Power of Attorney

Legal questions answered by Cyprus property lawyer Louise Zambartas

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Linda
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Joined: 04 Mar 2012 15:14

Power of Attorney

#1 Post by Linda » 04 Mar 2012 17:03

When we bought our property in Cyprus, we took the advice of our Developer and appointed a lawyer he recommended. In hind sight we realise this was not what we should have done.
Because we have a mortgage over the property we signed documents giving him Power of Attorney so he can release monies as the building progressed (this was completed in 2008), and he also dealt with obtaining the Title Deeds in 2010 on our behalf.

We also made Cyprus Wills through him, which made his wife executor, and having read through the Press what this could mean with regards to costs, we have now made new wills making our own executors, which have been logged with the Court.

We have been advised we need to take a letter to him to revoke the Power of Attorney he holds for both my husband and myself, and get him to sign it. Can you tell us:

a) How to word the letter

b) If he can charge us for doing this, and if so, roughly how much this may cost?

c) Is there anything else we should do?



Nigel Howarth
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Posts: 2175
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
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Re: Power of Attorney

#2 Post by Nigel Howarth » 04 Mar 2012 20:44

Hi Linda and welcome to the forum,

I suggest that you read through your Power of Attorney document to see precisely what it enables your lawyer to do - there may be no need to cancel it if it only applies to the purchase of your house.

Due to the pressure of work, Louise is an infrequent visitor here unfortunately. If you wish to contact her, I suggest you do it via the contact page on her firm's website at http://www.zambartaslawoffices.com/

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news

evgeny212
Posts: 1
Joined: 28 Sep 2011 22:30

Re: Power of Attorney

#3 Post by evgeny212 » 24 Mar 2012 16:56

Dear Nigel, I have been enjoying reading this forum for some time in preparation for a visit to the island. Many thanks for all your work and advice. really helpful.
We are planning to buy resale, have identified a number of properties to see. But I am coming to Cyprus for a very short stay and don't want to rush with any final decisions. Would it be useful, in case we decide to start the process at the later stage, to arrange for a power of atterney while I am inCyprus on my forthcoming visit so that I don't have to come there again just for that. Is there anything I should be careful about?

Having read a couple of your tips I am looking for an independent lawyer. One of them was suggested by two of real estate agents i am in touch with. The lawyer whom liked him when we talked, is working for a law firm listed by the British consulate. Would you qualify this lawyer as independent? There are also lawyers from a friend of a friend...don't know whom to chose. Any further tips?

Also, unrelated to legal issues, some of the properties I am looking at we're constructed in90s, and occasionally I am being discouraged to consider such options. But I thought that if it is properly surveyed and comes from a established developer, the fact that no eu standards were applied at that time would not matter much. What do you think.? Also are there any other risks involved on-top of these. Is the common perception that new is always better really affects the market to the level that in 20 years time if I decide to sell, there will be no market for such properties (please note that in this case I am talking about properties located in Paphos area).

We are not looking for anything big and can afford to buy cash, but I was thinking to have a small portion of the purchase to be financed, so that it could go though additional scrutiny by the bank. would it be a usefui strategy if I am convinced to buy from a developer without titles but with an AX number? Would a cyprus bank be normally interested if the amount of mortgage is small?

Would appreciate your reply. And Apologies for these questions from a novice. Regards, Evgeny



Nigel Howarth
Site Admin
Posts: 2175
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
Contact:

Re: Power of Attorney

#4 Post by Nigel Howarth » 24 Mar 2012 18:07

Hi evgeny212 and welcome to the forum.

You should be OK, but if you would like to send me a 'PM' with the name of the lawyer and agent, I will let you know if I've heard of an problems.

You are probably better off buying an older property as a lot of those built since the boom started in 2001/02 are rubbish. But you should make any offer subject to an inspection and report by an engineer to see if there are any problems.

Obtaining a mortgage here is very difficult at the moment, so it will be best if you limit yourself on what you spend.

And if you can find a property with Title Deeds, there is much less risk involved than buying a property without. Even though an AX number may have been issued, the developer may still have a mortgage on the land that will have to be repaid and also he has to pay his taxes before you can get Title to the property.

If you are buying a house with a Title Deed it is also worthwhile getting the plot surveyed to make sure all is OK. (A friend of mine who bought a house a couple of years ago only recently found out that half his garden belonged to his neighbour - the boundary had been incorrectly marked).

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news

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