Cyprus-Forum.com

[dolmadis]

I think that you may have been on a CYBC Radio discussion with him. But I am not certain of that.

He asked me not to disclose his name. What I posted was what he wrote in his email.

I won't publish his name because he asked me not to and I will respect that.

But I would be willing to send a copy of the email to say, Rosie Charalambous and she could contact the lawyer and then vouch to you that I have told the truth.

If you want to set that up with Rosie please let me know.

[nhowarth]

I think that you may have been on a CYBC Radio discussion with him. But I am not certain of that.

He asked me not to disclose his name. What I posted was what he wrote in his email.

I won't publish his name because he asked me not to and I will respect that.

But I would be willing to send a copy of the email to say, Rosie Charalambous and she could contact the lawyer and then vouch to you that I have told the truth.

If you want to set that up with Rosie please let me know.

But you've already made a fool of yourself with Rosie - telling her how I was damaging the Cyprus property market during the radio program. I don't think antagonising her and her bosses by bombarding her with another lot of email is going to do you any good - or win you any brownie points.

I met with a couple this morning who discovered that they're developer took out a mortgage on their property 5 days after their Contract of Sale was deposited at the Land Registry. The husband is 70 - he's now had 2 strokes and is in dire need of specialist medical treatment in the UK (it's not available in Cyprus). Their chances of selling the property are nil unless the mortgage is cleared. They could go to Court, it would probably take 5 years and even then, there's no guarantee that the decision of the Court could be enforced.

I have a suggestion - if you don't know what you're talking about - why not keep your big mouth closed in future and leave it the people who know what they're doing!

[dolmadis]

I have a suggestion - if you don't know what you're talking about - why not keep your big mouth closed in future and leave it the people who know what they're doing!

I left the playground a long time ago, so I will not be responding to that comment.

I have every sympathy with the couple you mention and anyone else who is disadvantaged in any way in the process of purchasing property in Cyprus.

It would seem that even lawyers with a good reputation can, apparently, misunderstand property law in Cyprus.

[Oneness]

for the sake of comparison, in the case of a property where deeds are available, what is the quickest period of time between registering the contract at the DLO and the title deeds being issued in the name of the new owner? is an express option available?

[nhowarth]

Hi Oneness

Assuming that:

- A Title Deed for the property exists (i.e It's not part of a larger plot awaiting sub-division).

- There are no encumbrances (such as a mortgage) registered against the property - or any prohibitions.

- All the paperwork is in order; namely:

- A certified copy of the Council of Ministers’ permission to acquire the property or a Certificate of Permanent Residence issued by the District Administration Office (where required).
- A completed Form N270 - ‘Declaration of Transfer of Immovable Property’.
- The Title Deed of the property being transferred.
- A completed Form N313.
- Receipts confirming that the following fees, charges and taxes for the property have been paid:

Immovable Property Tax.
Town Tax.
Capital gains tax.
Estate Duty Tax.
Sewerage Board Tax.
Town rate.
Communal rate.

The transfer can take place immediately on deposit of the contract of sale.

In fact, you don't even have to pay the purchase price in full before the transfer takes place (although I doubt its present owner would agree to doing so).

Regarding an 'express option'. I have heard of developer in Paphos being able to speed up the issue of Title Deeds on payment of an 'acceleration fee'.

Cheers,

[Southerner]

Hi Nigel, I think that it is good that this subject is discussed in depth, we hope to move over next April and find threads such as this very useful.
On another forum that we both frequent I have been warned off from stating my own views regarding the title deed issue, I believe that it is irresponsible to try and hide the problem under the carpet, it won't go away until the problem is faced up to.
My own belief is that if enough people stood their ground refused to go through with a purchase until everything was as it would be in the UK the Cypriot property market would soon put it's house in order knowing how much the Cypriots worship money.
Estate agents would soon be hammering at the door of the govenrment to get the title deed issue sorted out, this would soon be followed by many builder/developers; the rest would soon fall into line.
Arguing about the why's, what's and who's of the matter is only stating what is already known, it is now time for something positive.
Keep the ball rollong.

[Oneness]

Thanks for the useful information Nigel. It deserves a more prominent place than nth post on the 5th page of a Cyprus radio phone in post!!!

Did you hear anything new about the land VAT that was due for 2008? In particular, the response from the EU to Cyprus' request for clarification and postphonement to mid 2008...

[pantheman]

Heres another option, if when you sign the contract, the developers bank gives you a waiver over you piece of ground ( ie once you paid for your flat, house or whatever), this would solve the problem of worrying if the developer goes but. As the bank will not then have any claim to your property.

The specific performance law could then be used to force a title in your name if the bank refused to do it.

Does this make sense??

Either way was a good discussion and very informative.

[nhowarth]

I believe that it is irresponsible to try and hide the problem under the carpet, it won't go away until the problem is faced up to.

I couldn't agree more! There are many loopholes/failings in the law that anyone with an understanding of how the system works can drive a coach and horses through.

And from earlier postings in this thread, even 'reputable' lawyers do not understand (or perhaps do not want to believe) the things that go on here.

To an outsider like me, it seems like the Cyprus Government is either unwilling or unable to put things right.

Cheers,

[nhowarth]

Did you hear anything new about the land VAT that was due for 2008? In particular, the response from the EU to Cyprus' request for clarification and postphonement to mid 2008...

Yes - Although originally scheduled to be introduced in January 2008, the Cyprus Government successfully applied to the EU to delay its introduction until August. Furthermore, the Government is currently negotiating with the EU to allow a derogation until 2010 (along with a number of other EU member states).

Fingers crossed!

Cheers,