information re a shared title deed please

Babrew


Joined: 15/09/2010
Posts: 486

Message Posted:
12/03/2012 18:37

A kind guy trying to help us out re our villa problems has said having a shared title deed is a great step ahead. The Landlord wants to give us a shared kocan cos at the same time he wants us to lift our injunctions of 5 years.



Ive been told that the downside is that before you can sell it on the property has to be 'offered' to the others on the site. If the site does get finished with electric then some of us will be ready to sell.



The guy says a shared kocan is good because we need the other shareholder's permission to do anything (other shareholder would be the Landlord I assume) and the Landlord cant do anything to screw us cos he needs our permission. However is this true….



Look at the following comment I have found :



”Interestingly it seems the above does not apply to the first person to be put on the kocan . Strange but allegedly true.”



So does this mean the Landlord can go ahead and do things with the villas without us giving permission.

tonyf


Joined: 29/03/2009
Posts: 153

Message Posted:
12/03/2012 19:03

A shared kocan means that all purchasers can then apply to the town hall to have their properties listed on individual kocans to include their portion of the land. Providing you have ptp, planning permission and original land kocan is available then this should not be a problem. Why has the site not been finished ie electricity and water and what is the injunction for.



Sounds, with the above caveats a step in the right direction



We too have been offered shared kocan without properties listed, ie land in five names, but we do have original kocan for land ptp and electrity and water and the important planning consent. But, currently will not move as transfer tax still at 6% and rumours of it being reduced.

Babrew


Joined: 15/09/2010
Posts: 486

Message Posted:
12/03/2012 19:37

tonyf. Useful information.



Anyone else reading this, please back to the top, specifically an answer to the following comment





”Interestingly it seems the above does not apply to the first person to be put on the kocan . Strange but allegedly true.”



So does this mean the Landlord can go ahead and do things with the villas without us giving permission.

Babrew


Joined: 15/09/2010
Posts: 486

Message Posted:
12/03/2012 21:21

re posting but not working

Sandford


Joined: 17/12/2011
Posts: 133

Message Posted:
12/03/2012 21:35

Babrew:



Shared title, as I understand matters, is given to purchasers in the absence of a "Final Approval" certificate from the district office - either because it was never applied for by the builder, or if it was, he never persued it. This needs issuing before the application for parcelisation (issuing of separate title deeds) can take place.



To overcome this, all the plot owners would need to appoint someone to follow up on the final approval with the district office. They will (mostly) only concern themselves with ensuring that each property has not been modified and is in accordance with the original plans. Once this has been obtained, parcelisation is a process that is contracted out by the Land Registry and costs around £500 per property.



All costs have to be met by all the owners and all have to agree. I am told the complete process can cost several £k, but you end up with individual kocans rather than just owning a kocan for a % of the whole plot.

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
12/03/2012 22:12

There are some old threads on this which you may find helpful:



http://www.cyprus44.com/forums/67071.asp



http://www.cyprus44.com/forums/79570.asp



Lots more, just Google Shared Kocans into the search box at the top of the page.



Good Luck, have you sought the support of the HPBG? I am sure they will guide you through this.

Babrew


Joined: 15/09/2010
Posts: 486

Message Posted:
14/03/2012 10:25

Hi Bradus, yes already looked into those, thats where my question came from. Going to re post my question as a simple question as maybe by thread was too muddling.

Honeybee


Joined: 09/09/2011
Posts: 39

Message Posted:
14/03/2012 11:25

Hi

Does anyone have any idea of the cost of parcelisation? We have paid quite a bit for our shared kocan already, (including builders tax!). Have heard the parcelisation is another extortionate amount of money! At this rate the costs will exceed the original cost of property!

Molly


Joined: 30/08/2008
Posts: 299

Message Posted:
14/03/2012 11:39

Babrew



”Interestingly it seems the above does not apply to the first person to be put on the kocan . Strange but allegedly true.”



At that time, the only other shareholder is the builder/landowner and they are the one transferring your deed!



Honeybee

You need to find out from the District Office to find out more. Were the build permits obtained, has Final Approval been granted and finally, were the plans for parcellation drawn up originally? Take a copy of your title deed or stamped contract and enquire.

Honeybee


Joined: 09/09/2011
Posts: 39

Message Posted:
14/03/2012 12:43

Molly,



Thanks for this, Were the build permits obtained? has final approval been granted - i doubt it, as although the apartments were finished, the site itself was not quite finished. Were the plans for parcellation drawn up orignally? When we are next over, we will go to the District Office with our title deeds. Is this in Kyrenia? we are in Alsanjak.

cyprusairsoft



Joined: 22/06/2009
Posts: 2066

Message Posted:
14/03/2012 17:07

try this in the mix

we have shared deed others who paid the crook i mean builders tax got full deed



others are now getting nothing cos the goverment has stopped him until he pays all his tax.



i understood that cypriots have trouble getting a mortgage on a shared deed but apart from that its fine.

skint builder is not going to fork out 500 quid on parcel

Honeybee


Joined: 09/09/2011
Posts: 39

Message Posted:
15/03/2012 16:59

Message 11 - Well we paid the builders tax and only have a shared deed! You are correct in that cypriots have trouble getting a mortgage on a shared deed, we had a couple of buyers interested in our property, but because we only have a shared deed, no sale :(. Every case seems to be different, but hey this is NC, it is made up as you go along!!!