Hello fellow "victims"
Posted: 02 Apr 2012 23:42
Hi
I am also an "owner" of a property in Cyprus, I got my keys when promised but I am also awaiting my elusive title deeds. I have a CHF mortgage with Laiki (the bank that increases margins on a regular 18 month cycle). Have read many of the posts and it really is unbelievable how many people are affected by this!
I purchased my property off plan in 2007 and was told 4 years for my deeds so only just getting to the stage that they are due.
Just curious if anyone has actually taken the steps to find out if there are developer mortgages or encumbrances on their property as I plan to do this when I go over this year.
I noticed a post regarding the fact that until title deeds are issued the developer is the guarantor of the loan, if we default then the bank pursues the Developer who subsequently pursues us, however if the developer has not transferred ownership of the asset paid for does that not mean we could counter sue for losses as a result of not receiving the asset that we paid for?
If the loan agreement specifically states that the developer would be liable then can the bank legally pursue us if they have knowingly lent money on the same asset to two different parties?
I am also an "owner" of a property in Cyprus, I got my keys when promised but I am also awaiting my elusive title deeds. I have a CHF mortgage with Laiki (the bank that increases margins on a regular 18 month cycle). Have read many of the posts and it really is unbelievable how many people are affected by this!
I purchased my property off plan in 2007 and was told 4 years for my deeds so only just getting to the stage that they are due.
Just curious if anyone has actually taken the steps to find out if there are developer mortgages or encumbrances on their property as I plan to do this when I go over this year.
I noticed a post regarding the fact that until title deeds are issued the developer is the guarantor of the loan, if we default then the bank pursues the Developer who subsequently pursues us, however if the developer has not transferred ownership of the asset paid for does that not mean we could counter sue for losses as a result of not receiving the asset that we paid for?
If the loan agreement specifically states that the developer would be liable then can the bank legally pursue us if they have knowingly lent money on the same asset to two different parties?