Cyprus-Forum.com

[hissyfits]

Oracle,

In no way is the mortgaging of properties similar to purchasing leasehold property in the UK.What a poor and misleading comparison. You really are digging the bottom of the barrel to justify the wide-spread corruption that exists for foreign property buyers and Cypriots in the ROC.

Firstly the victims involved in the MANY Cyprus mortgage scams have bought freehold properties, paying in full for their land and property. Although in the UK the leasehold can be sold to another party, after first refusal by the existing tenant , the terms remain the same i.e Ground rent cannot be increased during the term of the lease and the OWNERSHIP of the property is not in dispute. Mortgages can not be raised, on the property, by the company or person owning the Lease. So in no way is property ownership in any way in dispute.

How would you feel if you suddenly discovered that your home had a mortgage on it despite having paid in full? Until a letter arrived from the bank you had no idea that this had occurred. The debt obviously belongs to the developer but it appears that you are the one that is left owing this debt. Your lawyer informs you that after his completed searches, the developer must have applied for this mortgage, but don't worry its the Cypriot way and you are not at risk UNLESS the developer fails to pay this mortgage. Of course you now do not own the property you have paid for and you cannot sell it without the bank and developers permission and any money from the sale is likely to go to the bank to clear the mortgage.

In no way can this corrupt system be compared to leasehold properties in the UK. It can however be compared with Brits buying GC property in the North, something i know you (and I) find extremely distasteful. However your constant attempts to justify, the very well publicised property scams in the ROC, show your hypocrisy to have no ends. Dishonest ownership and property corruption, supported and encouraged by Governments has to be challenged no matter where it exists. The ROC's reputation is now known world-wide. Its a terrible indictment when the British High Commission have to warn buyers about buying in the South as well as the North. I note other EU countries are following suit.

[miltiades]

Oracle,




Dishonest ownership and property corruption, supported and encouraged by Governments has to be challenged no matter where it exists. The ROC's reputation is now known world-wide. Its a terrible indictment when the British High Commission have to warn buyers about buying in the South as well as the North. I note other EU countries are following suit.

I agree 100% , Im furious to say the least that the RoC tolerates such corrupt practices , there is NO excuse no ifs or buts , those responsible are bloody crooks and do not care at all about the good name of Cyprus. I'm a Cypriot and I DO care and I condemn those responsible and those in government who turn a blind eye , its a bloody disgrace and should be dealt with as a matter of national pride.

[eleni]

As far as I understand.. when you buy a property over here you get 2 deeds one for the land & the other for the house, if a property is on a complex, the land is slpit and your deeds are issued for that part of land & home that you have bought!, communal areas have service charges as they do in England. When someone buys a flat for example in the UK they know they are buying it leasehold, they know there will be a minimal ground rent charge. This is not the case here.
It is not only "Brits" who are encountering these problems with developers, many are Cypriots young & old who have sunk their life savings into buying a home for themselves & family

[hissyfits]

Spot on Miltiades,

Yet it would need very few safeguards to introduce a system which gives legal protection. Why the apathy? This is doing untold damage to the reputation of Cyprus, not to mention the damage to the construction industry. I fear that if action is not forthcoming the Brit Government will go ahead with its threat to prevent Cyprus advertising homes in the press and at property exhibitions.

This with the now well publicised warnings about buying in the ROC, will undoubtedly cause even more damage to its economy.

[Gasman]

Well said Milti. Plenty of other Cypriots are appalled by all this too.

Leasehold property law in the Uk is very complex. Someone needs to look it up.

[eleni]

Hissyfit.

If they try to sort this out I would Imagine it could send a few banks down a very slippery hill with bad debts!

[hissyfits]

Eleni,

You are correct this is not just a "moaning Brit" problem as some would have you believe. I know many Cypriots who are caught up in this terrible mess. Some, returning to their homeland after working hard all their life and saving for that dream of spending their final years with family and friends. Only to be living in fear of the developer going bust and their hard earned home becoming collateral for the bank.

Its just not acceptable!

[hissyfits]

Eleni, the implications whilst worrying for the economy, will force action from the Government. Up to now the EU had hoped that the ROC would be proactive and sort this out themselves. As this has not happened they are now looking at ways round the existing laws for justice to happen.

http://www.news.cyprus-property-buyers. ... /id=006034

http://www.news.cyprus-property-buyers. ... /id=006014

[Milo]

Oracle,




Dishonest ownership and property corruption, supported and encouraged by Governments has to be challenged no matter where it exists. The ROC's reputation is now known world-wide. Its a terrible indictment when the British High Commission have to warn buyers about buying in the South as well as the North. I note other EU countries are following suit.

I agree 100% , Im furious to say the least that the RoC tolerates such corrupt practices , there is NO excuse no ifs or buts , those responsible are bloody crooks and do not care at all about the good name of Cyprus. I'm a Cypriot and I DO care and I condemn those responsible and those in government who turn a blind eye , its a bloody disgrace and should be dealt with as a matter of national pride.

Why do they ignore it Milti, when those at the top know what is happening. We all care, I especially for those I knew nothing about last year for instance and now I know men and women in their 60,s who have put their savings and their trust into Cyprus who now have tears in their eyes and suffering ill health because they may lose everything and ONLY because of some of these corrupt Developers. They now suffer even more with the protracted court system to help them and have spent many more thousands of euros just to get a small step closer. Many will die without answers I fear, as some are older. Its unfair and and very sad that anyone who just paid 100,000-200,000k euro into a new house/apt and settle down to live in it, should be in the terrible positions they are in, some only finding out after years of living there. They did nothing. But when they cause a fuss like asking for the loan to be taken off their property, the trouble then starts.

It appears to be a coastal or village new build problem, I don,t know of anyone yet who bought in Nicosia and has problems.

[hissyfits]

Well,

thanks for helping us put this into perspective Oracle. Most appear to agree there is no comparison, as one has all the necessary legal safeguards and the other is a method of allowing crooks to fleece innocent victims with the blessing of the Government.