property purchaser overseas should have better access to lower cost and more effecient legal services in the quest to bring to book developers and agents who have failed to deliver on the promises made during purchase negotiations.

You'll find the article in full here. 

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs.

Viva Estates Resurfaces

If you know anything about Spanish property you'll probably remember Viva Estates. They used to be one of the top dogs in the Costa del Sol property market way back when the boom times were at their boomiest in coastal Spain. You will probably recall their adverts featuring Sir Ian Botham (before his colon and ticker required vats of shredded wheat to prop them up) and quite a few estate agents in the Costa del Sol will have rather unhappy memories of their attempts to slash commission rates along the coastline before the whole apple cart toppled over. They're also widely remembered as one of the founder members of the ill-fated Interagency Network Multiple Listing System (MLS), which they hastily left in 2006 with the master database tucked firmly under their sweaty little armpit - nice one. 

Well you'll be either glad or horrified to know that Chris McCarthy, former Viva Estates head honcho, is back in the business, rebranding the company yourVIVA. There is, apparently, another Viva Estates running in the old Viva Estates offices in Benalmadena, but it's not remotely related to this one - the mind boggles. 

Well you've got to hand it to Mr. McCarthy, he's got Cajones as they would say in Spain - and really big ones apparently. In a recent interview with the Investment Property Rumours blog - well you don't think it would appear in a newspaper's property section these days do you, there are no adverts to place beside it - McCarthy has a right good dig at some of his old foes in the Costa del Sol market.  

The statement contains a very thinly veiled criticism of Darragh MacAnthony of MRI Overseas Property/MRI Construction and Michael Liggan, formerly of MRI Overseas Property and subsequently DCC International Property, which has been using MRI's old offices with the same staff selling the same developments. McCarthy says: "I think all of this rebranding stuff that people are doing is despicable when it is one company literally opening up as something else in disguise, and then what happened to the other / old company, did it close down? Was it ever a fully blown declared company? Where was it based? Where did it pay its taxes? What on earth is the consumer supposed to think or feel? How is that companies are allowed to just slowly somehow die and slyly disappear, that would never happen in the UK ? There are any number of companies that have now collapsed and fallen into the pit that was inevitably underneath the biggest property bubble the world has ever known."

He also admits: "I am no saint here, I bear my own share of guilt for what happened in the market between 2002 – 05 particularly, I would think that things would have been very different, I don’t think we ever talked investment, investment, investment, and my priority was and always has been, is to sell real peoples homes to other real people, not create a false market, but some things you just can’t stop and you have to ride the wave in. And I have a few people who are grumpy with me too, some of them have a bloody nerve to be so, but others have every right and I feel I let a handful down."

You'll find the full interview here, but expect to hear more from Mr. McCarthy in the future - he's no shrinking violet. 

Apologies for OverseasCafe.com Site Outage

Apologies to our faithful readers for the outage to our OverseasCafe.com website. 

Essentially OC is moving hosting providers but the one it's leaving isn't best pleased and is being less than accommodating in hastening the transfer of the domain name to the new providers. 

It's a real nuisance but hopefully everything will be back in action soon.

If you do wish to visit the site you'll find it here in the interim. 

Apologies for any inconvenience experienced in the meantime.

Credit Crunch Causes Cape Verde Development Fallout

There are signs of cracks on the veneer of the property industry of the idyllic island archipelago of Cape Verde. 

A judgement granted against developers Tom Sheehy (Cape Verde Development) and John Cahillane shows the level of distress that is being felt in the industry at the moment, particularly in 'emerging markets' such as Cape Verde. 

The case, brought by Brian Murphy-O'Connor and Ted Whittaker against the two developers, shows just how cashflow in the industry is rapidly running dry. Sheehy doesn't deny the money is owed but, like everyone else, they are finding it difficult to get their hands on funding at the moment.  Under normal market conditions you suspect a case like this would never make it to court. 

See our full editorial piece on the case and its ramifications for the island group here. 

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs.

_________________________________________________

 

For a selection of property from around the world click here.

For a listing of agents selling overseas property click here.

For independent articles on overseas property click here.

For advice on purchasing property overseas click here.

For news on the world of overseas property click here.

For new releases and product updates from agents around the world click here.

For a list of upcoming overseas property exhibitions around the country click here.

Kuvera Action Group Formed & Legal Action Undertaken

In a statement on Friday April 15^th 2009 the Kuvera investors group, which was formed to deal with issues relating to property purchases in India, has said:

 

“The Kuvera Action Group yesterday initiated legal action in the High Court in Dublin against the overseas property company Kuvera Ireland, and company’s founder Kieran Murphy, in order to recover almost €9 million that has been paid for properties in India. 

The Group has been formed by over one hundred and fifty purchasers of properties in Kuvera’s Indian developments, Orchard View and Mountain View, in the town of Rudrapur in North East India. It is believed that no development has started and funds have been misappropriated. 

The Group is encouraging any further purchasers to become involved as it is still not too late to take part in this legal action; anyone interested in joining should email their details to   india.investors@hotmail.com or contact Anthony Joyce, of Anthony Joyce & Co., the solicitor who is representing the Group on + 353 (0) 1 4545 000. Alternatively they can attend the next meeting of the Group, which is planned for 8pm on Wednesday 20th May at the City West Hotel in Dublin. 

Anthony Joyce, solicitor said: “On Thursday 14th May 2009, the Honourable Justice Kelly made an Order restraining Kieran Murphy from disposing or reducing, dissipating, transferring, charging, divesting himself of control over or diminishing the value of his assets or otherwise dealing with all or any of his assets within or without the State until the case is before the Court on Tuesday 19th May 2009. A similar Order was made against Kuvera (Irl) Limited.

There are two Motions before the Court on Tuesday at 11.00 a.m. in Court 6, which are as follows: 

1. The first is to extend the Injunctions against Kieran Murphy and Kuvera (Irl) Limited from diminishing assets until the hearing of the case together with an order to discover bank accounts and other documentation; 

2. The second Motion is to adopt Proceedings into the Commercial Court.”

 

The barrister handling the proceedings is Patrick McCann BL."

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs.

_________________________________________________

 

For a selection of property from around the world click here.

For a listing of agents selling overseas property click here.

For independent articles on overseas property click here.

For advice on purchasing property overseas click here.

For news on the world of overseas property click here.

For new releases and product updates from agents around the world click here.

For a list of upcoming overseas property exhibitions around the country click here.

What is Happening at Kuvera?

A lot of investors with Kuvera (most of whom are from Ireland) will be wondering what exactly is happening at the company. There have been a raft of statements issued on behalf of Kuvera Ireland, Kuvera India and developer, VG Buildtech. The upshot, however, is that there is currently no property being built and relations between the various parties seems to be at an irreconcilable low. 

The editorial staff at OverseasCafe.com have put together a piece outlining the most prescient parts of the various statements issued for those who would rather not read the statements in their entirety. 

It's a difficult situation for all involved, most especially those who have committed large amounts of money to developments which now look like they are in dire straits.

You'll find the editorial article here.  

The picture is of Dr. Ajit Jha (Kuvera India), Vinay Bansal (VG Buildtech) and Kieran Murphy (Kuvera Ireland) at the launch of the development in November 2007. 

_________________________________________

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs.

 

For a selection of property from around the world click here.

For a listing of agents selling overseas property click here.

For independent articles on overseas property click here.

For advice on purchasing property overseas click here.

For news on the world of overseas property click here.

For new releases and product updates from agents around the world click here.

For a list of upcoming overseas property exhibitions around the country click here.

Trichet Sees a Bottom

Ok, so the headline could be taken as an indication that the venerable European Central Bank President has been spending a little too much time in naughty areas of Amsterdam, but no, he sees a potential bottom to the current malaise of the European economy, nothing more sinister than that.

This is, indeed, good news. Although you would have to say, the bottom in question may be a bit more distant for Ireland than other parts of Europe, we do seem to be in a particularly bad pickle. 

Having said that, it is good to know that Europe may be able to see light at the end of the tunnel, because the chances of Ireland Inc. recovering without others around it first improving their situations are very slim. 

According to Trichet: "As far as growth is concerned, we're around the inflection point in the cycle, that's the sentiment." He claims that a number of recent reports are encouraging but he issues the caveat that there's no time for complacency.

Of course, the fact that the European Central Bank President sees the potential for an upswing in an economy in which he has such a vested interest doesn't in itself mean much, it could be argued that he is merely talking up the European economy. It could also be said that he is ignoring a lot of negative sentiment still remaining in the market.

It is, however, an indication that at least there are some positive reports and sentiment on which to pin our hopes, which was not the case some six months ago, so perhaps a corner of sorts is being turned. Or maybe a bottom of sorts is being reached. Again, no pun intended. 

_________________________________________

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs.

 

For a selection of property from around the world click here.

For a listing of agents selling overseas property click here.

For independent articles on overseas property click here.

For advice on purchasing property overseas click here.

For news on the world of overseas property click here.

For new releases and product updates from agents around the world click here.

For a list of upcoming overseas property exhibitions around the country click here.