Title Deeds. . . . . ?

Do you have a problem getting your Title Deeds?
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Richard
Posts: 2
Joined: 02 Mar 2008 14:32

Title Deeds. . . . . ?

Post by Richard » 29 Aug 2008 22:45

Hi Nigel,

Richard here, now somewhat hugely delayed by the UK housing market, or the lack of it. . . . .

Perhaps you saw this statement on another forum, which I know you inhabit!

"It is not unusal for newer properties not to have deeds here in Cyprus, as long as you have your contract lodged at land registry within 30 days, and have a specific performance written into it, it is 100% safe to buy."

I don't believe that is strictly true, comments appreciated.

All the best

Richard.



Nigel Howarth
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Re: Title Deeds. . . . . ?

Post by Nigel Howarth » 30 Aug 2008 12:50

Hello Richard and welcome to the Cyprus Property Forum.

No, the statement "It is not unusual for newer properties not to have deeds here in Cyprus, as long as you have your contract lodged at land registry within 30 days, and have a specific performance written into it, it is 100% safe to buy." is not strictly true!

Firstly, if a mortgage exists on the property - and that mortgage was taken out before your Contract of Sale was lodged with the Land Registry, then whoever loaned the money has a claim on the property that takes precedence over your claim to ownership. If you visit this page on my magazine website, you can watch a video of Andrew Winter's damning report on the Title Deed scams.

Secondly, even though you may have deposited your Contract of Sale for Specific Performance, under certain circumstances it is still possible for its owner to take out a mortgage on the land on which it's been built.

These are the major issues - there are also numerous loopholes in the law that enable the more nefarious property developers to fleece buyers who have yet to receive the Title Deeds to their property. These include the developers' version of 'immovable property tax' and also excessive 'contract cancellation fees'.

An elderly lady who I've been helping deposited her contract for Specific Performance back in 1982. And although she and her late husband paid for the property in full all those years ago, the developer is now demanding 50% of the price they paid all those years ago before he'll agree to transfer Title. I met with her lawyer a few months ago and he's now taking her case to court - it's scheduled to be heard next month.

It's a myth - Specific Performance does not provide 100% protection.

I've spotted where that information was posted - and added a 'wealth warning'.

Regards,


Nigel Howarth
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Richard
Posts: 2
Joined: 02 Mar 2008 14:32

Re: Title Deeds. . . . . ?

Post by Richard » 31 Aug 2008 22:02

Nigel Howarth wrote:Hello Richard and welcome to the Cyprus Property Forum.

No, the statement "It is not unusual for newer properties not to have deeds here in Cyprus, as long as you have your contract lodged at land registry within 30 days, and have a specific performance written into it, it is 100% safe to buy." is not strictly true!
Hi Nigel,
Yup, many thanks for that and I have seen the response elsewhere; I think you may have just rained on someone's parade, however, in these hugely expensive matters it is necessary to be absolutely precise I think.

All the best

Richard.



dumb
Posts: 1
Joined: 22 Jan 2017 22:10

Re: Title Deeds. . . . . ?

Post by dumb » 22 Jan 2017 22:11

Good info and straight to the point. Thank you



Pantheman
Posts: 428
Joined: 26 Jan 2008 14:44
Location: Famagusta District
Contact:

Re: Title Deeds. . . . . ?

Post by Pantheman » 28 Jan 2017 17:16

Nigel Howarth wrote:
30 Aug 2008 12:50
Hello Richard and welcome to the Cyprus Property Forum.

No, the statement "It is not unusual for newer properties not to have deeds here in Cyprus, as long as you have your contract lodged at land registry within 30 days, and have a specific performance written into it, it is 100% safe to buy." is not strictly true!

Firstly, if a mortgage exists on the property - and that mortgage was taken out before your Contract of Sale was lodged with the Land Registry, then whoever loaned the money has a claim on the property that takes precedence over your claim to ownership. If you visit this page on my magazine website, you can watch a video of Andrew Winter's damning report on the Title Deed scams.

Secondly, even though you may have deposited your Contract of Sale for Specific Performance, under certain circumstances it is still possible for its owner to take out a mortgage on the land on which it's been built.

These are the major issues - there are also numerous loopholes in the law that enable the more nefarious property developers to fleece buyers who have yet to receive the Title Deeds to their property. These include the developers' version of 'immovable property tax' and also excessive 'contract cancellation fees'.

An elderly lady who I've been helping deposited her contract for Specific Performance back in 1982. And although she and her late husband paid for the property in full all those years ago, the developer is now demanding 50% of the price they paid all those years ago before he'll agree to transfer Title. I met with her lawyer a few months ago and he's now taking her case to court - it's scheduled to be heard next month.

It's a myth - Specific Performance does not provide 100% protection.

I've spotted where that information was posted - and added a 'wealth warning'.

Regards,
could you please pm the forum in question, i'd like to see what is being said.


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