developer mortgage on land

[mdonnelly]

How can I find out if the developer has a mortgage on the land which our property is built. We have had the property for 3 years, still no titles but now a bit concerned on reading about the lady solicitor in prison who did our conveyancing. We have had the developer divide our share of the land where our plot lies but not really sure if that is a good or bad thing.

[Nigel Howarth]

You will find a 'Guide to obtaining a Title search' in my magazine at http://www.news.cyprus-property-buyers. ... /id=004888

It is near the bottom of the article and has links to download all the forms you need. The search only costs a few Euros.

This will show details of all the claims registered against the Title Deed, including any from the developer's bank.

If there is a charge for security against a bank loan, the amount shown on the search results is not the amount outstanding - you can only get this information from the bank. If there is a charge, see if you can get a waiver from the bank - it maybe best if you get a lawyer to help.

Regarding the 'lady solicitor in prison'. Can you please send me a 'pm' with her name. Just click on the button below this message.

Regards,

[andyp]

I bet you 20 euros Nigel it appears in a locked post.
Will collect next time I am over. Thanks

[melwil]

Well, the lady lawyer that was jailed failed to provide me with a property search when she did my conveyancing. I carried out my own search 4 years later and guess what there was a developer mortgage on the development of 1.5 million euros. That is why she did not tell me there was a loan on the development before I purchased because otherwise I would not have bought. I understand that the most basic job of the lawyer is to have a property search done and advise the client if anything in the search that would affect the purchase, this she failed to do. i have no idea what she charged me 4,000 euros for when she failed to advise me of the most basic fact, that the developer already mortgaged the land. Alpha bank also failed to disclose this fact to me when they lend me the funds (ie alpha bank also provided the developer loan) so alpha bank knew there was a developer loan, and they still lent me money without advising me of this material fact.

[andyp]

Melwil. I am in a similar position because of the same lawyer. Slight difference in that when I bought 5 years ago there was no mortgage. However by the time my contract was registered there was a 640,000 developers mortgage.

Complaint registered against her with The Attorney General 20 months ago and still no hearing date confirmed. Although to be fair there was to have been a hearing last October but she phoned in sick.

[Roger-Snelling]

Hi Nigel, trust you are well.

I still have my old problem, for those who are no familiar with my case you can see the interview with channel 4 Andrew Winter and Roger Snelling, http://www.news.cyprus-property-buyers. ... -channel-4

The guarantors for the bank of Cyprus (3 of them) have had up until now at least 6 court hearings, but yes all have been adjourned, there is a further hearing this month June, but have been told it will also be adjourned.

I too had a female solicitor in Limassol who had power of attorney as I was still winding things down in the UK, she did a search and there was a mortgage of 180k cp she signed the contract which stated The property is free of any mortgage or other encumbrances or charge or any other restrictions, the developer has since died.
I would be interested to learn if this lady solicitor is the same as the one being mentioned on this thread.

Question should I make a complaint to the bar council? Bearing in mind her son is also a solicitor and he was the treasurer some years back for the BAR and could still be.

The wife and son of the developer are 2 of the 3 guarantors, I have just learnt today that no monies have been paid on the loan; the interest rate is 8% the mortgage was taken out on or about June 1995.
I have recently done another search and the 180k is still there + another memo on my property from another unknown person for 120k euros.

Question how can I force the bank of Cyprus to confirm exactly how much is owing?
Bearing in mind there were 8 plots 2 of them where developed, shortly before the developer died (he knew he was dying of cancer) he managed to sell off the vacant 6 plots to another developer, and yet we end up with the whole mortgage, I asked the bank of Cyprus if they received all the monies from the sale of the 6 plots answer no comment, begs belief.

Kind Regards Roger

[Nigel Howarth]

Hello Roger & welcome to the forum,

The lady solicitor referred to in this thread is based in Paphos, so I doubt it's the one you were dealing with.

The land registry search will show the value of the original charge on the land (mortgage) but the only people who will know how much is outstanding is the bank. They will not release this information to you as it is a confidential matter between them and the developer. I believe the only way you could be able to get the bank to disclose the amount outstanding would be to seek a court order.

The memo you mention is probably results from a creditor of the developer trying to recover money they are owed. They will have obtained a court order instructing the land registry to lodge a memo against the title for the unpaid debt of €120k.

You can complain to the Bar Association's Disciplinary Committee about the failure of your lawyer to protect your interests. Whether the CBA will do anything is another matter. They seem to act more like a lawyers trade union than a regulatory body! However, at least your complaint will be registered - and please send a copy your complaint to the British High Commission in Nicosia.

You could also take legal action against your lawyer for professional negligence. There was a case last year where a British couple won a landmark decision in the Supreme Court - more information at http://www.news.cyprus-property-buyers. ... /id=004686

I notice you say that your lawyer signed the contract which stated that "the property is free of any mortgage or other encumbrances or charge or any other restrictions". This in my opinion, is a clear case of mis-representation and you may be able to sue the developer. (I suspect that your lawyer merely witnessed your signature?).

Kind regards,

[Roger-Snelling]

Hi Nigel, no I did not sign any part of the contract, I was in the UK hence the reason to give her power of attorney, I am looking at the last page of the contract 3 signatures 2 the same and 1 from my solicitor the 2 signatures Antonis Ioannides Developers Ltd the Guarantor Agathocles Ioannides.

Incidentally I forgot to mention that the vacant plots that Ioannides sold to another developer has since built on all the plots and sold them he in turn obtained a mortgage from the bank of Cyprus, I know of at least 2 of the villas are still mortgaged to the bank

The successful court case, well I’m not so sure I believe the couple parted, and the court case took some 10 years, did they get their full compensation?

In my case I believe the bank is negligent as well as my solicitor

Regards Roger