Title Deeds

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Tom
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Title Deeds

Post by Tom » 21 Sep 2015 11:42

Hi Nigel,
Recent Title Deeds rules and regulations:
I have read somewhere that if an application is made for title deeds, and is successful (ie Title Deeds are issued) the 50% reduction does not apply, but there is a 10% reduction if payment is made within a deadline period.
Can you clarify please.
Also if an application is made, will it be prudent/necessary to have proof of payment of IPT by the developer as part of the file to take to the Land Registry.
Finally would you know if is it possible to make one application for a complex of say 30 properties.
Thanks
Tom



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Re: Title Deeds

Post by Nigel Howarth » 21 Sep 2015 12:02

Dear Tom

Please refer to my article at http://www.news.cyprus-property-buyers. ... id=0096019

Each person on the complex will need to file an application (at a cost of €10).

No need to concern yourself whether the developer has paid his IPT. But if you have paid him and have the receipts, take these to the Land Registry.

I suggest you also take along your passport and contract - and make photocopies of everything.

Regards,


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Tom
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Re: Title Deeds

Post by Tom » 25 Sep 2015 15:20

Thanks for the reply Nigel and the links to your article on Title Deeds. Downloaded and printed the Application Form, but have a question regards the Contract of Sale and property valuation.
We are the second owners of our property, generally referred to as a Re- Sale. Title Deeds have never been issued, but is the valuation of the property what the first owners paid, or what we paid. If it is what the first owners paid, does proof of payment have to relate to their figures. Not sure where are Contract of Sale fits in to this equation.
Thanks
Tom



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Re: Title Deeds

Post by Nigel Howarth » 25 Sep 2015 17:17

Hi Tom,

You do not need the property's valuation.

The proof of payment is proof that you have paid.

The 'Registered Contract of Sale No' is the reference number on the receipt that was issued by the Land Registry when your contract was deposited.

REgards,


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Tom
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Re: Title Deeds

Post by Tom » 25 Sep 2015 19:11

Sorry Nigel, did not make my question clear: I have been advised by a neighbour that our developer has said that the issue of Title Deeds go back to the first sales transaction, not ours which is a Re-sale transaction. In which case the property valuation will be based the first transaction, ie the people that owned the property before us.
If this is the case I'm not sure how I can verify proof of payment to the original transaction. (ie the people who owned the property before us)
I can of course verify poof of payment to our transaction, which as I say we are the second owners of the property. Title Deeds were not issued to the first owners of the property.

Putting the question in a different format: Will Title Deeds be issued against our Contract of Sale and supporting information.

Best Regards

Tom



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Re: Title Deeds

Post by Pantheman » 26 Sep 2015 09:15

Your developer is talking nonsense. Yes you can apply for the deeds against your own deposited contract of sale.

The price you paid is what the land registry would consider unless they consider it to be too low (ie fake) and will then have their own valuation to which you will pay the Transfer Fees against.

I would not be worrying about this right now, first you need to get the deeds and they may not come until some considerable time unless they have already been separated into the developers name.

Make the application and sit back and wait. Do keep us informed of any outcome though.

Hope that helps

Pan


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Re: Title Deeds

Post by Nigel Howarth » 26 Sep 2015 09:50

Thank Pan


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Re: Title Deeds

Post by Tom » 03 Oct 2015 15:05

Thank you Pan & Nigel
Still have not made our application yet, but again through a neighbour another question has come about.
They are applying for their Title Deeds via their Lawyer. They have completed the application form and handed this over to him with the necessary attachments.
He now informs them that in order to take advantage of the new laws, it is a requirement that a separate deed is issued, and it is available to be transferred.
It is his understanding that the shareholders and directors of our development company have been to the courts in various court proceedings, fighting over a lot of matters.
As a consequence a separate deed have not been issued.
Question: Can we still make an application in the hope that a separate deed will be made available by the developer.
Tom



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Re: Title Deeds

Post by Nigel Howarth » 04 Oct 2015 09:03

Tom wrote:in order to take advantage of the new laws, it is a requirement that a separate deed is issued, and it is available to be transferred.
That is incorrect. But of course Title cannot be transferred until the deed has been issued. In the meantime, once filed, you will be protected if the developer goes into liquidation.

Please refer to my article Apply for your Title Deeds now.

I don't know why your neighbours are using a lawyer, it's a very simple process to submit an application.

Regards,


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Pantheman
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Re: Title Deeds

Post by Pantheman » 05 Oct 2015 12:07

Hello,

Nigel, if I may be permitted to clarify something here, I just found this out very recently.

The new law does give protection against developer mortgages and indeed the new form is for title deeds ready for transfer,, but this is another form (you can get from the land registry) and submit that at the same time that requests your title deeds that have not yet been separated. It is in Greek, but still easy to fill in with a little help.

Hope this helps.

Pan


For all your property needs, we offer Trust, Integrity, Honesty.
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Re: Title Deeds

Post by Nigel Howarth » 05 Oct 2015 15:13

Thanks for the information Pan - any chance you could email me a copy of the form please?

Or perhaps the reference number?

Regards,


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Pantheman
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Re: Title Deeds

Post by Pantheman » 06 Oct 2015 14:20

Nigel Howarth wrote:Thanks for the information Pan - any chance you could email me a copy of the form please?

Or perhaps the reference number?

Regards,
Will send a photo I took of one shortly.


For all your property needs, we offer Trust, Integrity, Honesty.
FSB Properties Ltd
Registered and Licensed Real Estate Company Co. Reg. No. 795, Lic. No. 250/E
Member of ETEK Registration No. A201999
https://fsbproperties.com

avanapa
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Re: Title Deeds

Post by avanapa » 07 Oct 2015 00:26

When we were handing in our application at the Larnaca LR the girl first passed us a separate form and asked us to sign it.I asked what I was signing (it was in Greek) and she said it was required for those applicants that had no deeds yet issued. Possibly the same form?



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