Cyprus-Forum.com

[purdey]

My friend is a Health and Safety Officer, developer, property renter, part time veg salesman, travel arranger and no doubt a few other bits and pieces. He still finds time to spend three hours every evening in the coffee shop.

[Z4]

Blimey charlie

[Milo]

Not safe to buy according to this article from the Financial Mirror. Many more articles easily found these days or why NOT to buy in the RoC. It has nothing at all to do with NOT doing homework or research. Its the system here thats at fault, it is all gathering pace, and combined with the global crisis is ringing alarm bells in the Construction Industry, what is today left of it...

It is though very bad on the smaller Developers like ours who deserve none of this, I hope they get through and stay as good as they are.


http://www.news.cyprus-property-buyers. ... s/id=00962


"Misleading a friendly foreign power is unwise, for the Cyprus government can neither afford to antagonize its allies nor alienate all those foreign buyers and investors. The Title Deeds issue has been racing up the UK domestic political agenda - the incumbent government has a General Election to fight soon and ‘Cyprus being Beastly to Brits’ is a great media and political football. The British government needs vote-winners. So, the pressure on the Cyprus government to resolve urgently the whole mess will intensify,

Furthermore, Cyprus has a very just case regarding Greek Cypriot property rights in north Cyprus controlled by Turkey, The Cyprus government cites fundamental human rights to demand support from the international community. Yet, it seems to be unwilling to protect those same rights in respect of property buyers in the government-controlled areas. The Title Deeds and properly protection situation here appears to totally contravene the Constitution of the Republic of Cyprus, Article 23, and also equivalent EU and UN charters"

[Svetlana]

It is not just fools (hopefully) who run into problems; I know the Marketplace quite well and employed a very reputable lawyer who has a long standing practice in Pafos. However, my developer has gone bankrupt; there are 'memorandum' on my property and every property built by this developer, which means that, even though there has never been a mortgage on my property, I may never get my Title Deeds and may lose my home.

The law here does not provide sufficient protection to purchasers.

Lana

[Z4]

It is not just fools (hopefully) who run into problems; I know the Marketplace quite well and employed a very reputable lawyer who has a long standing practice in Pafos. However, my developer has gone bankrupt; there are 'memorandum' on my property and every property built by this developer, which means that, even though there has never been a mortgage on my property, I may never get my Title Deeds and may lose my home.

The law here does not provide sufficient protection to purchasers.

Lana

Lana, this is awful news and I hope you get this resolved. This is terrible and unfortunatley is going to happen more in Cyprus. The government HAS to look at this and the situation with the deeds. Surely if the developer has signed the apropriate forms you will be covered as the application is 'pending'?

[Svetlana]

Hi Z4

As the Law stands, even though my Sales Contract was lodged at Land Registry for 'Specific Performance' and neither I nor the Developer ever had a mortgage on the land, I remain only the 'beneficial' owner rather than the legal owner of my property, until Title Deeds are issued.

When the developer goes bancrupt, his creditors have a claim against all his assets, which includes Title to the house I 'own'. In the short term it makes my property unsaleable, in the long term I may lose it.

How the Law can allow this is unfathomable.

Lana

PS anyone got a spare room for a well behaved dog and badly behaved owner?

[Z4]

Hi Z4

As the Law stands, even though my Sales Contract was lodged at Land Registry for 'Specific Performance' and neither I nor the Developer ever had a mortgage on the land, I remain only the 'beneficial' owner rather than the legal owner of my property, until Title Deeds are issued.

When the developer goes bancrupt, his creditors have a claim against all his assets, which includes Title to the house I 'own'. In the short term it makes my property unsaleable, in the long term I may lose it.

How the Law can allow this is unfathomable.

Lana

PS anyone got a spare room for a well behaved dog and badly behaved owner?

Hi Lana

Silly question, but have seeked legal advice haven't you and if so have you got a second opinion on this? The Banks/Government can't be this blind surely - something must be in place to protect the owner - they can't just take it away like that.

Z

[Svetlana]

Hi Z4

I spoke with my lawyer on Tuesday, he said go and find the developer (who is now lying low somewhere!) and tell him to pay the outstanding taxes and debts; then come back to me.

Yes, well, if the developer has a few million € hidden under his matress (which I doubt) I imagine his first priority might not be paying off his debts - but rather a one way ticket out of Cyprus before some of his creditors take......erm..... personal action!

Lana

[CBBB]

Hi Z4

I spoke with my lawyer on Tuesday, he said go and find the developer (who is now lying low somewhere!) and tell him to pay the outstanding taxes and debts; then come back to me.

Yes, well, if the developer has a few million € hidden under his matress (which I doubt) I imagine his first priority might not be paying off his debts - but rather a one way ticket out of Cyprus before some of his creditors take......erm..... personal action!

Lana

Just let me know when you will take personal action, I will polish my baseball bat!

[Z4]

Hi Z4

I spoke with my lawyer on Tuesday, he said go and find the developer (who is now lying low somewhere!) and tell him to pay the outstanding taxes and debts; then come back to me.

Yes, well, if the developer has a few million € hidden under his matress (which I doubt) I imagine his first priority might not be paying off his debts - but rather a one way ticket out of Cyprus before some of his creditors take......erm..... personal action!

Lana

This is a bloody scandal isn't it. It's the same as theft and this developer should be locked up.

I'm going to make some investigations I think and do some research - if I find anything I will let you know. This is totally wrong

I'm off to my sports shop to buy a baseball bat. If I see any polish CBBBB I will get you some!