Cyprus Property Forum for Buyers, Sellers & Investors

Hello, we bought an Apartment off plan in 2007 which was completed and the keys handed over in Jan 2010.
As you are obviously aware since then the worldwide financial crisis has had a devastating effect on property prices, which combined with the over valuing of the Cypriot pound, and the fall in the strength of GBP against the euro, means along with thousands of others we are struggling to cope with mortgage repayments.
We have now been told that the title deeds are ready to be transfered and we have to find another 7,000 euros in fees.We were aware that this would be the case at some stage but did'nt expect it to be so soon.
Can you tell me if we are legally bound to have to transfer the title deeds as soon as they are available or can we delay the process untill we are in a financial position to do so.?

Hello George and welcome to the forum,

I suggest that you pay the Property Transfer Fees as soon as possible to get the property registered in your name.

Although you can put-off the transfer, there are no penalties/fines for delaying, you may run into problems:

1. Your ability to seek 'Specific Performance' may lapse - and the developer could make things tricky for you if he chose to.

2. The developer will still own the property and will be liable for all the taxes, etc. Obviously he will not be happy about this and he will no doubt pass the charges onto you (plus a penalty?).

If you want to work out how much your transfer fees will be, the Dept. of Lands & Surveys has an on-line calculator at http://www.moi.gov.cy/moi/dls/dls.nsf/d ... n?OpenForm

Regards,

Thanks for the reply Nigel.
As I said, at the moment, although you advise going ahead with the transfer of the deeds we just havn't got the money to do.
We currently have our mortgage with Alpha Bank, are they likely to lend us the money to transfer the deeds, bearing in mind we have had to freeze our Mortgage payments on the property until Sept 2011?

georgeb wrote:are they likely to lend us the money to transfer the deeds?

I don't know - maybe, maybe not. Best to speak with them directly.

Rgds,

georgeb wrote:Thanks for the reply Nigel.
As I said, at the moment, although you advise going ahead with the transfer of the deeds we just havn't got the money to do.
We currently have our mortgage with Alpha Bank, are they likely to lend us the money to transfer the deeds, bearing in mind we have had to freeze our Mortgage payments on the property until Sept 2011?

There is no harm in asking, plus if the bank gets the deeds to a mortgaged property, this would safe guard their own investment as they have direct control without the developer in the way.

By having deeds, it may also open other lending sources to you, by changing banks!!! Just a thought.

You don't say how much you bought your apartment for so no real way of know what you will need to pay, perhaps a smal personal loan from a UK bank???

Good luck all the same.

Pan