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no title deeds 5 years on

Posted by emba - Created: 8 years ago
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10 replies (Showing replies: 1 to 10)

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Posted by emba - 8 years ago

thanks nigel, what if we paid with cash and did not use the mis-services of a solicitor?the mis selling still applies as I guess no developer selling states that what you are purchasing is built on land that has a loan on it..

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Posted by Nigel Howarth - 8 years ago

Hi Andyp & emba,

As far as I'm aware, all of the banks in Cyprus loan money to buy property built on land that has been mortgaged by the developers.

If you were not advised of an existing mortgage when you purchased the property then the developer, lawyer (and the bank if you took out a mortgage) are guilty of misselling by virtue of the fact that they failed to advise you of the situation. This is a 'Misleading Omission' an offence committed by omitting or hiding material facts from buyers, which if had been made known, would have influenced the buyer’s purchasing decision.

This was part of an EU Directive - the Unfair Commercial Practices Directive 29/2005/EC that was enacted in Cyprus - Law 103(1)/2007.

In my opinion, your lawyer was professionally negligent if he/she failed to carry out due diligence on your behalf.

I know of a fraud investigation involving the sale of property in Cyprus that was already mortgaged in the UK.

As for the banks - they are required, under Basel II, to register loans as non-performing if they have been in default for three months. The banks are then required to take action to recover the debt - but the banks hear appear to be more lenient than they should be.

Regards,

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Posted by emba - 8 years ago

well answering my own question here,land registry were kind enough to answer by email! and they todl e the sales agreement had been submitted to them....

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Posted by emba - 8 years ago

hi again, well banks and lending policies is a shambles, so won't even go into that now, anybody know if i turn up at the land registry department with simply a sales agreement and my id, proof of purchase etc , will i get anywhere in terms of finding out if plans/agreement were submitted? can't get an arithmo fakellou (envelope number as requested by town an planning dept) from developer, so not sure the plans/agreement were ever submitted....but will the land regsitry dept turn me away?

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Posted by emba - 8 years ago

No but I will post reply as soon as I do...suffice to say I know a bank that does deal with many developers (a few have fallen way behind on their payments owed) but due to the fact that they were big players, the bank likes to keep em sweet and not upset them, some pay up so do not, and the penalties out here are not like the u.k, banks are way more lenient, it is seen as bad publicity to repossess homes etc

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Posted by Andyp-695384 - 8 years ago

Morning emba.

Did you get a response from your bank on their lending policy?

Regards

andy

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Posted by Nigel Howarth - 8 years ago

Unfortunately Andy, 99% of the lawyers here give the rest a bad name.

Cheers,

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Posted by Andyp-695384 - 8 years ago

I do not think hidsight would have helped. Probably 80% of the lawyers would have lied to you on the matter. Mine did.

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Posted by emba - 8 years ago

Np update the site , you are right it never crossed my mind once, as I had no idea such a practice could be allowed in the first place.....in hindsight i should have looked for something with title deeds, but as this was a new project they did not exist....

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Posted by Andyp-695384 - 8 years ago

No problem Emba. Not trying to worry you but these are the facts as I understand them. I and many others I know paid cash for our properties and are potentially in the same situation as you.

What is ultimately disgusting is that I bet there are people out there who have borrowed to buy their homes from a bank and that same bank may already have a security over the same property for a developers loan. This would just not happen in the UK nor many other countries I suspect.

Once you have spoken to your bank perhaps you would let us know their response.

The www.cyprus-property-action-group.net have been fighting this problem for years. I am a bit surprised that you seem to have only realised this potential problem since your recent post.

Regards

Andy