How many have memorandums on their properties?

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
27/08/2010 13:16

I note that even more buyers are discovering memorandums on their properties.



The buyers at Topas Bay appear to be caught between a rock and a hard place.Their option is to pay up or their homes will be auctioned. According to Cyprus Today, buyers at the Bahcelli site have been asked to pay £25,000 each for their unfinished properties. The suggestion is that they pay their stage payments to clear a £450,000 memorandum on their properties. Even then the buyers are not sure if this will cover the cost of finishing their properties or prevent the builder from going bankrupt.



Like Mal has stated on NCFP, the "NO KOCHAN, NO MONEY" must be the only way of doing business in the TRNC. Just how many sites are aware that they have memorandums? How many are waiting for deeds and have absolutely no idea that their builder is having financial difficulties? How common is this problem becoming? Is it a scam and just a way of shifting money?

honestie


Joined: 22/02/2009
Posts: 468

Message Posted:
27/08/2010 14:08

bradus



As we have both said on other threads I dont think people realise the memorandums have taken over from the mortgages since the registration of contracts. This stopped the banks from the mortgages or should I say it was to give protection to purchasers. However it has not given any protection from memorandums and if a builder wants to use the system thats out there for him to get more money what better than a menorandum!



someone goes to court states builder owes him money builder agrees and court case proved judgement obtained and memorandum placed on builders assets and then asks you to pay off the meorandum so he can transfer deeds. Good one! if not then the lland auctioned off and someone gets the money certainly not you probably between the builder and whoever put the judgement on not bad.



thats one scenario. the other is genuini debts or lawsuits come from out of the woodwork whilst the kocan is in someone elses hands and without the purchaser knowing .

honestie


Joined: 22/02/2009
Posts: 468

Message Posted:
27/08/2010 14:12

that is why anyone waiting for their transfer of deeds check with their soilicitor if there are any on their land and if not what can the solicitor do to protect them whilst waiting for PTP or their transfer.



Maybe if the acual number of people got together and found out that information we may have more strength behind us. at the moment because it hasnt happened to them they dont either think it will or dont realise what could be in store !.



bradus Ive managed to post that comment!



honestie

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
27/08/2010 14:45

Read the comment and just felt the need to expand!!!!



We are naughty.

honestie


Joined: 22/02/2009
Posts: 468

Message Posted:
27/08/2010 16:01

read comment and another one posted.



do you think we could get HBPG to do an advertisment to informing people who are waiting for PTP or who are waiting for transfer od deeds to go and see solicitors to check re memorandum and what can be done to protect their interests until obtained. If solicitor tells them " well your contract is registered you are protected" they will know they arent and need to do something about it.

at the moment people think its just the mortgages which was in the past and I know many people havent got electric etc but if the amnount of people at whatever stage see their solicitors and check re memos HBPG will have a better picture and maybe a bit more pressure with the government as wh still dont have the full picture and maybe worse to come



Just a thought

cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
27/08/2010 16:04

The only way to protect yourself whilst waiting for your PTP and Kocan is if your developer agrees to you putting a charge on your property and this is very unlikely.

honestie


Joined: 22/02/2009
Posts: 468

Message Posted:
27/08/2010 16:28

I know that but would be interesting if we knew just how many people were in the position of having memorandums on their properties at least we would know the full scale of it all and some more infor for HBPG





Just an idea that was all as still people arent aware of the memorandums and just were concerned re mortgages

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
27/08/2010 19:54

Cooper....a very good point.



But potential buyers should then ask themselves WHY a builder would not agree to them putting a charge on their own property?



The only reason could be that the builder himself intends to borrow money against "your" property at a later date.



And with this in mind,you should walk away and find another property with another builder.

cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
27/08/2010 20:29

I totally agree cronos, this would certainly be my approach if i was in the market now although i was addressing the first paragraph in Msg 5, it doesn't help current owners awaiting their PTP or kocan

honestie


Joined: 22/02/2009
Posts: 468

Message Posted:
27/08/2010 21:01

my msg was more of finding out the amount of people still waiting for title deeds how long they have been and if there are memorandums on them as most people will not even realise. Maybe just maybe if they did there may be an even bigger picture to give although we probably know the picture already.

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
27/08/2010 21:10

Bradus,



I will E mail you off board, but I am having computer problems at present.



wyn

itsadogslife


Joined: 17/03/2009
Posts: 121

Message Posted:
27/08/2010 21:30

Why not start poll to just state have you got your kocan any mortgage or memorandums and how long since you signed your contract,

I will start. contract signed march 2006 .got ptp 2008.mortgage/memorandums yes.Still no kocan.

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
27/08/2010 21:34

itsadogslife......that info would be very useful.



Perhaps you should also include the name of the builder/development and the type of title deed so that we can see any patterns emerging ! ;)

honestie


Joined: 22/02/2009
Posts: 468

Message Posted:
27/08/2010 21:35

do you think we should start another thread to that effect