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100,000 RoC Title deeds short staffing ?

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wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
29/07/2009 15:59

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Message 1 of 11 in Discussion

There have been several post regarding title deeds in the RoC including questions in the House of Lords



The real problem with the South title deeds is that if there are 100,000 homes that deeds cannot be issued because of Bank and land registry problems .



For a 750,000 population 100,000 properties is possibly 25% of the housing in the Roc a large number of people effected



The Bank Problem



At 50,000 each property average that's a financial hole of 50,000,000,000 you could bail out the UK banks with that money



What has been going on



Developers have borrowed to develop a site houses & apartments



They borrow on a 6 to 10 years loan secured on the deeds for the site

The loan should be repaid in full when the houses are sold UK style clear title for the buyer

Not in the RoC the agreement is for 6 to 10 years and the loan is not cleared as the houses are sold so the deeds cannot be released by the banks to the house buyers and the land registry is



wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
29/07/2009 16:02

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Message 2 of 11 in Discussion

cont

to the house buyers and the land registry is blamed



The developer has received payment in full from the purchasers and not settled the loan with the bank (as would be the case in the UK)

but used the monies to fund the next development along with further bank borrowing





This is a fraud in line with Bernie Mardof and will fall apart as the property market has dried up



The hapless house buyers are stuck without deeds and cannot sell or do anything with the property

They can be thrown out by the bank if they foreclose as the developers go bust



In true banana Republic style the RoC has passed legislation for all new developments



But they are aware that if the banks /developers had been forced to hand over deeds that they



hold for the houses and apartments that have been paid for by Cypriot and other Nationals the



following would happen





cont



wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
29/07/2009 16:04

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Message 3 of 11 in Discussion

cont



The developers would be done for obtaining monies by deception selling property that they do not own





The banks in many cases would also be liable as they are aiding and abetting in the fraud



Oh and the RoC would fail financially as a country



I could be wrong in my assumptions and that no problem exists other than they need to hire



another clerk or two to work with the one in the RoC land registry who is obviously overworked



elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
29/07/2009 17:15

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Message 4 of 11 in Discussion

I am not quite sure about this. They had legistlation in place to register the Sale AGreements with the Land Registry and therefore the developers could not take out a mortgage without the permission of the buyer. So either a) the buyers were not made aware of the registration proceedure or b) they were made to sign papers in advance that they would not object to a mortgage. This would be tantamount to fraud if they were not aware of what they were signing in Greek.

ismet



No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
29/07/2009 17:51

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Message 5 of 11 in Discussion

Ismet. What would prevent the builder, having mortgaged the land that he owned, revisiting the banker and requesting more funds in order to build the next development in the event that no documents were handed over to the purchasers on the original site?



elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
29/07/2009 19:55

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Message 6 of 11 in Discussion

Msg. 5

A mortgage is for a specific sum plus interest. If the bank loans more money to the builder without taking out a second mortgage on the land, the second loan is not secured i.e. other creditors may claim a share of the proceeds from the sale.

ismet



No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
29/07/2009 20:28

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Message 7 of 11 in Discussion

Would the bank advance further funds if the builder deposited the deeds that he is holding?



cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
29/07/2009 20:31

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Message 8 of 11 in Discussion

No need for you to worry No1 we have the guarantee !!



No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
29/07/2009 20:34

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Message 9 of 11 in Discussion

I know Cooper, I'm just thinking hypothetically. )



Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
29/07/2009 20:44

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Message 10 of 11 in Discussion

That's why the recent infiltration on this forum by GC's, to upset the apple cart and 'reclaim' the North as theirs, paying no money but appease Brussels with the great wealth they've inherited at no cost!

Richard



elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
30/07/2009 09:00

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Message 11 of 11 in Discussion

Msg. 7

"Would the bank advance further funds if the builder deposited the deeds that he is holding? "



Depositing deeds has no meaning and no effect. You either take out a mortgage (if you can) or you don't. I title deed is only proof of ownership. Unlike bank cheques, having possession of deeds means nothing.

ismet



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