Cyprus Property Forum for Buyers, Sellers & Investors

In 2007 we purchased a villa which was one of 10 similar properties. Before making the final payment and taking possession of the property we were issued with a letter from the Bank of Cyprus which stated that ‘they released the 1/10 undivided share of the land from the mortgage ( ref provided)’ and that ‘when separate title deeds are issued, the clear property for the said mortgage will be their ( ie myself and husbands ) property’.
Recently a neighbour has obtained the official land registry entry for the development which records the interest of all ten villa owners , a recent tax encumbrance (Feb 2014) and a mortgage with the Bank of Cyprus which predates (2005) all the other villa sale recorded interests. It has the same reference as the one referred to in the letter we received from the Bank of Cyprus in June 2007. There is also a reference to 7/10 in the entry but it is not clear whether this mortgage perhaps applies to 70 % of the land or 7 of the 10 plots.
I would like to know how the land registry charge by the Bank of Cyprus impinges upon our right to title and how this charge might affect the issue of the Title Deeds which we understand are in the final stages at land registry.

Many thanks

Hi Normaj and welcome to the forum.

From what you say it sounds as if the Bank of Cyprus has relinquished the claims it had on the property - particularly as they go on to say ‘when separate title deeds are issued, the clear property for the said mortgage will be their (ie myself and husbands) property’.

I see a memo's been placed on the property by the Inland Revenue (for unpaid taxes presumably). To get this memo removed so that title to the property can be transferred to you and your husband, either:

1. The Inland Revenue may be persuaded to move the debt onto another (unsold) property.

2. You can seek an order from the court directing the Land Registry to transfer title of the property to yourselves (Specific Performance order).

I suggest you discuss how best to proceed with your lawyer.

Regards,

Many thanks Nigel for your very prompt reply.