Titel Deed Issue

[Cyprus Property]

Seems that a town-planning amnesty bill package that will offer title deed seekers much more options in chasing what can be a tough desire at moment, do we have any more news on this?

 

[Nigel Howarth]

The banks have raised some objections 'they are unconstitutional'.

 

[Force123]

Can anyone with any knowledge of Title Deeds explain both the current situation and how it will work if we are granted access to Title Deeds please?

Thanks,
Force123

 

[Nigel Howarth]

Basically it takes an unacceptable amount of time for Title Deeds to be issued for new properties in Cyprus; in some cases more than 20 years. There are many causes for the delays, among them:

• Property developers not clearing mortgage debts on the land on which they’ve built properties and which they’ve subsequently sold to unsuspecting buyers.
  
• Bureaucratic delays in the Land Registry and other central Government and local Government departments.
  
• Planning infringements caused by property developers deviating from the various permissions and permits issued for the construction of their developments.
  
• Planning infringements caused by those who have bought property and then made changes without the required permissions and permits.
  
• Etc, etc, etc.

No-one knows how the new system will work - it is still being discussed by the legal affairs committee and parliament. But it's main objective appears to be accelerating the inflow of cash to government coffers.

From what I have seen, it will do nothing to help those who have been duped into buying property built on mortgaged land.

But it will help some of those whose properties cannot be issued with a Certificate of Final Completion due to planning infringements. (There are some 20,000 of these out of the 120,000/13,000 properties waiting for deeds to be issued).

The banks have recently stated that in their opinion, some of the changes being considered are unconstitutional.

More about all of this in my on-line property news magazine.

Regards,