Title Deeds

Do you have a problem getting your Title Deeds?
Post Reply
LadieGolfer
Posts: 12
Joined: 03 Apr 2011 11:24

Title Deeds

Post by LadieGolfer » 14 Dec 2014 21:29

Good Evening Nigel,

Can you give us some guidance on the best approach to apply for our Title Deeds, please.
Is this a process that we could do?

We are currently in the CHF debarcle, the stress of which is making me unwell. Would we have a better chance of not being easily 'repossed' if we have the Deeds?

Regards
Ladie Golfer



Nigel Howarth
Site Admin
Posts: 2499
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
Contact:

Re: Title Deeds

Post by Nigel Howarth » 15 Dec 2014 00:30

Good evening Ladie Golfer

Unfortunately there isn't really a way that you can apply for your Title Deeds - they generally take around 7 - 10 years to issue if you've bought off-plan. You can apply for Specific Performance but this only really helps if the developer is dragging his feet.

Have you tried contacting the developer to see what progress is being made?

Having the Deeds will protect you if the development company fails - they will help not avoid you being repossessed.

The foreclosures law has still to be passed into law and this might help you if the property is your primary residence. But we'll have to see what the law actually says when it's published.

Regards,


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

LadieGolfer
Posts: 12
Joined: 03 Apr 2011 11:24

Re: Title Deeds

Post by LadieGolfer » 20 Dec 2014 19:53

Hi Nigel,

The repossession legislation vote was rejected, but another vote is to take place at the end of January 2015. Could you explain what the Repossession Vote means for the lay person please.

How does the rejection of the vote inpact on a holiday home owner who is in fincial difficulties with the a Cyprus bank as a result of the CHF.

Also how would a vote in favour of the repossession legislation affect the same senario.

Do you have any feed back from the Swiss Franc Loans Conference that took place at the begining of December? The Hungarians have managed to overturn the CHF to help their country, any sign the Cypriots have grasp the idea of this to resurge Cyprus mortgages, to aid the investors, banks and in the long term the economy.

Regards
LadieGolfer



Nigel Howarth
Site Admin
Posts: 2499
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
Contact:

Re: Title Deeds

Post by Nigel Howarth » 20 Dec 2014 20:54

Hi LadieGolfer

The repossession legislation hasn't been rejected – parliament voted to delay its implementation until the end of January. As a consequence the IMF has suspended its contribution to the bailout loan (although the €350 million loan tranche from the ESM has gone ahead).

The repossession legislation is designed to reduce the time it takes to repossess property used as loan collateral due to the borrower being unable to service their loan. It will also help to force 'strategic defaulters' – i.e. those who can pay but who refuse to do so – to pay.

The delay makes no difference to holiday home purchasers. Some who have defaulted on their loans have already had their holiday homes recovered by the bank and are being pursued in the UK.

I haven't had any feedback regarding the Swiss Franc loan conference. It was the Hungarian parliament that forced banks to compensate borrowers for unfair terms in in forex loans. I can't see the government here doing the same – the banks simply do not have the money.

Many people have successfully renegotiated their CHF loans with the banks, although the Bank of Cyprus is currently playing hardball.

Regards,


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

Post Reply