Trapped buyer

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Emassociates
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Joined: 25 Jul 2020 17:08

Trapped buyer

Post by Emassociates »

I am currently in the process of renegotating a final settlement for my mortgage held with Alpha bank. All through negotiations via a lawyer, it has been clearly stated that before any monies were due to be paid across, that the title deeds must be transferred into my name free of any charges or emcumbrances, which we were lead to believe by the lawyer would not be an issue. It has now transpired that the developer has remortgaged against the property with the bank of cyprus, something which is clearly stated in my original sales contract would not happen. The bank of Cyprus will not do a waiver.
Obviously no monies will be paid until such a time I can obtain title deeds.
Two questions, has the developer committed fraud and were does this leave me legally?I
Look forward to heading from you.
Nigel Howarth
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Re: Trapped buyer

Post by Nigel Howarth »

Good morning Emassociates and welcome to the forum.

The first thing you should do is apply for the Title Deed as described at Applying for Title Deeds. This may take some time as the Land Registry is dealing with many thousands of cases.

I can't say whether your developer has committed fraud, but if you could send me a scan or clear digital photograph of your contract I can give you my opinion. Although I'm not a lawyer, I've probably seen hundreds of contracts in my time.

I'll send you an email and you can reply attaching your contract.

I'm surprised that your lawyer didn't uncover the problem when you bought the property? I hope you're not using the same one now.

Regards
Nigel Howarth
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Pantheman
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Joined: 26 Jan 2008 14:44
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Re: Trapped buyer

Post by Pantheman »

Hello,

The question is, did you already have your contract deposited at the land registry BEFORE he took the mortgage??

If so then the mortgage does not relate to you property and only the portion of land of the unsold properties.

If you contract is after, then the bank has a first change . In order for any dads to be transferred, he would have had to have had a final certificate and have done the subdivision, do you know if this has been done??? If not then you could not get the deeds anyway.

If you can give me the plot registrations number I can look up if separate deeds have indeed been issued.

At the end of the day, looks like you need a different lawyer of a refund for any monies you paid him, because he could have easily have ascertained the legal status by doing a simple search at the land registry.

Alternatively, if the deeds have been issued and are waiting a transfer to you, you could ask BoC if they would accept a sum of money to allow the transfer to you, worth a try, it just means more cost to you.
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