Justice on the Horizon

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
01/11/2010 20:29

http://www.news.cyprus-property-buyers.com/2010/11/01/massive-implications-for-property-sector-economy/id=006034



The Gravy Train is coming to an end!

Deniz1


Joined: 28/07/2009
Posts: 3829

Message Posted:
01/11/2010 20:31

Does this apply to both sides of the island?

newlad



Joined: 02/03/2008
Posts: 7819

Message Posted:
01/11/2010 20:32

Hi Sue,

Ditto to mess 2,

Paul.

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
01/11/2010 20:48

i dont think so , the link says cyprus , not TRNC ?

pollymarples


Joined: 08/08/2010
Posts: 1778

Message Posted:
01/11/2010 20:49

I dont think so, it is EU DIRECTIVES they are referring to so I guess we are still out in the cold.

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
01/11/2010 20:51

It may have implications for those who have bought through London Companies.





Even though EU is suspended in the north this may apply retrospectively to the north if and when there is a settlement.



Information is taken from the Moody Report. I am still researching and will post more details. Good news for those in the South....... but you are both correct how does this affect the North?



Back to the home-work.

deputydawg


Joined: 30/03/2010
Posts: 1727

Message Posted:
01/11/2010 20:55

Rowlo, I guess you are right and though of no benefit to me, it is still the best news I have read regarding anything in a very long time and will bring much relief to many people.

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
01/11/2010 20:56

more information:



http://www.news.cyprus-property-buyers.com/2010/10/31/legal-lifeline-for-cyprus-property-buyers/id=006014

Clarissa2


Joined: 12/06/2009
Posts: 1476

Message Posted:
01/11/2010 21:11

Re : Msgs 1&8,



Good news indeed!

Bradus, thanks for the links.

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
01/11/2010 21:16

Its not just about what it achieves but also about what it prevents in the future.



All down to an identified loophole in the law. Elko is there not any similar laws within the TRNC that set a similar precedent?

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
01/11/2010 22:29

Bradus,

As far as I know we have nothing similar here.

Let us look at the implications. There are many buyers in the south as well facing an unpaid mortgage. It was the fault of the developer for selling these without informing the buyer. Most of these developers did not bother to pay the mortgage and were happy to let the banks reposses the houses which they sold and got fully paid for. So the contract is not binding but so what? Will the developers face criminal charges for their past actions? I don't think so. This law will protect new buyers but how will it help the old buyers? The bank was not at fault (on paper) and thus they will be able to reposses the houses. the government will wash her hands because they will say that they had no official complains before.



Anyway, the economy is in crises in the south as well, how are they going to pay any hefty fine to EU? Greece cheated the books and are in a mess. EU is helping them. So fines for cooking the books is not practical in the circumstances. If they fine them, they will have to increase the aid by a similar amount!!!

ismet

Tenakoutou



Joined: 27/07/2009
Posts: 4110

Message Posted:
01/11/2010 23:40

'Your' link is certainly a revelation, Bradus - but, sadly, it has currently no relevance to the TRNC situation due to the 'aquis communitaire' ruling from EU.



The suspension of EU funding, however, might possibly influence some change, but it's doubtful.

rigsby


Joined: 21/09/2007
Posts: 912

Message Posted:
02/11/2010 12:17

I think this post should go back to the top for a while.

newlad



Joined: 02/03/2008
Posts: 7819

Message Posted:
02/11/2010 12:19

There you go Leonard,

Paul.

Sundance


Joined: 15/07/2010
Posts: 213

Message Posted:
02/11/2010 12:39

I have friend that bought in the south, and their rogue builder has taken out a morgage on their apartment.

this will be good news for them, they have had all sorts of problems.



Sundance

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
02/11/2010 12:58

The last part of the article is intended to mislead and encourage people to buy.

Quote:

"Possible solution

One possible solution would be for the government to issue a gold-plated guarantee to the European Union that no property buyer, regardless of when they purchased the property, will lose their home as a result of a developer’s debt – and issue all of those who have paid for their properties in full with a temporary certificate of full legal ownership that will remain effective until such time as a Title Deed is issued."



That means that the government will pay all the mortgages. No chance. Most crook developers have already moved the money somewhere else and will be happy to go bust. It will help future buyers if they put their house in order but like in TRNC, the will and knowhow is not there. They are used to react after its too late. They should make it a criminal offence to sell mortgaged houses.



The right way forward is to give title deeds even before the building starts. This became possible in TRNC with the new law, only if foreigners can have their PTP promptly and have title deeds from the beginning. Then they can arrange a mortgage with a bank to pay in stages as the property is built.

ismet

newlad



Joined: 02/03/2008
Posts: 7819

Message Posted:
02/11/2010 13:04

Carrington are due to start a project whereby when your dwelling is finished,they hand over the keys and the deeds,

Paul.

Woodspeckie


Joined: 25/01/2009
Posts: 2263

Message Posted:
02/11/2010 13:09

newlad. Are there any problems with PTP?

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
02/11/2010 13:17

Paul,



this would be the way forward. However it is reliant on the Government speeding up the PTP process, which is not on the agenda. Title deeds cannot become legally yours without the PTP.

newlad



Joined: 02/03/2008
Posts: 7819

Message Posted:
02/11/2010 15:10

We never had a problem speckie,and have our deeds,

Paul.

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
02/11/2010 15:18

£500 to Advocate, Mehmet Bilimer 8 years ago for PTP, told me it had been approved then 'lost' my file and suddenly couldn't remember me, threatening me to vacate his office with the Police. Do NOT use this crook!



Richard

martinD41


Joined: 06/09/2010
Posts: 3001

Message Posted:
02/11/2010 15:35

Which of the many "Crooks" do you recommend?

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
02/11/2010 15:59

Msg 22

Rule of thumb is to use a Nicosia based Law firm, well away from the place you're buying/bought in. A bit of a pain to commute too but they have the reputation of being slightly more legit than the mafia based Girne ones. I cannot recommend a Law firm there but I'm sure other members of C44 will help.



Richard

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
02/11/2010 16:47

Does anyone think that this may give hope for those that bought through London based companies and paid all monies into UK registered companies?

Tenakoutou



Joined: 27/07/2009
Posts: 4110

Message Posted:
02/11/2010 18:06

Probably not if they bought 'Esdeger'/'Exchange' land or property. They can hardly contend that they were duped - er, well, they can try - but 'ignorance of the law is no excuse' is liable to be the response.



On the other hand, they might have a case if they purchased prior to the publicised warnings from the Foreign & Commonwealth Office.



For those of us who bought pre 1974 Turkish Title and were refused PTP and, subsequently, freehold title to the properties we had paid for in full, this [link] may have some relevance.



It would be interesting to get both Hector's and elko2's views on the matter; also, on precisely how would any cheated person initiate action without incurring enormous litigation costs.

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
02/11/2010 21:30

"....how would any cheated person initiate action without incurring enormous litigation costs."



They shouldn't have to if the TRNC government & courts took action by ensuring the police treated and investigated fraud as a criminal offence. The developers committed the offences of obtaining money by deception & obtaining a pecuniary advantage by obtaining a mortgage on property they had already sold (whilst holding out to the bank that they were still the sole owner) compounded by knowing they had no intention of repaying that mortgage. The banks were the victims of that fraud not the hapless property buyers. I say the banks were victims of the fraud but if they were aware that the land/property subject of the mortgage had been sold by the developer, knew the developer had no intention or couldn't repay the loan because of the huge interest rate, then the bank employee involved committed conspiracy to defraud. The bank wouldn't lose as they had the property as collateral.

Blackpoolfan


Joined: 03/12/2008
Posts: 1568

Message Posted:
02/11/2010 21:34

Ismet message 16,

Bang on, the only way forward for me