GMP Property Developers Call in Receivers

Legal questions answered by Cyprus property lawyer Louise Zambartas

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Debbie Coyle
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Joined: 26 Jul 2013 00:56

GMP Property Developers Call in Receivers

Post by Debbie Coyle » 26 Jul 2013 11:14

Hi Louise,

We were hoping that you would be able to advise us on what to expect now that GMP Mirror Homes have called in the receivers.

We currently own a 2 bedroom apartment in Kapparis which was purchased in 2007 and we do not have a mortgage on the property.

We are unsure of how to proceed and what may happen to the ownership of our property.

Best Regards,

Debbie



Nigel Howarth
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Re: GMP Property Developers Call in Receivers

Post by Nigel Howarth » 26 Jul 2013 19:12

Hi Debbie and welcome to the forum,

Louise is a very infrequent visitor these days. Do you have the deeds to the property?

Regards,


Nigel Howarth
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Pantheman
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Re: GMP Property Developers Call in Receivers

Post by Pantheman » 27 Jul 2013 13:49

Debbie Coyle wrote:Hi Louise,

We were hoping that you would be able to advise us on what to expect now that GMP Mirror Homes have called in the receivers.

We currently own a 2 bedroom apartment in Kapparis which was purchased in 2007 and we do not have a mortgage on the property.

We are unsure of how to proceed and what may happen to the ownership of our property.

Best Regards,

Debbie
Nigel, I doubt they have deeds as there will be no issue with ownership. At least that is how I read it.

If when you purchased the property, there were no developer loans or memos on the land then you retain the ownership rights. This mean it is unlikely it would be subject to any repossession, but you will probably never get title deeds for the property.

You could always do a search at the land registry to ascertain the current circumstances, at least this will give you a better picture.

Selling it on will also be very difficult as the developer will not be about to sign it over and I doubt anyone would want to buy a property with these legal issues.

Good luck


So sorry to hear of this.


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