mortgage confusion

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
14/06/2008 13:07

In Cyprus Today there was an article ,part of which is,







''BRITISH and Irish citizens con¬sidering buying property in North Cyprus are finally being offered mortgages.

The deal — for a 70 per cent, 15-year mortgage — only applies to pre-1974 Turkish-owned and "e§deger" (exchange) land and people interested in applying will have to provide the title deed, or kogan, for the land.

They will also have to prove there are no loans or othermortgages raised on the land.

It is part of moves to bolster the flagging property market in the TRNC''





Question ,how can one get a mortgage IF as stated above one needs to show you have title deed.At present one has paid the full amount years before obtaining title deed.

Would it be correct in saying then that it only applies to resales and even then the property would have to be at least 3 years old,a small proportion of the property market,

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
14/06/2008 13:19

Rather flawed but creates the impression its safe to buy in the TRNC does it not?



All this without even having to change the laws that could safeguard and prove that it truely is safe to buy in the TRNC.

PtePike



Joined: 20/05/2008
Posts: 2334

Message Posted:
14/06/2008 14:07

Bradus,



How do you reckon the laws can be changed to make it safe to buy in the TRNC?

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
14/06/2008 18:15

a)Revert back to knowing which title deed you are actually buying rather than all falling under the heading of TRNC title deed. This would allow more informed choice. As you pointed out in a previous posting looking in estate agent windows allowed you to identify the type of title deed and its implications.If you go to the South to seek clarification of title, you are met with unreasonable and rude officials whose only stance is don't buy in the North and support this regime. Pre 74 deeds mean nothing to them you are still treated as a traitor and it is implied that all land is GC.

B) Specific Performance law. Enough has been said on this and other forums about this so I don't wish to expand. However nobody deserves to be the victim of corruption and fraud and have little legal redress.Even if in your eyes you see it as just deserves for purchasing GC property, 2 wrongs do not make a right. People deserve their title deeds and contracts to be adhered to.

C) The GC government have prevented many GC'S from legally exchanging their land with TC'S or excepting financial settlements. They have done everything possible to prevent their people from taking this route. Whilst the governement reside in their nice mansions and chauffer driven cars the ordinary GC and TC lives and in many cases dies when they could have settled and lived comfortably on their compensation.Single mothers describe their poverty when in reality they have substantial inheritance claims. Many of these people have no wish to return to the North/South and the only thing they want is a fair settlement. They should have been allowed to go to the Immovable Property Commission, If the compensation offered was not seen as fair then the ECHR could mediate. Papadolittle never allowed this and for those that did take this route there were serious consequences. The recent publicity concerning the GC dentist that tried to settle proves this point. Thank goodness the ECHR intervened and allowed this to happen. Wonder if many others would have reached an agreement without such government intervention? The people, where possible, should take ownership of the problem and settle in a way that suits them.

D) Lets see some honesty, that would be a good start. Lets not just look at land registry documentation from 1974, lets also look at the land and houses lost prior to this.

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
15/06/2008 01:02

Anybody that takes out a mortgage to buy a property outside of UK, if that is ther permananet home, is an idiot!!



With the current situation worldwide about loans etc then now is not the time to invest aboraod unless you have just won the lottery.

Lemtich



Joined: 15/02/2007
Posts: 1487

Message Posted:
15/06/2008 01:56

Hey. Give your money to me!



No worries, I guarantee you will never see it again!



Or get a mortgage in North Cyprus.



Happy Days



Lem