Cyprus-Forum.com

[bill cobbett]

This are the first paras from http://www.picas-cyprus.com/?p=165 by N. Howarth...

..."A petition has been launched calling on the Interior Ministry and the Land Registry to reject any application made by the Alpha Bank to auction land to recover money owed to it by the bankrupt developer Yiannis Liasides.
YESTERDAY the Property in Cyprus Action Support Group (PICAS) launched an on-line petition concerning applications made by the Alpha Bank to auction eight plots of land in the Paphos district to recover monies owed to it by bankrupt property developer Yiannis Liasides.
People affected by the Alpha Bank’s applications paid Liasides for their homes in full and have also been forced to spend many thousands of Euros in addition to make their homes habitable by completing unfinished construction work, build roads and obtain utility services as a consequence of the company’s collapse.
These unfortunate people may lose their homes if the Alpha Bank’s applications are approved."...

To repeat, these people have paid in full and in good faith for their homes. The law in CY on this is an ass. It needs to change to suit EU directives.

Those who agree that this and the title deed saga in general has brought a great deal of disrepute on the Republic and that no one should lose their homes over what many are saying is poor lending practices by banks can sign the petition at...

http://www.cypruspetitions.com/petition ... tion_id=30

Thank You.

[bill cobbett]

A timely reminder today from the EU on this Title Deeds affair...

The Republic was bound to adjust its laws to comply with the EU's Unfair Commercial Practise Directive so that developers and banks couldn't combine in an under the table sort of way to encumber property that had been paid for in full with further advances on top of unpaid loans with the obvious danger that buyers would face huge demands and great delays in getting their deeds. A danger that has become a very real threat of people losing their homes for those now facing eviction by the Alpha Bank.

Here's the first para from the Mail covering this news...

..." CYPRUS is in trouble with the EU commission again, but this time it’s not the environment or financial mismanagement: it is property.
The government is facing some tough questions from EU Commission Vice President Viviane Reding about the measures they took - or should have taken - to ensure property sales did not fall under the unfair commercial practice directive (UCPD) "...

http://www.cyprus-mail.com/property/eu- ... s/20111215

[Svetlana]

I met with Liasides yesterday; he and his lawyer are meeting with the Alpha Bank Receiver at Paphos Land Registry, this morning.

[Get Real!]

What's unbelievable is that people actually went to Alpha bank for a home loan!

[Svetlana]

What's unbelievable is that people actually went to Alpha bank for a home loan!

The vast majority of those affected had no mortgage with any Bank; Alpha Bank are Liasides creditors and regard the Title Deeds he holds as assets they can claim even though the owners had no relationship of any kind with Alpha Bank. Neither I, nor the developer, have ever had a mortgage on my property - makes no difference as far as the Receiver is concerned. Liasides owes Alpha some €3,000,000 - the value of the properties involed is many time that!

[Lordo]

Were there not some people on here saying it will never happen in the RoC. Humble pie time I think?

[bill cobbett]

Were there not some people on here saying it will never happen in the RoC. Humble pie time I think?

There are massive and many differences between the situation in the Republic and "elsewhere".

One of those many, many differences is that those who are at threat of dispossession of their homes have remedies available... The Local Authority that is the Republic is ACCOUNTABLE and is in for a mauling for ignoring the EU Directive, the Unfair Commercial Practise Directive. It should have been made a part of CY national law years ago but no matter cos as an EU Directive it will take precedence over the out of date national law.

The Republic will almost certainly and quite rightly have its bum dragged before the ECJ by the Commission, will be told to implement it forthwith and pay a pretty hefty fine and may even be told to make good any losses incurred by purchasers.

The ECJ by the way acts pretty quickly in reaching decisions in matters referred to it by the Commission, result in months rather than the decades of the ECHR route.

Anyway, for those who want to support our Lana and others out a bit don't forget to sign the petition...

http://www.cypruspetitions.com/petition ... tion_id=30

[johbee]

I still don't see how this criminal is still walking the streets. He has committed fraudulent transactions by selling something that actually does not belong to him. The title deed situation in Cyprus is just another joke that the present government has brushed aside. They have destroyed this country and we still have another year of Comrade idiot!

[Svetlana]

I shall not defend his actions, in some cases he has done major wrong - but it is a complex situation - where others' illegal activities have conspired to bring about this position. He has resided twice in Nicosia Jail this year, so your wish has already been granted.

I am not aware he actually sold anything which did not belong to him

[johbee]

If he sold houses that were built on mortgaged land then technically he sold property that did not belong to him but rather to the bank who held the mortgage. Where I am from there are legal procedures one must go through to ensure all liens against a property are know by the buyer. Unfortunately not the case in Cyprus and by allowing this practice to continue the government esstentially killed the goose that layed the golden egg.