mortgaged property in N.Cyprus

fedup


Joined: 30/07/2009
Posts: 1

Message Posted:
30/07/2009 12:24

We are at Sadrazamkoy, our developer is Sercem. We have paid all costs for our property, have our ptp and have been trying to get our title deeds for three years. We now find our property is mortgaged. I am ill with worry. We are not rich and this property was our retirement nest egg. How can the government allow this to happen. Don't they realise people will stop buying property. They badly need investment in N. Cyprus but are going the wrong way about it. It is true the the boss of Sercem is mayor of Lefkosia and my husband has spoken to him, but did not achieve anything. They just don't care.

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
30/07/2009 12:27

You have quite rightly said THEY DO NOT CARE end of !!!!!

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
30/07/2009 14:30

fedup

Sorry for your problem,a not an uncommon one.

The problem in NC was the length of time for PTP and title deed.

Most off plan sales took place 2004 onwards so its only in the last couple of years that how truly dodgy the system is has come to light.This is because for most people the alarm bells only ring at the ptp stage and after,especially regarding mortgaged land.

One presumed that the lawyer and estate agent a were after ones interest and would spot anything like a mortgage on the land. When it becomes apparent that the lawyer has no duty of care in north cyprus and the legal system offers no recourse it is to late.

It didnt help either that some people defended the system(and their own property values) somewhat by ,by using phrases such as "its the cyprus way" a phrase I found insulting to Cypriots as there as there is dishonesty everywhere, "whinging brits" , "if you dont like it leave".



The info is all on internet for any prospective buyer , thats why so few d

Aga Buyers A G


Joined: 04/10/2007
Posts: 488

Message Posted:
30/07/2009 16:34

Joijh Us In The Protest





TRNC Office, Bedford Square, London WC1

On

August 4th and August 5th



ABAG

xxxxxxxxxx

tony75


Joined: 07/04/2008
Posts: 36

Message Posted:
30/07/2009 16:42

Another link on this forum about the same development.



http://www.cyprus44.com/forums/17828.asp

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
30/07/2009 16:52

If it's your retirement 'nest egg' and have the keys to your finished place, use it as if it is yours because it is! Don't beat yourself up, many are in a far worse a position then yourselves. You'll be squatting in your own place! No one can touch you, just pay your utility bills.



Richard

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
30/07/2009 17:09

Its all well and good saying your ok in your property but i know what its like to be in this position as we are also on mortgaged land in ozankoy and bought a secem property. Your problems get worse if you need to sell as we do due to ill health and you cannot because you cant get deeds. The banks and goverment are at fault for allowing mortgages to be taken on land and property which have been paid for in full

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
30/07/2009 18:02

And what happens if Sercem defaults on the mortgage payments? In any other non corrupt country, taking out a mortgage having sold the property would be classed as fraud.

Aga Buyers A G


Joined: 04/10/2007
Posts: 488

Message Posted:
30/07/2009 18:15

' And what happens if Sercem defaults on the mortgage payments '



As in the majority of cases, passed to the NON EXISTENT LEGAL SYSTEM through the 'BANANA REPUBLIC COURTS; in order to hit the proverbial brick wall for the next 10 years or so........:0(

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
30/07/2009 18:36

Msg 9



Still waiting for the Greek JCB's to cross the border and fulfill the requirements of the court order!



Richard

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
30/07/2009 18:43

The system in place was all against the buyers.

1. Until the beginning of 2008 when it was too late for most buyers, it was not possible to register your contract with the Tapu and stop any mortgage after that point.



2. Most buyers went to lawyers recommended by the estate agent or the vendor. sure enough everything went smoothly this way until .....



3. Even if the buyer went to an independent lawyer, the chances are that the vendor would not accept to give any security to the buyer because it was the sellers market at the time, plenty of other buyers who were ready to buy with their eyes closed.



I know of a case about this couple buying a plot of land and building a largish villa in it. I think the overall agreement was for about 250,000 pounds. After all the contracts were ready to be signed he consulted an independent lawyer for advice for an agreed fee. He paid the consultancy fee through the bank and this second lawyer sought some changes to the contract and got it but the sticky thing was security. The vendor was not prepared to give any sensible security and the deal fell through.



Now, how many would be prepared to pay the lawyer for his/her services if the deal did not go through because he/she tried to give best advice?

ismet

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
30/07/2009 18:49

"Now, how many would be prepared to pay the lawyer for his/her services if the deal did not go through because he/she tried to give best advice?"



I would. It probably saved the client £250,000 and a lot of heartache.

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
30/07/2009 19:35

I think it is very dismissive and also not true to tell people in this situation that no one can touch them. Were we not all witnesses to the attempted auctioning of property at Bellapais recently for the same reason?



This type of legal but corrupt action causes untold stress and uncertainty for many of the islands purchasers. This advice is about as good as some of the advocates who dismissed PTP as a formality and informed purchasers that the system of taking out mortgages on property, already paid for by the purchaser, is acceptable and standard practice.



There are enough lawyers and estate agents hiding the truth without buyers living in cloud cuckoo land as well.

Point well made Girne29.

Rickbald


Joined: 30/01/2007
Posts: 23

Message Posted:
30/07/2009 20:30

fedup,



Perhaps you could persuade others who may be in the same position as you find yourself to ban together and find an advocate willing to take on what appears to be "The Establishment".

Maybe, Brinsley is right - enjoy what you know you have, the views, the tranquility. It may be worthwhile, expressing your views to The President, who has his Summer/Weekend property on the site. Good luck in your quest for Justice.



Rick

Ste65


Joined: 23/03/2009
Posts: 106

Message Posted:
31/07/2009 01:56

Isn't it funny how when the buyers try to get anywhere through the legal system they get absolutely nowhere but when the banks try to force the issue they can recoup their often much less losses at the expense of the buyer once again. The builder has comitted the illegal act of re mortgaging a property that he morally doesnt own anymore as he has taken payment for it from the customer.



So where has all the money the vendor/builder has taken off the buyer ? Why can't the bank enforce it's power against the builder who has comitted the crime? Why does the buyer get shafted??



Well I will tell you why I think this is allowed to happen. I think most of Cyprus is totally corrupt, both North and South. A massive number of cypriots are dishonerable and untrustworthy, especially where money is concerned. It runs from the gutter right to the very top...lots of thieving scum in Cyprus. It's time Cyprus really cleaned it's act up in my opinion. The GC are just as bad as the TC. All tossers

PaulW



Joined: 20/07/2009
Posts: 651

Message Posted:
31/07/2009 02:03

Ste65 - well, come on,don't beat about the bush, tell it like it really is!!!!!!!!!!!!!!!



I personally think you make an excellent point, although I don't think it is particular to Cyprus - I'm afraid it happens the world over!



Jean

Ste65


Joined: 23/03/2009
Posts: 106

Message Posted:
31/07/2009 02:05

coninued....



And before all the Turkish Cypriots jump at me in outrage at my comments just look at what your countrymen are doing to decent hard working people who come to your country to bring work, prosperity and lots of income. You treat us with contempt, do you think you will be able to carry on doing this? Do you think there will be an endless supply of British people you can fleece out of their life savings because you are too lazy to get off your arses and provide a decent service to people without shortchanging them or ripping people off? Is that what your mothers and fathers teach you as children? Have you no decency?



My comments may seem harsh but surely stealing a man's entire life savings he has sweated and toiled to get over a 40 or 50 years is much much harsher. I don't really understand your ethos here, can somebody please explain how the Cypriot mind works please????

Ste65


Joined: 23/03/2009
Posts: 106

Message Posted:
31/07/2009 02:13

Hi Jean,



I'm afraid it doesn happen in my world. Only in Cyprus does it seem to happen, it doesnt happen in the UK, in the UK we see the property fully built before we pay, we exchange contracts and complete on the purchase and pay the moey for the property all on the same day. Thats how it should be done but over in Cyprus you have to trust people because the system is so useless thats the only way to get anything done.



Cyprus really is an incredibly backward country in so many ways, just look how they lay block paving for god sake, the gypo's/pikies in the UK do a beter job for christ sake. Never in all my born days have I seen such abomination of building works, organisation, infrastructure etc ec.



I sometimes wish I'd never bloody seen Cyprus, what a mess !!!!

Tiggy


Joined: 25/07/2007
Posts: 1994

Message Posted:
31/07/2009 02:49

"Plectrum"......you would be better off named "wreckedtum" (after your sailor boy days)



Pikey,where do you dig up these names from......K.K. told me to say...."eh Pikes howz hit goins matesy"

Ste65


Joined: 23/03/2009
Posts: 106

Message Posted:
31/07/2009 03:07

Well Plectrum.



Your trying to start a whole discussion. That's not what I'm saying here. Your comment is something for another posting that has been posted 1000s of times before asd is very boring.



So basically you are saying that the poor litle Cypriots who are all driving around in big 4x4's are the victims ???? Is that what you are saying...come on now, the Cypriots North and South treat Brits like idiots. Before I came North I was a South Cyprus holidaymaker and got peed off geting abused down there.



I thought the North Cyprus people were different but it seems they are cut from a similar cloth. It's bandit country mate both North and South. The politicians are all bandits too, not much else you can say about Cyprus...hang on let me think of a nice one...... erm oh i here try this for size :-



"Cyprus, a land lost in time, unspoilt, unrushed, lose yourself in this paradise..and lose all your fu**in money to these thieving fu**ers too"

Tiggy


Joined: 25/07/2007
Posts: 1994

Message Posted:
31/07/2009 03:08

Plecs.....any reply for the Kapparis Kid....he will be upset if you ignore him....you were mates once!

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
31/07/2009 03:20

Plectrum



I'll see you at the border, on the legitimate side the TRNC. A one way ticket will do for you!



Richard

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
31/07/2009 03:22

Ste65



You have my full support



Richard

burty1987


Joined: 21/07/2009
Posts: 79

Message Posted:
31/07/2009 03:31

thieving fu**ers is a bit strong.



I was out in Kyrenia, out fell a £50 note from my pocket, and a guy came running behind me to give me it back.....



Would that happen in the UK? I doubt it! A customer in my shop dropped £1 and the guy behind stood on it, when she left he casually bent down and put it in his pocket....all for £1!



The English are just as greedy as Cypriots, if not more so!