DAMN TITLE DEEDS! - any answers???

[susieV3]

Hi

Purchasing & have found out Developers still have the land the complex is built on mortgaged......(which they lied to me about!)...Large developer so I thought I would be ok......holding back my deposit at moment, but have paid Resv fee and signed Sales Agreement...............I do have a good Solicitor (Now!) looking into this but just wondered if anyone has managed to get in writing confirmation of dates their Title Deeds will be released????

Any advise would be helpfull, as I DO want the property, but not on their terms!..........I want some proof I WILL get my Deeds!

thanks
susie V3

 

[Lysos]

susie,

Check out the forums on :

"cyprus living" (I'm not allowed to post the web address).

 

[susieV3]

Thanks will do.

Susie V

 

[Tim10]

Most titles should be delivered within 18 months of the key being turned over. In your case, I must ask if the developer wrote in the contract that the land was freehold. If so, this would constitute a breach of contract and you should be able to get all your money back -- by the way, who was the developer?

 

[susieV3]

Damn Title Deeds

Hi

No, nothing about freehold dont think in Sales Agreement (Solicitor is checking it at mo).........developer is Leptos!

thanks

Happy New Year to you.
Susie V

 

[Tim10]

If you want, send the contract to timhiggins10 @ gmail . com and I will be more than glad to look it over for you.

 

[Lysos]

Susie,

If you go to the site I suggested you will find a link to the Cyprus Property Action group, who have advice on matters like this. As for the 18 month timescale mentioned by Tim, this is most definitely not the case in the ROC; some people have waited years - and are still waiting !.

Anyone thinking of buying in the ROC should first purchase Nigel Howarth's guide, available from:

www. cyprus-property-buyers .com

 

[susieV3]

Thanks, I am already speaking to the Cyprus Property Action Group, who are most helpfull.

thanks for your advise

susie V3

 

[Nigel Howarth]

Hi Lysos,

Many thanks for the plug! I've only just found this forum and registered myself. I'm now running a forum and a blog as well as the site you mentioned.

And Susie, it's absolutely essential that you take independent legal advice when buying property in Cyprus - DO NOT use a lawyer introduced to you by the developer or an estate agent.

You need to instruct your lawyer to approach the developer and ask him to obtain a “release” from the financial institution that loaned the money stating that the part of the property you’re thinking of buying is free of a mortgage. In addition, you must ensure that the “release” is given when you sign of the Contract of Sale, or you may find it’s not issued.

Some people have the following clause in their contract:

"The bank which has a mortgage on the project will issue a declaration confirming that the separate Title Deed issued for the property will not be burdened with the existing mortgage which is currently filed on site."​

This means that the property IS mortgaged - and the clause itself is absolutely worthless! The Bank indeed issue a declaration, but only after the mortgage has been cleared - so don't fall into this trap.

If your lawyer is unable to obtain a “release”, do not proceed with the purchase. If you buy a mortgaged property, you risk losing everything!

Take care,

Nigel

 

[kismet]

Nothing beats local knowledge

Hi susi,

There is a substantial backlog for issuing Titles to properties in Cyprus. Its not unusual to wait up to 10 years. Personally, I took matters into my own hands and badgered the land registry on a regular basis to move the process along. However, it has so far taken 4 years and I am expecting my Title in 08.

I would be much more concerned that your developer has a mortgage on the land. One way to overcome this is to ensure that your ownership ( signed sales contract) is lodged with the land registry. Even then if the developer goes tits up you will lose everything. But at least he cannot remortgage again as there will be a charge on the land registry file.

Kismet

Hi

Purchasing & have found out Developers still have the land the complex is built on mortgaged......(which they lied to me about!)...Large developer so I thought I would be ok......holding back my deposit at moment, but have paid Resv fee and signed Sales Agreement...............I do have a good Solicitor (Now!) looking into this but just wondered if anyone has managed to get in writing confirmation of dates their Title Deeds will be released????

Any advise would be helpfull, as I DO want the property, but not on their terms!..........I want some proof I WILL get my Deeds!

thanks
susie V3

 

[grumpy001]

Sisie, Nigels advice is spot on, and the 18 month estimate is unreasonable and unachievable in Cyprus. Many complexes will never have deeds issued for a couple of reasons.

Firstly re your solicitor, check his impartiality and distance from the other parties involved. Use the High Commission website to find recommended solicitors. If needs be drop him/her sooner rather than later. Nigels and the property action group websites are helpful.
Good luck, keep asking questions.

 

[Nigel Howarth]

I would be much more concerned that your developer has a mortgage on the land. One way to overcome this is to ensure that your ownership ( signed sales contract) is lodged with the land registry. Even then if the developer goes tits up you will lose everything. But at least he cannot remortgage again as there will be a charge on the land registry file.

Unfortunately, in some circumstances, it is possible for a vendor to mortgage the land 'your' property is built on - even though you have deposited your contract of sale at the Land Registry for Specific Performance. The problem arises for building sites under division or for a part of a building, such as an apartment, under construction.

Regards,

 

[martinos]

My Friend
U Fell Into The Same Trap That All Cyprus Developers Are Carefully Preparing For All Foreigners
U See, Hear They Just Want Yr Money
They Dont Want To Give U Anything In Return

Good Luck

 

[katharinestavrinou]

The best solution to title deed woes is to buy a resale apartment with a clear title deed. If you are interested in a one bedroom in Agia Napa, send a message and I can give you information on an apartment I have there- full title deed, one bedroom 50 square meters for 50,000 pounds.

 

[Cornholio]

Progress, folks!!

Homeowners turn to Lords for deeds aid
By Jean Christou
(archive article - Sunday, November 23, 2008)

THE BRITISH House of Lords is seeking answers as to why UK home buyers in Cyprus are still waiting for their title deeds and wants to know whether the British government intends to pressure Nicosia on the issue.

Answers to the two questions tabled by Lord Jones of Cheltenham are expected in the coming week.

The development is a victory for British home buyers in bringing attention to the plight of those who have not yet received the title deeds to their properties.

The average wait for title deeds in Cyprus is 10-15 years, and there are around 100,000 home owners still waiting, 30,000 of whom are foreigners.

http://www.cyprus-mail.com/cyprus/homeowners-turn-lords-deeds-aid

 

[Cornholio]

Update............

British MPs and MEPs take up title deeds crusade
By Jean Christou
(archive article - Sunday, November 30, 2008)

BRITISH MPs and MEPs have expressed their shock and concern over the title deeds scandal in Cyprus, and some have already taken the issue up with the government and the EU.

“I find the accounts, which I have received of this chain of events scarcely credible,” said Nigel Farage MEP, the leader of the UK Independence Party and Co-President of the Independence/Democracy Group in the EU assembly.

In a letter to the Cyprus Justice Ministry, Farage added: “Is Cyprus a rogue-state beyond the fringes of civilisation? Does it have no laws, no impartial courts and no responsible government? How could this practice of retaining title-deeds, after the sale of a property, be condoned in a state, which pretends to be worthy of the name, and is not merely a bandit-stronghold?”

Farage said he had received so many complaints alleging “the same extraordinary practices”, described in so many different ways, that he felt obliged to write to the Ministry for their comments.

http://www.cyprus-mail.com/cyprus/british-mps-and-meps-take-title-deeds-crusade

 

[Cornholio]

Update............

Government urged to act on title deeds
By Jean Christou
(archive article - Wednesday, December 3, 2008)

THE unresolved problem of title deeds is a serious issue that needs to be dealt with, the Cyprus Land and Property Owners’ Association (KSIA) said yesterday.

Speaking at their annual general meeting, KSIA president George Strovolides said there were over 100,000 people without title deeds.

“This unresolved issue is dangerous and more regulation on the market will benefit all sides,” he said.

Strovolides said he has brought the issue to the attention of the Interior Minister, who he said pledged to accelerate a solution.

http://www.cyprus-mail.com/cyprus/government-urged-act-title-deeds

 

[Nigel Howarth]

You can listen to the 'Title Deed' interview between George Strovolides & Rosie Charalambous in the on-line Cyprus Property Magazine.

You can find it at Cyprus property association president on the record

Enjoy the rest of Christmas.

 

[Prop-erty]

Susie,

If you go to the site I suggested you will find a link to the Cyprus Property Action group, who have advice on matters like this. As for the 18 month timescale mentioned by Tim, this is most definitely not the case in the ROC; some people have waited years - and are still waiting !.

Anyone thinking of buying in the ROC should first purchase Nigel Howarth's guide, available from:

www. cyprus-property-buyers .com

I thoroughly recommend it too.

 

[Nigel Howarth]

Thanks for the recommendations Lysos & Prop-erty.

Anyone who is interested in buying property in Cyprus can order my FREE 40 page 'Top-Tips Guide' from my website.

Regards,