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Can A Polish Bank Repossess My Uk Home?

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#16 bubblyc


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Posted 01 May 2010 - 08:51 PM

just read your post and would be extremely interested in speaking with you about your situation .
Please do contact me asap

Hope to hear rom you very soon


I have

Hi All,
Any feedback on this subject would be appreciated. Back in 2007 we signed a preliminary ageement to purchase an off-plan property in Poland. We paid a deposit, and obtained a mortgage. The mortgage has been all paid to the developer and the developer has received the full amount they are due. However, one of the conditions of final handover was that the developer produce (by the end of 2008) a final use certificate for the building and the apartment. They didn't do this, so we served notice that we were withdrawing from the preliminary agreement (entitling us to a full refund plus a 10% penalty). We've been waiting for that money for over two months now, and meanwhile we have had to continue paying the mortgage in Poland. We are waiting to learn from the bank it's position on this issue, and what precisely it is going to do to recover the money from the developer. Here is the crazy bit: The "building contribution" (every penny the developer has received) was signed over to the bank (using an "assignment agreement") as security for the loan. This means that the developer has to pay that money to the bank, not to us. We have no right to demand that money. As for the bank, that apartment is only one form of collatoral that they have access to. In theory, the bank in Poland can choose to not recover the money from the developer, and instead come after our assets in the UK, although our house is heavily mortgaged here anyway and I am sure our UK lender might have something to say about that...Here are my questions:

-Would the polish lender realistically have any chance of touching our UK assets or credit rating in a situation like this?
-Would we be pretty safe to just say "sorry bank. we are not paying any more, we suggest you recover this money from the developer"?

In theory we should receive quite a bit more from the developer on top of the mortgage amount, but the legal system out there gives us no confidence that we could actually recover it through the courts. If we get just 100%, or even 90% of what we paid, we will probably have to just accept it. The main priority is for us to lose the mortgage, as the monthly payments are really quite significant.

Any insight or feedback would be most appreciated.



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