Repossession, Title Deeds & Assignment letters

[PaphosCB]

Hi there - just looking for some guidance as we are trying to get our property repossessed by a Cypriot Bank resulting from a Japanese Mortgage trap years ago, however the bank is wanting an Assignment Letter from the Management Company confirming that there are no outstanding charges. From what I understand there is no longer a formal management company who can provide this for our property and so any suggestions for what we could do as we still want to find a way to progress with the repossession? Might there be a way to get the assignment letter reworded to offer to make an agreement to pay the outstanding charges should they ever be requested?

We are also trying to determine any other outstanding expenses that are associated with the property - do you have any suggestions for how we can do this remotely with the electricity board (not idea who used to supply power to the property), same for council tax, water rates or any other charges so any other suggestions very welcome!

In addition we have never received the Title Deeds from the developer and so do you think that can we request that the bank obtains them as part of the repossession from the developer seeing as we were never officially the owners? I have reached out to who was our original solicitor but am getting no replies...

Is there anything else that you suggest we watch out for? We have been trying to resolve this situation for years but only recently have some positive signs from the bank that they are willing to consider this and so anything else that you can think of that we should be aware of would be very helpful? Or if you have any other community members that have or are going through something similar, please feel free to share your experiences...

Thanks in advance for any guidance and suggestions!

[Nigel Howarth]

Hi PaphosCB and welcome to the forum

Many people were persuaded by the banks to take loans in Swiss Francs or Japanese Yen. Some have negotiated settlements with the banks using different law firms.

Have you got anyone acting on your behalf in this matter?

I assume the property you bought formed part of a complex - maybe an apartment or a larger property on a development with shared facilities like a swimming pool.

These complexes are required by law to have a Management Committee - have you tried contacting someone on the development to find out what's going on?

If you can't get to Cyprus yourself to sort out electricity, water, local taxes, etc. you'll need to appoint someone on the island (a lawyer) to sort these out on your behalf by appointing them as your Power of Attorney. The UK FCDO publishes a list of English-speaking lawyers at https://find-a-professional-service-abr ... try=cyprus

Regards,