buying off plan in trnc

anlusan


Joined: 22/07/2010
Posts: 61

Message Posted:
04/08/2010 22:42

on bobs moving to trnc thread

the one consistent theme throughout the thread was buying off plan in trnc was a no no



what are the pros and cons of buying off plan, and why is it such a no no in trnc?

Tangerineman


Joined: 08/03/2010
Posts: 318

Message Posted:
04/08/2010 22:46

Promises aren't honoured

Build quality difficult to monitor

No bank guarantees

I did it and came thru relatively unscathed

Still had loads of grief over 5 years and cost me loads to put things right

In 2005 options were limited Now there are loads of reasonably priced finished properties so don't take the risk

anlusan


Joined: 22/07/2010
Posts: 61

Message Posted:
04/08/2010 22:50

what kind of problems did you have tangerineman over the 5 years.



aren't property builders beholdent to trnc build standards?





and bank guarantees - this is presumably if you are taking a mortgage?

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
04/08/2010 22:53

anlusan....if you type "buying off plan" in the top search box you will find links to numerous previous threads and opinions about this.

If these don't fully answer your queries then maybe you could ask further questions about specific developments or builders?

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
04/08/2010 22:55

anlusan...msg 3..."aren't property builders beholdent to trnc build standards? "



Unfortunately...YES ! ;-)

Tangerineman


Joined: 08/03/2010
Posts: 318

Message Posted:
04/08/2010 23:05

Delays concerns if builders might go skint The usual

On delivery CH didn't work plumbing shocking fittings substandard

Pool leaks roof leaks no damp course

I could go on but I'll send you all to sleep LOL

Still I've got a 4 bed pty with full sea views overlooking Escape that rents out for fun and which all my guests rave about

Could have been worse

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
04/08/2010 23:21

You buy off plan. You pay stage payments. Let's us say that your house was due to cost £100k, finished. You have paid £20K or even worse £80k.

What are you going to do if the builder then says "I'm not going to do any more, I have no money"?

You don't own the land because you don't have PTP or a title deed. So what are you going to do. Builder is in the driving seat.

Seems to me that by asking these questions, you need to do a lot more research into how things work here. It's not the UK. & you have no legal protection here.

scoobydoo


Joined: 10/11/2008
Posts: 2434

Message Posted:
04/08/2010 23:39

I would never in a million years buy off plan, not worth the risk. We have purchased land and built on it which is slightly different but to buy off plan is too risky.



As previously said, look at previous posts unless of course you are lucky and hit on a site that has almost been completed and owners already have their kocan, then you have a reasonable chance of getting yours but there are too many buts......

Stonehousepub


Joined: 21/05/2009
Posts: 755

Message Posted:
05/08/2010 00:18

I am TC and I would not buy off plan even if my father was the builder...



Buy completed with kocans ready, otherwise be prepared for the most stressfull time of your entire life !!!

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
05/08/2010 00:21

Hilarious Stonehousepub................but we all know exactly what you mean.

ang1706


Joined: 28/01/2009
Posts: 570

Message Posted:
05/08/2010 00:42

Agree with the above do not do it!



I bought off plan in 2005 have a lovely house, the builder did deliver the goods there. Have my PTP, but,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, are now living under the threat of a memorandum that the builder has not paid his loan.



So dont do it as you will have years of heartache and its not over yet !



As the saying goes - NO KOCAN NO MONEY!!

Wireless


Joined: 10/08/2008
Posts: 157

Message Posted:
05/08/2010 01:12

lets add a little to that do not buy off plan anywhere in the world including trnc - perhaps uk - if you live here

wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
05/08/2010 10:34

Wireless not even in the Uk a programme a couple of months ago showed a family renting looking at their unfinished property on a development .other people who have bought off major developers(persimon) caught in limbo because the builder stopped during the credit crunch .There is enough finished property in the TRNC to buy if you can get the kochan with the deal on the transfer of cash



NO KOCAN NO MONEY!!

honestie


Joined: 22/02/2009
Posts: 468

Message Posted:
05/08/2010 11:33

it takes a lot of the risk out if you dont buy off plan but buying already finished and waiting for the PTP still has a risk element whilst the kocan is in the name of the vendor. Am I correct or is their a way round this



I have bought off plan in other countries and risky depending on builder assets etc etc but here its so complicated to even understand the so called law that yes we have to accept some of the things advocates advise us. I also have never met even in my job as a police officer for 30yrs met such fantastic liars and people who can stitch you up without you knowing theres a needle!

Its only in the last few years that the scale of the corruption etc has come to light and yep we get back to that great word Hindsight. Wish that hindsight took precedance to foresight when we think of buying!

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
05/08/2010 13:07

Scruff Message 7,



Exactly the position we are in. We currently have 1 memorandum (for the builders debts) and 4 injunctions against our property



with more on the way (I am told) We are currently £150K plus out of pocket. We had paid all we owed contractrually in



September 09 after forgiving £6500 in Penalty Payments.



You want sleepless nights. Buy off plan in the TRNC. NO KOCHAN>>>>NO CASH Best advice. Wish we had been told!





wynyardman

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
05/08/2010 14:25

anlusan

Come on ,you know the answers already. On this page alone there is one of many threads.

'Police called after Akfinans Bank late night visit to Kulaksiz 5'.



Doesnt matter how many times this question is asked, the answer has not changed.

joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
05/08/2010 14:46

Message 14 what about if you had a trusted Turkish Cypriot friend to take the deeds in their name until you got your PTP?

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
05/08/2010 15:29

Jo...msg 17



Only you can answer the question about how much you are prepared to trust a "Turkish Cypriot friend".



It is not something that I would advocate as a solution to anybody....trust is a personal thing....and money does strange things to people !



Besides that , why should we be made to jump through hoops and devise schemes to cicumvent the discriminatory property laws in the TRNC?

They either want our business or they don't.....and if they do , then the laws regarding PTP and title deeds need immediate and wholesale reform.

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
05/08/2010 15:39

You dont just want a finished house but one with a seperate Kocan in the name of the vendor.

I bought off plan, had a lot of problems.Eventually got a house 96% finished , deciding to get the bits and pieces finished myself.Just paid out a load more to have it made wetherproof. Lat yearit was the pool, next year who knows.

The one thing I still dont have os a Kocan.