Acquiring Title Deeds.10.12.13

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caldersley
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Joined: 20 Jan 2014 15:59

Acquiring Title Deeds.10.12.13

Post by caldersley » 18 Feb 2014 00:54

Hello everyone, just a few words about myself,this in the way of an introduction to you.......i bought a 2bed. townhouse off-plan,11 years ago in Pegeia village from Andreas Kaizer Developers,after seeing the proposed site and wonderful village location.......i must say i did not dream what a reality journey i was about to embark on!!
After many years waiting my Solicitor told me my Title Deeds were ready and sent me a list of official charges for her work to secure these..........others in the small block of eleven dwellings have acquired the Deeds over the past two years now
So It seems now from what i am told, that a Memo has been placed on all the developers Properties by a
Bank because it sued the Vendors for a loan of a Client,......thus resulting in a delay of the transfer of the Deeds
Can anyone out there explain to me in simple words, what all this means with regard to me getting my
Deeds anytime soon?.....after all, this has been eleven years and i do not have any outstanding mortgage or finance on the property.2 months ago my Solicitor told me she is trying to resolve this issue, whatever that means!! ............any comments, views or advice on this,from out there in the Forum would be most welcome meanwhile

Thanks, Caldersley



Nigel Howarth
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Re: Acquiring Title Deeds.10.12.13

Post by Nigel Howarth » 18 Feb 2014 10:42

Hi Caldersley and welcome to the forum.

A Memo is a charge lodged against a property that results from a court order. Typically these come about as the owner of the property (in your case your developer) owes someone some money - a supplier, a bank, etc. - and these people have taken action through a court against the property owner to recover the debt.

Providing that the memo was lodged at the Land Registry after your contract was deposited, this should be just a minor inconvenience. I expect your lawyer will be talking to the bank to get it to lift the memo from 'your' property. Once this happens, the transfer of ownership of the property can proceed. If the bank refuses, your lawyer will have to seek an order from the court instructing the Land Registry to lift the memo - this may take some time due to massive backlog of court cases.

However, if the memo was lodged at the Land Registry before your contract was deposited, then it's more of a problem as the debt will have to be repaid before the transfer of ownership of the property to your name can proceed. (Or the creditor may be persuaded to remove the charge).

If you want to find out more about these memos and other charges, see the Department of Lands and Survey's Citizens Charter (pages 50 - 56).

Regards,


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Pantheman
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Re: Acquiring Title Deeds.10.12.13

Post by Pantheman » 18 Feb 2014 15:10

Nigel Howarth wrote:Hi Caldersley and welcome to the forum.

A Memo is a charge lodged against a property that results from a court order. Typically these come about as the owner of the property (in your case your developer) owes someone some money - a supplier, a bank, etc. - and these people have taken action through a court against the property owner to recover the debt.

Providing that the memo was lodged at the Land Registry after your contract was deposited, this should be just a minor inconvenience. I expect your lawyer will be talking to the bank to get it to lift the memo from 'your' property. Once this happens, the transfer of ownership of the property can proceed. If the bank refuses, your lawyer will have to seek an order from the court instructing the Land Registry to lift the memo - this may take some time due to massive backlog of court cases.

However, if the memo was lodged at the Land Registry before your contract was deposited, then it's more of a problem as the debt will have to be repaid before the transfer of ownership of the property to your name can proceed. (Or the creditor may be persuaded to remove the charge).

If you want to find out more about these memos and other charges, see the Department of Lands and Survey's Citizens Charter (pages 50 - 56).

Regards,
Nigel,

it is my understanding that (and I could be wrong), that a 'memo' can only be lifted from the whole title and not individual properties. There would be no incentive for anyone to place a memo if it could be lifted without payment, after that is the purpose of it.

Do you know any different and if so any cases where this has happened??


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Re: Acquiring Title Deeds.10.12.13

Post by Nigel Howarth » 18 Feb 2014 20:12

Hi Pan,

To be honest, I'm not sure. What I have seen happening is that memos get placed on all properties registered in the name of the individual concerned even if the debt isn't related to that particular property or properties.

A Greek (Athenian) friend of mine bought a plot of land in one of the Limassol villages to build his home. When he went to Land Registry transfer the title there was a memo on the land that was lodged after his contract of sale. He went to a lawyer who pleaded his case in court and the judge ordered the memo to be lifted.

He said that his lawyer had told him that a seller and a buyer can collude in a sale to avoid the seller having to pay his debts - and that his lawyer convinced the judge that this was not case.

Regards,


Nigel Howarth
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