Cyprus-Forum.com

[Gasman]

but still not connected to his case

But still connected to the CYPRUS PROPERTY MARKET and things that affect it. Which is what the thread is about.

To read some of the responses here, you'd think this bloke Conor was the only person on the planet to have had problems with buying property in Cyprus!

[Svetlana]

Don't get me started on Title Deeds......!!!


lana

Kafenes does,nt want to talk about them Paph is asleep and in a dream world as far as Cyprus justice is concerned, but I would like to hear your opinion

OK, this is my first hand experience. My developer has ceased trading; there were a number of reasons leading to his downfall, not all of his making. We remain good friends and we swopped 'Xristo Anesti' over the weekend, so this is not an anti-Cypriot or personal issue.

Because of the lack of protection of Cypriot Property Law- which even fails to match the standard of Third World countries such as Sri Lanka! - I and hundreds of others find myself in the position of losing our homes.

It goes like this: the Developer goes bankrupt or ceases trading with large debts - around €4,000,000 in this case. No Title Deeds have yet been issued because of the indefensible delays in TD procedures. The TD are therefore assets of the developer and the Creditors make claim on these properties - and we are talking about 100+ for this developer alone.
I checked at Land Registry and my record, along with all others lists the Creditors and amounts outstanding.

So, yes I used a long established and reputable Paphian lawyer and yes the Contract was lodged with Land Registry for Specific Peformance, yet although neither I. nor the developer, has ever had a mortage on it, my home may be taken away from me. How can the Law allow such a situation to occur?

Well, I am more fortunate than some, in that the developer had no mortgage on the land and I have sufficient funds to fight a legal battle.
So, since July, I have been fighting to save my home; Court Hearing after Court Hearing with, I hope, the final Court Order in the next couple of weeks. the cost so far: €25,300. I will then be faced with Property Transfer Tax of €xx,xxx but I will tackle that when I come to it!

So, I am luckier than some; but how will those who cannot afford legal proceedngs or have discovered there is a hidden mortgage on their home, survive. That's another point: how can the system allow someone else to take a mortgage out on your land/home AFTER you have bought and paid for it?

Conspiracy theorists have suggested that XXX Bank is taking a tough stance so that a lot of cheap properties will fall into its lap - but who knows, who is doing what to who!

Anyway, I will report back when I have a conclusion!

Lana

[Svetlana]

It goes without saying that all these properties are now unsaleable.

lan

[Gasman]

Good luck Lana. I bet it is a great comfort to you to read comments like 'a fool and his money are soon parted' and 'this is all water off a duck's back to Cypriots'.

Yes there are many who bought in good faith. Who did not assume their lawyers were liars and crooks or in cahoots with their developer. And who (quite understandably) had no idea that a property they had bought and paid in full for could be used by another as collateral to raise money without their knowledge or consent.

And far less serious cases but just as 'crooked'. Where developers refuse to hand over the TDs even after the many years' waiting, unless the buyers pay all THEIR expenses.

'This is how it's done in Cyprus' is wearing a bit thin.

[Svetlana]

...and don't get me started on 'developers' 'Cancellation Fees' and the totally fraudulent Immovable Property Tax they levy LOL!

[Gasman]

I am dealing on behalf of a friend at the moment with a developer (one of the biggest here in the East side) who, instead of calculating tax due according to purchase price paid, has divided up the TOTAL tax due by the number of properties - 48 properties in total, and charged every buyer an equal amount. The vast majority of the properties are one bed apartments which sold for around £30K when purchased. He is demanding the same amount from those buyers as from the buyers of the huge penthouses and enormous 3bed 3bath apartments.

Current situation is that owners were advised to pay it and claim it back afterwards. LR say they just need a receipt for it on headed paper of the developer, showing it itemised separately and that they cannot use the receipt they were given - he, of course, is refusing to issue them!

[BOF]

sorry to hear of your plight Lana - as you rightly state there are thousands of people in the same situation and no sign of any interest from the powers above to resolve it.
there is a huge amount of money owed to the government from the title deeds fiasco - but they appear not interested in collecting it..
The advice from the foreign office to UK citizens has for a long time stated that property in the North is to be avoided but it now contains information that buyers should be extemely careful in purchasing property in the south.
When you come here they smile and tell you that its 'the British system thats used here in house puchasing.'
when they have your money they shrug and say 'thats how it is in Cyprus'.

[Get Real!]

Are all these crazy things just happening in Paphos, because here in the capital nobody ever complains about developers, deeds, etc…

So many of us have bought and sold homes yet I never hear of any problems…

[Paphitis]

Are all these crazy things just happening in Paphos, because here in the capital nobody ever complains about developers, deeds, etc…

So many of us have bought and sold homes yet I never hear of any problems…

I didn't have any problems in Paphos either!

Maybe there are some inefficiencies within the RoC Land Registry that need to be addressed, but I haven't experienced any difficulties.

I hope Lana overcomes her terrible ordeal!

As for Connor, well I don't have any sympathy for the con artist!

[Get Real!]

I feel sorry for Connor's family because he is such a let down!

You'd expect a family man to represent his loved ones in a straightforward, orderly, mature, and business manner when confronting a problem but this guy’s handling of the situation resulted in him exchanging blows, getting nowhere, and running around with banners… he’s fucking useless!

And btw Connors, if you’re reading this… you’re not the only one who has had disputes with trades people in Cyprus but it’s HOW you handle things that yields results.