Settling a Loan with Alpha Emporiki Bank

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Jockken
Posts: 5
Joined: 01 Mar 2014 14:30

Settling a Loan with Alpha Emporiki Bank

Post by Jockken »

Hi Nigel

We are about to settle our loan with Emporiki/Alpha Bank. The developer is Aristo and we are worried that they may still have mortgages on the land. Should we trust the Bank to settle without seeking legal assistance?
Regards
Jockken
Nigel Howarth
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Re: Settling a Loan with Alpha Emporiki Bank

Post by Nigel Howarth »

Hi Jockken

I suggest that you first request the Land Registry to carry out a title search to see if there are any issues with mortgages and other debts. You'll find a guide and forms at http://www.news.cyprus-property-buyers. ... /id=004888

If there are mortgages on the land granted by Emporiki/Alpha that pre-date the deposit of your contract of sale, you need to get a 'waiver' from the bank releasing the property from any mortgage so that the property can be transferred to your name.

It's also worth bearing in mind that the developer has to produce a tax clearance certificate from the Inland Revenue showing that he has paid the Capital Gains Tax and Immovable Property Tax before the property can be transferred to your name.

Has Aristo advised you that the deeds are ready?

Regards,
Nigel Howarth
Independent information & advice for Cyprus property buyers
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Jockken
Posts: 5
Joined: 01 Mar 2014 14:30

Re: Settling a Loan with Alpha Emporiki Bank

Post by Jockken »

Hi Nigel

Thanks for your prompt response. We have been told by Aristo that the deeds are ready but when vieweing the online detail on the land registry web site it is showing 7 plots. Really appreciate your help will keep in touch and perhaps meet up and Ill buy you a Keo when we move to Cyprus early in December.
Regards
Ken
Nigel Howarth
Site Admin
Posts: 2911
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
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Re: Settling a Loan with Alpha Emporiki Bank

Post by Nigel Howarth »

You're welcome Ken,

If the deeds are ready for transfer then Aristo must have cleared any debts.

One other thing - settle your loan with Emporiki/Alpha Bank before the transfer takes place otherwise your loan will be converted to a mortgage and the Land Registry will charge you 1% of the sum advanced for registering it against the title (which will now be registered in your name).

That's two Keos you owe me :-)

Has Aristo issued you with an invoice for Immovable Property Tax?

Regards,
Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news
Jockken
Posts: 5
Joined: 01 Mar 2014 14:30

Re: Settling a Loan with Alpha Emporiki Bank

Post by Jockken »

Hi Nigel

Thanks again happy to procure two Keo's now!

We did get an invoice for our title deeds and have paid Aristo their estimated amount. I copied the inland revenue in Nocosia in on the payment details along with a form you suggested we remit to them indicating our plan to settle in Cyprus. Aristo have acknowlegded our payment. We will follow your guidance going forward and thanks agian for your asistance. PS Your main site contact page is not working due to a software expiry issue? So thats back to one Keo then!!!
Regards
Ken
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