[cashinmattress]

New law in Cyprus will leave up to 100,000 property owners with no title deeds

Quote

New legislation in Cyprus aimed at clearing up years of problems with title deeds will only apply to new purchases, leaving tens of thousands of property owners without legal documents.

It is a major blow for property investors on the Mediterranean island, many of them foreigners, as the government has promised to sort out the mess which dates back decades in some cases.

The Cypriot government confirmed that the new law will have no bearing on old transactions which means that buyers remain at the mercy of the developer who sold the property to them and the banks that hold their title deeds as collateral for loans.

It is estimated that up to 100,000 buyers may have paid fully for their properties but have no legal document to prove that they own it. This also means they cannot sell it. Around 30,000 of them are foreign investors most of whom are British.

They believe that the government has not only ignored their plight but has gone back on a pledge that the new law would help everyone.

Campaigners described the revelation as a 'bitter blow' which leaves them with no option but to seek some kind of redress through the courts system which is likely to be lengthy and expensive.

They also hit out at the fact that they heard about the situation via the House of Lords in London. They believe that the Cypriot government had no intention of clarifying the position until British peer Lord Jones of Cheltenham demanded clarification.

As a result British High Commissioner Peter Millet sought a written response from Neoclis Sylikiotis Minister of the Interior. A statement said; 'The Minister was fully aware of the problem of obtaining title deeds, an issue which also affects a large number of Cypriots. The Cyprus Government will introduce legislation to speed up the issuing of title deeds, but this legislation will only apply to future cases.'

In February British Foreign Secretary David Miliband revealed that the British High Commissioner to Cyprus had 'received assurances' from the Cypriot Interior Ministry that they would introduce a bill to address the situation soon. At that point there was no mention of the new law relating only to future transactions.

Oh deary me.

[Frank Hovis]

I know that there is expectation that this will be applauded but I class this action with the Spanish property theft that has been happening.

Just because I would never buy a foreign property doesn't mean that I regard anybody who does as BTL scum. There are retiree British couples out there who will now have huge problems as a result of this. Maybe the government should be doing something more to help (n.b. - not giving huge bail-outs though).

[cashinmattress]

Frank Hovis, on Jun 13 2009, 06:57 PM, said:

I know that there is expectation that this will be applauded but I class this action with the Spanish property theft that has been happening.

Just because I would never buy a foreign property doesn't mean that I regard anybody who does as BTL scum. There are retiree British couples out there who will now have huge problems as a result of this. Maybe the government should be doing something more to help (n.b. - not giving huge bail-outs though).

What can they do other than put a warship in the harbour?

Greeks don't like being told what to do, and they don't especially like the British.

[CrashConnoisseur]

cashinmattress, on Jun 13 2009, 07:02 PM, said:

What can they do other than put a warship in the harbour?

Site two military bases on the Island?

[cashinmattress]

Crash Connoisseur, on Jun 13 2009, 07:20 PM, said:

Site two military bases on the Island?

I was speaking figuratively, but thanks.

That little island has seen a lot of bloodshed.

[bogbrush]

Frank Hovis, on Jun 13 2009, 06:57 PM, said:

I know that there is expectation that this will be applauded but I class this action with the Spanish property theft that has been happening.

Just because I would never buy a foreign property doesn't mean that I regard anybody who does as BTL scum. There are retiree British couples out there who will now have huge problems as a result of this. Maybe the government should be doing something more to help (n.b. - not giving huge bail-outs though).

+1

It's one thing to be anti-BTL, it's another thing to rejoice at people being robbed.

[cashinmattress]

bogbrush, on Jun 13 2009, 08:02 PM, said:

+1

It's one thing to be anti-BTL, it's another thing to rejoice at people being robbed.

Yes, but it is also another thing for people to understand the risks before dropping big money into a foreign country.

Ignorance is no excuse.

[erat_forte]

cashinmattress, on Jun 13 2009, 08:07 PM, said:

Yes, but it is also another thing for people to understand the risks before dropping big money into a foreign country.

Ignorance is no excuse.

Especially a foreign country that has been occupied and partitioned and is now contested, with many people living as exiles from their former homes

[happy?]

bogbrush, on Jun 13 2009, 08:02 PM, said:

+1

It's one thing to be anti-BTL, it's another thing to rejoice at people being robbed.

The people being robbed of course were those dis-possessed by the war of 1974. Those who were foolish enough to imagine that others' legitimate claims on the property they 'bought' could be ignored are now reaping the reward of their ignorance. There are tens of thousands of greek-cypriots and turkish-cypriots who have waited a generation to get back their land - looks like they may be getting their way at last.

Those with long memories know who the robbers are and the courts are now recognising their claim.

[Driver]

There is something to be said for starting Land Registration from scratch rather than expecting the state to sort out historical problems with all the financial consequences.

[The Ayatollah Buggeri]

happy?, on Jun 13 2009, 09:02 PM, said:

The people being robbed of course were those dis-possessed by the war of 1974.

From our perspective, the question boils down to just how much due diligence you expect someone contemplating relocation abroad to carry out.

Given that Cyprus has been the subject of political unrest since Grivas was kicking off, part of me thinks that this should have been a great big 'keep out' sign for anyone contemplating expatriate retirement there. But there was no official Foreign Office advice to that effect and the domestic economic climate has rather encouraged such blue rinse emigration in the last few decades. A difficult one.

This post has been edited by The Ayatollah Bugheri: 13 June 2009 - 09:06 PM

[Peter Hun]

The Ayatollah Bugheri, on Jun 13 2009, 10:04 PM, said:

But there was no official Foreign Office advice to that effect and the domestic economic climate has rather encouraged such blue rinse emigration in the last few decades. A difficult one.

You mean this warning from the FO?

Quote

On 20 October 2006, an amendment to the Republic of Cyprus criminal code relating to property came into effect. Under the amendment, buying, selling, renting, promoting or mortgaging a property without the permission of the owner (the person whose ownership is registered with the Republic of Cyprus Land Registry, including Greek Cypriots displaced from northern Cyprus in 1974) is a criminal offence. The maximum prison sentence is 7 years. The amendment to the law also states that any attempt to undertake such a transaction is a criminal offence and could result in a prison sentence of up to 5 years.

(A European arrest warrant can be applied for)

http://ukincyprus.fc...buying-property.

As you know ignorance of the law is no defence, even if the British criminals buying the stolen property were unaware that it was stolen. That is extremely unlikely becuase the land is cheaper and classified as 'exchange land'.

Even aside from this, the rule of Caveat Emptor applies - you are responsible to check what you are buying.

Better discussion on this subject here -
http://www.housepric...howtopic=113075

Quote

New law in Cyprus will leave up to 100,000 property owners with no title deeds

Hang on, they are missing the point, Cypriots will be able to sue for compensation from foreign owners as well. So as well as losing their North Cyprus property they could lose their UK homes as well.

This post has been edited by Peter Hun: 14 June 2009 - 10:19 AM

[Tuberider]

never understood the brits who bought without title deeds... what a stupid thing to do. you dont ever buy a car without a logbook, so why would you spend your life savings on a property without a title ?

stupid, stupid, stupid

[Peter Hun]

Tuberider, on Jun 19 2009, 03:41 AM, said:

never understood the brits who bought without title deeds... what a stupid thing to do. you dont ever buy a car without a logbook, so why would you spend your life savings on a property without a title ?

stupid, stupid, stupid

They have title deeds, but from the Turkish authorities, which are useless as they don't have the rights to the land in the first place.

[Tuberider]

no

i mean in the republic of cyprus

why do it to yourself