Sercem Construction mortgaged land

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
06/04/2009 09:28

does anyone have a property where a mortgage has been taken on the land by Sercem constuction.

CarrieRBag



Joined: 23/12/2008
Posts: 1374

Message Posted:
06/04/2009 10:44

Glass View Bay was mortgaged land by Sercem but our solicitor advised us not to proceed until he received a letter from the said mortgage bank stating the mortgage had been lifted off our plot. Hope this helps

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
06/04/2009 11:15

thankyou for your reply .Have you bought a property to find there is now a mortgage on the land. Could you tell me where Glass view bay is please

CarrieRBag



Joined: 23/12/2008
Posts: 1374

Message Posted:
06/04/2009 12:56

Glass View Bay is past Estentepe then past Bahceli about 2 Km further along on left hand side (coming from Girne). Solicitor would not proceed without the mortgage having been taken off so (hopefully) we are mortgage free.

stevemac


Joined: 21/07/2008
Posts: 99

Message Posted:
06/04/2009 18:50

Have you now discovered a mortgage on the site after purchasing Anthiano?

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
06/04/2009 19:37

yes we purchased in august 2007 and when we went to register our land last year found out a mortgage had been taken out 1 week before contracts were signed. Because it takes so long to get information into land registry office this did not show when the check was done by our lawyers. The builder is now in breach of contract but as yet the mortgage is still on.

kibrissibel


Joined: 18/02/2008
Posts: 562

Message Posted:
06/04/2009 19:57

Has you or your lawyer done a search at Land Registry to discover how much the mortgage is for/who the mortgagee is etc. Has your lawyer or yourself managed to gain any information from Sercem re the payment terms etc. The HBPG are attempting to gather info about mortgaged sites. Please see: http://www.hbpg-trnc.net/documents/mortgages.html If you are in TRNC you can come to the HBPG surgery for advice on Tues 12-3pm at the Pia Bella, Girne or alternatively email the HBPG



Sibel

magicart


Joined: 05/10/2008
Posts: 985

Message Posted:
06/04/2009 20:03

I would be interested to understand what problems ,if any ,you have with Sergem.

cocos


Joined: 04/04/2008
Posts: 129

Message Posted:
06/04/2009 20:05

Another company who took out a mortgage just prior to customers registering contracts. It obviously wouldn't have been an accident. Should be criminal offence of fraud.

kibrissibel


Joined: 18/02/2008
Posts: 562

Message Posted:
06/04/2009 20:23

I have a vote and I'm going to use it!

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
06/04/2009 20:37

we do know all the details of the mortgage and bank concerned i am now in touch with hbpg and hoping for their help in this matter. May i point out at the time the mortgage was taken out these properties were 3 years old we bought a resale hoping to avoid any problems. May i point out i live in a development where there are as many turkish cypriot buyers as foreigners but at that point in time people were not registering land this was only brought to light when it became the rule to register your land.

kaiserphil


Joined: 14/12/2008
Posts: 1096

Message Posted:
06/04/2009 20:43

Sercem mortgaged 11 properties at Selin Villas some time ago. I don't know what the current situation is with them.

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
06/04/2009 20:48

We are in a 13 villa devolpment on selin villas could this be the same one

kaiserphil


Joined: 14/12/2008
Posts: 1096

Message Posted:
06/04/2009 21:09

I can't recall house numbers. Uphill to the first junction, turn left, keep going and they were the houses on the right. One of them at the end has a 4.2 metre dish.

They were built quite a while after those on the left.

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
06/04/2009 21:38

yes thats the ones there are 13 villas. I really want to know if there are any more mortgages on the selin villas development or any other sercem sites.

kaiserphil


Joined: 14/12/2008
Posts: 1096

Message Posted:
06/04/2009 22:45

Afraid I don't know, at the time we and our neighbours were concerned about our villas up past the corner shop, and our advocate found that out.

No longer being in TRNC I am not up to date.

Good luck with your search.

kibrissibel


Joined: 18/02/2008
Posts: 562

Message Posted:
07/04/2009 16:08

I take it that you are on the Selin villas site and you said your lawyer was aware of the details? So the search at land registry would show the value of the mortgage etc. If it is an unparcelised site, the mortgage will cover the whole site. You or your lawyer can do a search at land registry on other Sercem sites to find out if there is a mortgage if no one else comes forward with any information.

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
07/04/2009 16:45

thanks for your help have an appt with lawyes again this week. Was just trying to save spending more money and getting no further

sienna


Joined: 09/01/2009
Posts: 1627

Message Posted:
07/04/2009 16:53

Sibel so what if the whole site sits on different titles is it possible that only some of the land would be mortgage and therefore only effect the apartments/villas that are on that particular section of the title (if you see what I mean)

ie the complex has five titles and only three are mortgaged ?!

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
07/04/2009 17:37

im sorry to say the site is on one title and the whole site is mortgaged. Although i seem to be fighting this on my owm as the turkish cypriot owners seem to think there is not a problem and all the other villas are holiday homes and i havent seen them in the 2 years ive been here as they rent them out.

sienna


Joined: 09/01/2009
Posts: 1627

Message Posted:
07/04/2009 17:47

just a thought anthiano ;-(

professoregit


Joined: 30/08/2008
Posts: 381

Message Posted:
07/04/2009 17:55

Not sure if you guys know, but I'm quite sure that the owner of Sercem is none other that the Mayor of Lefkosa! Says it all really.

kibrissibel


Joined: 18/02/2008
Posts: 562

Message Posted:
07/04/2009 17:57

Sienna - yes that's possible.



This of course only refers to existing mortgages taken out prior to contract registration. If all contracts have been registered, no further mortgages can be taken. If some contracts have been registered at land registry they cannot take further mortgages that cover those plots which have been registered.

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
07/04/2009 18:20

yes i am aware he is the mayor of nicosia but try to make an appt to speak to him you havent got a chance. would you believe there are still owners on this site that havent even registered their land yet and have no intention of doing so i wonder why i am at a loss. the plot is as one and is mortgaged as a whole for a very large sum of money. i need to sell for medical reasons and the estate agents dont want to know i really dont know where to go next

professoregit


Joined: 30/08/2008
Posts: 381

Message Posted:
07/04/2009 22:51

Sorry to hear about your predicament buddy. If you have not already done so,

suggest you go to the HBPG and speak to Marian. She will help you. I know.



Don't give these $£%"!%d's an inch. For everybody else out there beware,

do not let people in high places or with so called honourable titleships fool you,

corruption rules here., to the core.

JohnBey


Joined: 05/04/2009
Posts: 46

Message Posted:
09/04/2009 10:41

Anthiano - have you thought about or tried to make contact with FULL MARKS on the Karakum road next to Cyprus Home Furniture. This is Sercem and you need to speak with Hasip. Good luck.



JohnBey

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
09/04/2009 12:22

thanks for the info i knew they were connected but was under the impression they had split and gone their seperate ways

kaiserphil


Joined: 14/12/2008
Posts: 1096

Message Posted:
12/04/2009 12:38

Hi Anthea, just heard from an ex-neighbour at Selin Villas who tells me that they have their PTP but are unable to obtain their deeds, as according to their advocate lots of people are awaiting deeds from Sercem, but they have "mortgaged lots of their assets".

Thank goodness I managed to sell last year!

kaiserphil


Joined: 14/12/2008
Posts: 1096

Message Posted:
12/04/2009 13:00

Anthea, just realised that my last comment above sounds rather self-centered.

It wasn't meant to be, I really do wish you and all other people caught in the same trap all the luck in the word!

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
12/04/2009 14:58

thanks so much i just wonder how honerable you have to be to hold the title of lord mayor not very by look of things

rocking


Joined: 05/11/2008
Posts: 421

Message Posted:
12/04/2009 19:27

Perhaps you might go to one of the DP meetings where he will be especially if in Nicosia and have a good go at him there, he speaks English how about getting hold of Serdar perhaps he can convince (I am almost sure of this) his ex partner to stop playing dirty. Cannot your solicitor look up who is a Director of Sercen. Nothing surprises me here, just seen news on TV and there is the owner of a whole house in Lapta up on the platform trying to become an MP for ORP party!!!!!!

rocking


Joined: 05/11/2008
Posts: 421

Message Posted:
12/04/2009 19:32

meant to say whore house in my postage above.

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
12/04/2009 20:05

well nothing is a suprise any more !!!!!!!!!

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
13/04/2009 09:09

Wish to have a meeting with the Mayor of Lefkosa, no worries?!



Roll up to the Town Hall, (not much before 11.30 am-He's still recovering from night on Raki at his mates 'night club') Kalashnikov AK45 slung over your shoulder wearing long black leather coat and dark black shades, fire off a few rounds into the air to draw attention to yourself and you'll be surprised how many doors will open up for you! Job done!

Play them at their own game, hope this helps!



Richard

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
17/04/2009 13:06

message for carrie r bag

Do you know for definate that your land is now mortgage free? and are you now proceeding with the sale

CarrieRBag



Joined: 23/12/2008
Posts: 1374

Message Posted:
17/04/2009 19:20

I am checking on the mortgage thing but as said earlier, once a mortgage has been taken off and the property registered, and our has been, another mortgage cannot be taken out against it so I am fairly sure we are ok. I have checked with others who have bought here and they are of the same mind, once its off and registered, its off and that is it. I am not planning to sell. I will challenge Sercem as I will be at their offices early next week about something completely unrelated. I will report back here (if anyone is there to see us of course!!!).

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
17/04/2009 19:55

i do hope you manage to sort it. We have been 18 months now and cant even get to see anyone from sercem even our lawyer cant get an appt. We have repeatedly been told it will be off next month and so it has gone on. We also registered our land which then sits on top of the motgage so as to stop anyone else mortgaging if that one is lifted, but this is certainly no assurance as if they default on payments the bank can claim your property. I am led to believe sercem have moved offices if you know how to get to the new one could you let me know. thankyou .

Hatty


Joined: 13/07/2008
Posts: 260

Message Posted:
17/04/2009 20:08

CarrieRBag,



I think we may have the house diagonally opposite you and therefore I would be extremely interested in the outcome of your enquiries.

Hatty


Joined: 13/07/2008
Posts: 260

Message Posted:
22/04/2009 23:35

CarrieRBag,



Have you had your meeting with Sercem yet?

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
23/04/2009 08:09

Im sorry to say no!! My lawyer teephones on a daily basis still the same answers there is no one there to speak to them. I went to Lefkosa myself this week following directions given to their new office but unable to find it. If you know how to get there could you give me directions please.

CarrieRBag



Joined: 23/12/2008
Posts: 1374

Message Posted:
23/04/2009 11:42

I did not go to the offices as my other query is being sorted. From Girne, Stones roundabout, turn left, go past the football stadium thingy(!) and keep going outwards the airport. On the left hand side you will see large yellow buildings which is where SERCEM make their own bricks and their office is in one of the smaller, all glass buildings. I will check back to our lawyer to see if he can elucidate on this problem. But might be one for the lawyer who kindly answers queries here.

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
23/04/2009 11:51

That lawyer is mine and has not as yet come up with anything. Can you verify this is the new office have you been there recently ?

CarrieRBag



Joined: 23/12/2008
Posts: 1374

Message Posted:
23/04/2009 12:03

The old offices are now occupied by Full Marks and so I believe this to be the new offices, unless SERCEM have moved again in the last few months. The lawyer on here has said on here site:





Does registering your contract prevent the vendor then taking out a mortgage on your property?



” The official response which we received from the Land Registry is that it does not actually prevent the vendor from taking out a mortgage, but that any mortgage taken out subsequent to the registration of the Contract would either require the signature of the person named on the Contract to consent to the mortgage or the mortgage would be subject to the Contract i.e. the Contract would have priority over the mortgage. Therefore, it is unlikely, on that basis that any potential lender who carried out a Land Registry search and discovered the presence of a Contract of Sale would lend on that basis”.



Next.......................

CarrieRBag



Joined: 23/12/2008
Posts: 1374

Message Posted:
23/04/2009 12:04

I have emailed the advocate who acted for us on this house purchase and posed the question about a mortgage AFTER the land search so if he responds, I will let you know what he says. Thanks

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
23/04/2009 12:20

dont know if you are aware fullmarks looks as if it part of sercem look on their website our houses are on there . i have been in their office and they say they do not sell property it all looks very iffy to me. my problem is the morgage was taken out on the land just a few days before contracts were signed so it didnt show in land registry and sercem signed them stating there was not a mortgage on the land. Are these contracts worth the paper they are written on. If you have a sercem villa double check your status with land registry if only for peace of mind, our registration sits on top of the mortgage. Only costs a few lira to check and well worth it. Yes you are right about once you have registered no other mortgage can be taken out but if theres allready one sitting there you have a big problem.

CarrieRBag



Joined: 23/12/2008
Posts: 1374

Message Posted:
23/04/2009 14:12

Thank you for that, I will check and if anything is untoward, I will post again here.

madturk


Joined: 25/03/2009
Posts: 217

Message Posted:
23/04/2009 20:48

dont know if this helps you , in esentepe behind the sevilla site, there is a plot of land ,with sercem mini signs in the ground.

sounds like they re-mortgage sold sites to buy more land to build on.bubble burst , cannot finnish build , no money.

perhaps the way forward is to make them sell off the land banks , nearly all the builders have.

in a roundabout way you should own part of this land as he has used your money

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
23/04/2009 21:01

thanks will look into that hoping to catch him somewhere in lefkosa tom well im going to have a good try .

tanwg


Joined: 15/02/2009
Posts: 24

Message Posted:
24/04/2009 20:17

We also have a villa @ Selin Vilas, Sercem remortgaged all 13 properties in August 2007 with the Cooperative Central Bank for £1.6million (according to the Advocate). Our original contract with Sercem was agreed and signed in April 2004, with all properties handed over in the Summer 2005, some 2 years before the properties were mortgaged. We’ve also checked with the other villa owners on the complex and at least 8 of the 13 properties have their “Permission to Purchase”, we’re unsure as to the position of the remaining five, although I suspect that at least three have their “permission to purchase”.

Sercem have repeatedly promised release of the “Title Deeds”, the latest being at the end of April after the elections, when they say that the mortgage will be transferred onto alternative land in Nicosia.

Any advice regarding a way forward would be greatly appreciated and could anyone advise us as to whether an injunction on Sercem will prevent the banks from repossesing.

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
25/04/2009 13:37

Today i had a meeting with Cemal from Sercem and after a lengthy discussion we now feel more positive and i must say was very honest and helpful

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
05/05/2009 20:53

well im still waiting for our letter to come after our meeting confiming what was agreed after over an hour . I am begining to think if a company cannot even keep a promise of putting an agreement in writing what hope do we have without going to court of an agreement !!!!!!!!!!

madturk


Joined: 25/03/2009
Posts: 217

Message Posted:
23/05/2009 00:12

sorry not a lot. still think you should ask for shares in their land banks. land which they probly paid £4000

a donum ,now worth £30,000

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
23/05/2009 12:38

Hi all,





Our developer has taken out a large mortgage on our site, we found this out when we went to register this last year. The land was mortgage free when we bought the property in June 2006 but he took out the mortgage in November 2007. They say they are paying this mortgage off monthly but will not give us any statements to back this up. Is there any way we can find out how much is left outstanding on the mortgage, as they just ignore lawyers letters.



The butler

Geejay


Joined: 18/04/2009
Posts: 475

Message Posted:
24/05/2009 11:54

Just keep hoping that they pay the off mortgage. This is a common strategy by not so good builders. If they do not pay it off then the bank may foreclose without reference to you. The builder wins. You lose.

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
24/05/2009 12:38

Hi Geejay,



Why are you saying that the bank would just come and claim our properties without any reference to the owners. Surely they would have to inform us and give us a chance to pay any mortgage off between us. In these days of slow sales wouldn't this be a simpler solution? Not that I want this to happen, I think we have already paid enough for our properties but the thought of losing our home with all the money and time spent making it a home for the sake of two or three more thousand pounds fills me with dread.





The butlers wife

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
24/05/2009 13:35

Who is your builder? you are better going direct to them and dont take no for answer when you ask to speak to the boss, you need to know where you stand and believe me its the only way you will find out what is going to happen with regard to the mortgage. With regard to you all paying off the mortgage if its a large amount between a few villas like ours it would mean finding more money per villa that what you originally paid in our case and that would not be an option .

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
24/05/2009 13:55

Hi anthiano,



Our developer is Medview Homes, one of the largest developers on the island. They also own a newspaper and Television station. We have tried talking to them but they just ignore us, we had one letter from them last October telling us that they would be paying the mortgage off monthly. We asked if we could have a quarterly statement and we were told no!!. We asked again after six months and were told again it was being paid off monthly but again we do not really know if this is happening as they refuse to give us an up to date statement. My lawyer pointed out to them that they have broken their contract with us and they replied it was business here in the TRNC and it would take years and thousands of pounds for us to take them to court. These developers know that nothing is going to happen to them and they are above the law and this is why they continue to get away with it. In the UK this would be classed as fraud but here in the TRNC it is common business practic

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
24/05/2009 15:03

I am so sorry about your situation being in the same i know how you feel, there isnt a lot we can do other than keep going until these builders do the right thing and pay off the mortgages. Do you know the amount of mortgage and how many properties it includes?

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
26/05/2009 13:21

Today my letter arrived with the promise of deeds and at last being mortgage free. This is to happen so i am told in July so fingers x for a result we will just have to wait and see.

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
26/05/2009 13:46

Hi anthiano,



I am so pleased for your news that you are going to get your deeds and that your property is now mortgage free. Our properties were mortgaged for 1.5 million pounds and this involved 57 properties. Unfortunately we do not know how much has been paid off, as the developer just ignores our request for an up to date statement. They do say it will be paid off in September 2009 and we just have to pray that they keep their word.



The butler

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
26/05/2009 14:35

No not morgage free yet we have been told by mid july the deeds will be ready and then on payment from ourselves for the deeds the mortgage will be lifted. We have 1.6million between 13 properties so im keeping my fingers x .

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
26/05/2009 15:51

Hi anthiano,



I didn't think you could transfer the deeds with a mortgage on the property but maybe I am wrong and someone else will tell us different.







The butler

ilovekibris


Joined: 18/05/2009
Posts: 394

Message Posted:
26/05/2009 16:30

the butler wrote: " These developers know that nothing is going to happen to them and they are above the law and this is why they continue to get away with it. In the UK this would be classed as fraud but here in the TRNC it is common business practice"

Utterly disgraceful i wonder why the TRNC government are happy for this to happen to innocent people.

Geejay


Joined: 18/04/2009
Posts: 475

Message Posted:
26/05/2009 17:00

This is not an uncommon situation. If the builder does not clear the mortgage with the bank, the bank can take over the property which has been given as security for the loan. The fact that the customer has paid the builder for the property is of no consequence to the bank.

In the past, some builders have taken the money and disappeared, leaving the mortgage unpaid. Medview has a good record and this is unlikely in this case. I believe that until the mortgage is repaid, title, probably held by the bank, is unlikely to be transferred.

Since any mortgage agreement would be between the developer/builder and the bank, the purchaser has no say in this arrangement. A case near me is similar to this and when the customer found out, he offered to pay the mortgage off but was refused. He cannot obtain his Kocan as the builder has fled the country.

anthiano


Joined: 04/04/2009
Posts: 105

Message Posted:
26/05/2009 20:30

just to clarify things the mortgage will be paid off and then the deeds transfered. As the land is parcilised it will be done parcel by parcel as deeds are ready, but obviously when that parcel is free from the mortgage as to release the deed .

sienna


Joined: 09/01/2009
Posts: 1627

Message Posted:
26/05/2009 21:45

I think the amount of hits on the thread say it all - thank you