TITLE DEEDS AND LAIKI BANK

[Susanne]

Hi, I am wondering if anyone else is in my current situation?? Me and my partner were in the process of transferring our title deeds and then the current Economic crisis hit Cyprus! The problem is that we had signed all of the papers with the bank, to transfer our mortgage for title deeds, but we cannot go any further as land registry will not accept any transfers from LAIKI customers, and guess what, our mortgage is with Laiki Bank. Land registry have today told us that there may be a possibility of us losing our apartment! We are now in blind panic!!! How can this happen, we have never missed a mortgage payment in 9 years and only went in today to try and purchase our title deeds? I know the current situation is very unstable but I would appreciate any advice that could eleviate our now rising stress levels! thank you

[Pantheman]

Hi, I am wondering if anyone else is in my current situation?? Me and my partner were in the process of transferring our title deeds and then the current Economic crisis hit Cyprus! The problem is that we had signed all of the papers with the bank, to transfer our mortgage for title deeds, but we cannot go any further as land registry will not accept any transfers from LAIKI customers, and guess what, our mortgage is with Laiki Bank. Land registry have today told us that there may be a possibility of us losing our apartment! We are now in blind panic!!! How can this happen, we have never missed a mortgage payment in 9 years and only went in today to try and purchase our title deeds? I know the current situation is very unstable but I would appreciate any advice that could eleviate our now rising stress levels! thank you

A Land registry teller/clerk saying you could loose your apartment, is just rubbish. They do not have any authority or knowledge to make such comments and given the state of affairs it is still early days. The bank is being restructured, so until is actually gets done, do not worry, just maintain your mortgage payments for the time being.

Ultimately, your mortgage will be passed over to the 'good' bank, probably managed by the BoC and then it would be a fair assumption (again assumption because no one knows just yet) that you title will be held with them.

It annoys me when these kind of people throw these unofficial comments left, right and centre and confuse the general public.

If you have the transfer fees available, you might consider an account in another bank and move it or withdraw it daily and deposit, just as an extra precaution. I am not saying that anything further will happen, but better to try and move away from that bank where possible.

Good luck, and no worries.

[Susanne]

Thank you for your quick response! I had already withdrawn my title deed money before the current situation, so I have no worries there. I am more concerned over the crazy 'off the wall' comment yesterday and my developer is telling me now, that I will have to pay more as they (the banks) are going to bankrupt him and our title deeds are in his name! I guess we will just have to play the waiting game, along with everybody else. Nevertheless, thank you for your comment.

[Nigel Howarth]

As Pan has said - what the land registry clerk told you is rubbish!

Keep up your mortgage repayments - and don't worry. It's going to take some time for the dust to settle.

Regards,

[Pantheman]

Suzanne,

ref this comment: my developer is telling me now, that I will have to pay more as they (the banks) are going to bankrupt him and our title deeds are in his name!

This is also nonsense, there should be no more to pay. The title just needs a transfer and the Transfer fees are paid to the Land registry. Do not let him demand and more from you, the banks are restructuring and your mortgage will be taken care of. They (the bank) also need to protect their investment and your title deed is one way to do that.

What district are you in??

[Susanne]

Pan and Nigel, thank you for putting my mind at ease. I have visited this forum many times and have seen the invaluable advise that you both have given to others. Now I know how it feels!!!!!
I live in the Famagusta district, in Paralimni.
Kindest Regards
Susanne

[Pantheman]

Pan and Nigel, thank you for putting my mind at ease. I have visited this forum many times and have seen the invaluable advise that you both have given to others. Now I know how it feels!!!!!
I live in the Famagusta district, in Paralimni.
Kindest Regards
Susanne

Well hello suzanne, i am in famagusta, Avgorou and regularly in Paralimni.
Who is your developer? You can pm me if you dont want to say here.

[Susanne]

Hi pan,
My developer is Spastra Developments Limited, a small company owned by Avraamis Kizas.

Regards
Susanne