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Goric

Joined: 27/12/2010 Posts: 5
Message Posted: 27/12/2010 12:52 | Join or Login to Reply | Message 1 of 69 in Discussion |
| Salam All, I've read a few of the previous posts on buying in North Cyprus with interest as I'm seriously considering buying in the New Year. I've been watching the market for some time but many of the asking prices seem to be very optimistic given the number of empty an unfinished properties I saw on my visit the week before Xmas. I tried to meet someone from Ian Smith but the first time I got the information too late and the next day they didn't get back to me so my property search consisted of drive by's in area's of interest - between Kyrenia and Esentepe. I was staying at The Pia Bella but arrived the Tuesday night and left the following Monday morning so I also missed the Home Buyers Pressure Group. As most of the thread's I read were from some time ago (did Adam ever buy in 2007?), has anything changed that I should know about? Any help would be most welcome. Thanks in advance. |
Tenakoutou


Joined: 27/07/2009 Posts: 4110
Message Posted: 27/12/2010 13:11 | Join or Login to Reply | Message 2 of 69 in Discussion |
| The best advice you can possibly get is to attend a Tuesday Home Buyers Pressure Group meeting [at Pia Bella Hotel] 1200 - 1500Hrs and seriously heed their advice to your questions. Property purchase is a minefield of misinformation and risk, otherwise! Because so many people are beset with property buying related problems, the HBPG volunteers are so busy that they can't always have time to answer emails - people should realise that this is quite understandable, given their tremendous workload and the vast amount of research and subsequent correlation of information needed to be consistently able to proffer [for free!] all their sound advice. |
Goric

Joined: 27/12/2010 Posts: 5
Message Posted: 27/12/2010 13:34 | Join or Login to Reply | Message 3 of 69 in Discussion |
| Thanks for the quick reply Tenakoutou, I plan to come back in February and stay at The Pia Bella again so I'll make the Tuesday afternoon meeting top of my agena. |
nurseawful


Joined: 06/02/2009 Posts: 5934
Message Posted: 27/12/2010 13:38 | Join or Login to Reply | Message 4 of 69 in Discussion |
| My advise for what it is worth would be to buy a resale, make sure that mains electric and water are installed and working, and also that the title deeds are in the owners name. Talk to neighbours and find out if there are any problems on site, all this could save you a lot of heartache later on. Chris |
fiendishpaul

Joined: 18/05/2008 Posts: 1720
Message Posted: 27/12/2010 14:04 | Join or Login to Reply | Message 5 of 69 in Discussion |
| My advice would be to rent a property and put the money that you would have spent on a villa into a TL savings account. This way, your monthly interest should be sufficient to pay your rent and the majority of your living costs without any risk. Regards Paul |
yrret

Joined: 17/08/2010 Posts: 761
Message Posted: 27/12/2010 17:17 | Join or Login to Reply | Message 6 of 69 in Discussion |
| Nursey's advice is right in my opinion too. Consider 'only' finished properties, with the services connected and the kocan in the vendors name. Anything other than this and you run a much higher risk of the property never being finished, years on builders electric, no title deed ever, the builder or land owner wanting you to lay more or their taxes at a later stage, no made up roads, neighbours not paying their share of the running costs on a complex area, (this list is far from exhausted here), or of course, you may end up like some have/will with absolutely nothing at all. Paul's idea is a sound one until you find the right place assuming you are re-locating to the island, failing that, buy with great care and much research. Many of the people you meet at the HBPG are of course there for not checking out builders, land owners etc before jumping in, so listen to what they did, and remember, they all did it wrong, and i'll bet you they almost all bought 'off plan' Happy researchin |
japeal


Joined: 12/09/2008 Posts: 1052
Message Posted: 27/12/2010 18:17 | Join or Login to Reply | Message 7 of 69 in Discussion |
| Goric, whereabouts are you thinking of buying? Maybe some members could recommend a few property estates/complexes. |
pollymarples

Joined: 08/08/2010 Posts: 1778
Message Posted: 27/12/2010 18:51 | Join or Login to Reply | Message 8 of 69 in Discussion |
| Definitely, consult with Marion Stokes at her clinic at the Pia Bella, she is a lady who has no axe to grind and will point you in the right direction. She has nursed a lot of people through their heartbreaks, so everything she says is based on experience. A lot of people advise renting for six months in the area you like, during that time you can view at your leisure and see if this is where you really want to be. A resale with all amenities and Kocan in Sellers name is a must All the advice you are being here is very good. |
Ballyboffin

Joined: 25/08/2007 Posts: 903
Message Posted: 27/12/2010 19:00 | Join or Login to Reply | Message 9 of 69 in Discussion |
| My advice would be to spend at least a month on the island, winter and summer to get a 'Feel' for where you'd like to live before making any decisions to buy. I'd agree that you should think about re-sales with the Kocan in place. ( Incidently, we have a pre-74 Turkish Title villa with pool for sale in Ozankoy, deeds in our name ) |
HildySmith

Joined: 02/07/2009 Posts: 1708
Message Posted: 27/12/2010 19:18 | Join or Login to Reply | Message 10 of 69 in Discussion |
| DON'T BUY - RENT |
rowlo


Joined: 12/10/2008 Posts: 4796
Message Posted: 27/12/2010 19:25 | Join or Login to Reply | Message 11 of 69 in Discussion |
| take heed of chris & pauls advice , also do some homework , lots of it , good luck & enjoy trnc . |
pollymarples

Joined: 08/08/2010 Posts: 1778
Message Posted: 27/12/2010 19:37 | Join or Login to Reply | Message 12 of 69 in Discussion |
| I forgot the most important thing NO KOCAN - NO MONEY |
yorgozlu


Joined: 16/06/2009 Posts: 4437
Message Posted: 27/12/2010 23:03 | Join or Login to Reply | Message 13 of 69 in Discussion |
| >>>>>>NO KOCAN - NO MONEY <<<<<<<<<< have a lough.Has to be the most ......... thing I heard on here. You might as well advise the person/s not to buy rather then saying that, since you have to wait for your PTP after buying. I dont think it is right for anyone to wait for their KOCHAN after buying,but all the while the law,rules dont change,how could you demand for it at the time of buying? |
fosterscan

Joined: 27/02/2010 Posts: 541
Message Posted: 28/12/2010 00:15 | Join or Login to Reply | Message 14 of 69 in Discussion |
| Yorgozlu no kocan no money makes me laugh as well.its not possible yes check the owner has the kocan in there name. There is no reason to buy in cyprus its a gamble that you wont win.RENT RENT RENT Reasons to buy ? make money you will make more in the bank. |
famagusta99

Joined: 23/11/2010 Posts: 68
Message Posted: 28/12/2010 00:36 | Join or Login to Reply | Message 15 of 69 in Discussion |
| Goric; msg#1: Good luck! I have just given up trying to buy in North Cyprus, after spending nearly a year looking/trying. Basically; the government there has made it IMPOSSIBLE for any foreigner to buy SAFELY. Instead, they want you to accept WORSE conditions there than what you have to accept ANYWHERE else around the Med. Well; I see no reason to accept that. In my case; I love Famagusta Old Town; however, since virtually all property there was pre-74 TC, it means I will not get P2P. And what is worse: they will refuse you a p2p in a false/fake/dishonest manner, ie, "military matter", even though there are no military matters there. I could only buy there via a TC "middleman", who I then would be totally dependent on. :-( It is really incomprehensible what the authorities have done: did they believe that it would never get out that they have a policy of refusing p2p on pre-74-land? Or did they not understand the devastating loss of reputation this would bring to the TR |
famagusta99

Joined: 23/11/2010 Posts: 68
Message Posted: 28/12/2010 00:43 | Join or Login to Reply | Message 16 of 69 in Discussion |
| cont.. ..would bring to the TRNC? I really donīt know. Of course; There are people who are scammed in any country. However, what is special about Cyprus is that they have made a system where it is IMPOSSIBLE to buy safely; that is unlike other countries where, if you do your homework, you can find reasonably "safe" properties. Buying a property in the present situation in Cyprus is ALWAYS a lottery. Pure and simple. |
Goric

Joined: 27/12/2010 Posts: 5
Message Posted: 28/12/2010 06:39 | Join or Login to Reply | Message 17 of 69 in Discussion |
| Thanks for a lot of sound and varied advice. Some points I was aware of, some I certainly was not. I'm not one for rushing into things, hence the original e-mail and I had noticed the many unfinished roads leading to finished estates. I'm also very, very wary of buying off-plan so re-sale was probably favourite anyway. I'll take everything on board and learn a lot more before making my decision. Famagusta99: Very negative but I'm listening. Is it really that bad? So many people on Cyprus44 have already bought and seem quite happy. Thanks again to all. |
pollymarples

Joined: 08/08/2010 Posts: 1778
Message Posted: 28/12/2010 08:04 | Join or Login to Reply | Message 18 of 69 in Discussion |
| Goric People write from experience. Do not ignore any of it, all has its own validity. Read, research and make up your own mind. Suggest as you are a regular reader of C44, an excellent forum, you also start reading North Cyprus Free Press. |
Lazy days

Joined: 24/07/2008 Posts: 847
Message Posted: 28/12/2010 08:13 | Join or Login to Reply | Message 19 of 69 in Discussion |
| Goric As with buying property anywhere in the region there are pitfalls for the unwary, suffice to say we purchased here as did many many more peeps and we for the most part are perfectly happy with out purchases, in our opinion the up and coming areas where much of the investment is being made are the Esentepe/Tatlisu and Bogaz/Bafra areas, it may be worth your having a look at http://www.glencoecyprus.com forum which contains plenty of information on those areas without being depressing |
Groucho


Joined: 26/04/2008 Posts: 7993
Message Posted: 28/12/2010 08:17 | Join or Login to Reply | Message 20 of 69 in Discussion |
| I would certainly wait until the end of 2011 to see what if any extension is made to the IPC end-date (currently Dec 2011 I believe) for G/C landowners to stake their claims for compensation or restitution. If you must buy, don't buy off-plan there are plenty of re-sales. Don't buy from a T/C... they may have a kocan but you might be refused permission to buy their property for some unfathomable reason. |
yrret

Joined: 17/08/2010 Posts: 761
Message Posted: 28/12/2010 09:45 | Join or Login to Reply | Message 21 of 69 in Discussion |
| Also remember Goric, that there are many people like us who did buy off plan after researching the builder/land owner and had no problems at all, in fact nothing but help from the builder, so heed the warnings, but remember there are good guys out there too. |
martinD41

Joined: 06/09/2010 Posts: 3001
Message Posted: 28/12/2010 10:38 | Join or Login to Reply | Message 22 of 69 in Discussion |
| msg21..Is that "There are good guys out there too" or "There are two good guys out there"????????? |
pollymarples

Joined: 08/08/2010 Posts: 1778
Message Posted: 28/12/2010 12:56 | Join or Login to Reply | Message 23 of 69 in Discussion |
| NO Kocan - NO money - why not, the government could give it with the proviso that if you do not qualify, you must resell within a set time span, so a temporary Kocan becomes a permanent Kocan. Or they could join the 21st century and speed up the PTP, WOULDN'T BE ROCKET SCIENCE TO ACHIEVE |
yorgozlu


Joined: 16/06/2009 Posts: 4437
Message Posted: 28/12/2010 13:08 | Join or Login to Reply | Message 24 of 69 in Discussion |
| msg 23; so,why not just tell them not to buy?....and keep it simple.What you are asking does not exist. welcome to real world that does not require ROCKET SCIENCE. |
pollymarples

Joined: 08/08/2010 Posts: 1778
Message Posted: 28/12/2010 13:29 | Join or Login to Reply | Message 25 of 69 in Discussion |
| Obtuse as usual Yorgo, of course it doesn't exist - it is a suggestion as well you know. Still lets not tax you too much and certainly lets not change the present system, it works so well for the rogues and thieves. |
Denny

Joined: 09/12/2010 Posts: 261
Message Posted: 28/12/2010 15:12 | Join or Login to Reply | Message 26 of 69 in Discussion |
| Polly, Yorgo is giving you friendly local advice. If foreigners want to avoid pitfalls then they should not buy in TRNC full stop. Either that or get Pre-74 Turkish title if you can be sure of PTP. This may require knowing the right people and paying a realistic bakshish. |
martinD41

Joined: 06/09/2010 Posts: 3001
Message Posted: 28/12/2010 15:17 | Join or Login to Reply | Message 27 of 69 in Discussion |
| Ask yourself, even if you get a Kocan, P.T.P. in an UNRECOGNISED Country "IS IT WORTH THE PAPER IT IS WRITTEN ON?" |
yorgozlu


Joined: 16/06/2009 Posts: 4437
Message Posted: 28/12/2010 16:30 | Join or Login to Reply | Message 28 of 69 in Discussion |
| martinD41; In TRNC it is worth everything thats stated on it.The problem would only be with the rest of the world. I have something tatooed for them on my thumb. |
pollymarples

Joined: 08/08/2010 Posts: 1778
Message Posted: 28/12/2010 19:05 | Join or Login to Reply | Message 29 of 69 in Discussion |
| ditto Yorgo, only mine is on my bum. |
Denny

Joined: 09/12/2010 Posts: 261
Message Posted: 28/12/2010 21:24 | Join or Login to Reply | Message 30 of 69 in Discussion |
| polly, I was only able to read it properly when I looked at my face in the mirror. ;) |
Goric

Joined: 27/12/2010 Posts: 5
Message Posted: 29/12/2010 12:57 | Join or Login to Reply | Message 31 of 69 in Discussion |
| Once again, thanks for all the advice although some the posts are a bit offputting. I'm sure it's all from experience and it will be carefully considered before I decide to make my puchase - or not! I guess I'll just keep passing through and checking things out until I see something that makes my mind up for me. Thanks again. |
famagusta99

Joined: 23/11/2010 Posts: 68
Message Posted: 30/12/2010 02:39 | Join or Login to Reply | Message 32 of 69 in Discussion |
| Goric, msg#17: yes, I agree, ...but it is what I found. See http://www.cyprus44.com/forums/50776.asp There are people happy having bought here, but those people either A: bought GC (socalled "exchange land"), and do not have property outside TRNC, or: B: bought more than 4-5 years ago. That is one fact that I find especially troubling: that the authorities change the rules (e.g.: no more p2p on pre-74-land for expats) WITHOUT any public notice. That is simply not an honest way to treat potential buyers. And before you believe any of the jokers who tell you it is possible to get p2p on pre-74-land (with the right "connections")...do what I did: Offer them 10-20% more than the asking price...on the condition that the transfer of money is first when you get p2p. I think you will find what I found: none of the jokers will put their money where their mouth is. |
Tenakoutou


Joined: 27/07/2009 Posts: 4110
Message Posted: 30/12/2010 09:11 | Join or Login to Reply | Message 33 of 69 in Discussion |
| famagusta99: You are absolutely spot-on with your assessment of the whole corrupt situation. You have, through your own exhaustive and thorough research, certainly not had a 'lucky escape', but more what I would term an 'informed escape'! For the handful of people who claim they have PTP/Kocan on pre '74 Turkish Title, I would either question the validity of the actual title concerned; or, suggest that while they might be safe from mortgages/memorandums being covertly taken out on their properties for the duration of their tenure, this will not give one scrap of confidence to any [informed] potential foreign buyer, should they wish to divest themselves of the properties for any reason. This is simply because any buyer must also apply for PTP after paying the full purchase price, and is most likely to be refused; a risk that not many would be prepared to take. |
Tenakoutou


Joined: 27/07/2009 Posts: 4110
Message Posted: 30/12/2010 09:16 | Join or Login to Reply | Message 34 of 69 in Discussion |
| Cont'd: What buyers are facing is complete lawlessness, aided and abetted by successive TRNC governments that have no qualms, whatsoever, about flouting their own Constitution, or intention to comply with conventional codes of ethical conduct - because it is abundantly clear that self-interest is their sole objective. |
famagusta99

Joined: 23/11/2010 Posts: 68
Message Posted: 31/12/2010 03:27 | Join or Login to Reply | Message 35 of 69 in Discussion |
| Tenakoutou: to be fair; I think it is perfectly legitimate for any government to look after the self-interest of their country & country-men! What I donīt understand is how on earth the TRNC government think they serve their country presently...by behaving in a manner that gives the country a horrible, horrible reputation. A reputation for deceiving expat buyers. Do they really believe this is in the long-term interest of TRNC?? They seem to not want to understand that in this internet age news (eg that you are not given p2p on pre-74 land) spreads quickly... Or is it, as many has said, that they simply donīt care for foreign investment, preferring hand-outs from Turkey? |
martinD41

Joined: 06/09/2010 Posts: 3001
Message Posted: 31/12/2010 08:49 | Join or Login to Reply | Message 36 of 69 in Discussion |
| msg35..Surely not caring ,implies the presence of a Brain!...............I think the "BEGGING BOWL" is favourite.. |
pollymarples

Joined: 08/08/2010 Posts: 1778
Message Posted: 01/01/2011 08:59 | Join or Login to Reply | Message 37 of 69 in Discussion |
| Goric, Just bear in mind that if ciircumstances were to force anyone to sell at the is moment, even those who had no PROBLEMS, THE PROPERTY MARKET SCAMS,has also affected the value of their property and they would then realise no-one is immune. Take the scenario a step further, say you bought with no problems but the downward spiral continued and you were unfortunate enough to need to sell too.... In my opinon until the TRNC at least try to address their current problems, things will only get worse in the Property Market. Delay if you can, rent and take stock. |
Regalia

Joined: 29/10/2010 Posts: 11
Message Posted: 01/01/2011 21:57 | Join or Login to Reply | Message 38 of 69 in Discussion |
| Does anyone know what the current state, Water Garden Residency complex is in ?? and I,d like to know if anyone else has purchased property there, and at what stage there payments are.?? As the builders are recently looking for more money, but the last time I was over to WGR ( 05/10 ) it was only 1/2 built. but it was supposed to be finished 10/2010. |
apc2010

Joined: 28/07/2010 Posts: 1689
Message Posted: 01/01/2011 22:00 | Join or Login to Reply | Message 39 of 69 in Discussion |
| i find it quite funny looking back on old posts ...............and people still do not take advice ............. alot of people knock the uk government .....but they warned you ........ |
newlad


Joined: 02/03/2008 Posts: 7819
Message Posted: 01/01/2011 22:01 | Join or Login to Reply | Message 40 of 69 in Discussion |
| Regalia, Dont you receive progress reports,e mails,photos etc.Where is this complex, Paul. |
TRNCvictim

Joined: 17/08/2010 Posts: 1417
Message Posted: 01/01/2011 22:35 | Join or Login to Reply | Message 41 of 69 in Discussion |
| Goric, It's very simple NO KOCAN NO MONEY! Do no pay any lawyer (they will probably call themselves lawyers)! one penny until they have done the work for you! Do not put yourself at risk! Do not trust anyone in the TRNC! The Government don't know the meaning of the word honesty, likewise most so called lawyers! If you lived in the UK, USA, Australia, India, Iceland or anywhere in the world you wouldn't part with any money until you had your deeds, and you wouldn't pay any lawyer until they had done the legal work for you! don't be fooled by the TRNC it is full of crooks, which the Government have let lose, use your brain, this and previous Governments don't even tell the public about new laws they decide to bring in, use your brain, in it's present form don't touch the TRNC Property market until the Government decide honesty is the best policy! It's a long way from being there, if you want to tread a minefield I would like to wish you Bloody Good Luck! |
pollymarples

Joined: 08/08/2010 Posts: 1778
Message Posted: 02/01/2011 08:08 | Join or Login to Reply | Message 42 of 69 in Discussion |
| Message 35. No they are naive enough to believe that by confiscating your lap top and holding a threat of prosectuion over your head, they have effectively silenced you - we all know how well that works............ Problem is they are not even working for the good of their own people, look at all the victims who are Turkish Cypriot?? Frankly, I do not think they know which way to turn. The world is just a big village thanks to the Internet and everyone knows of the crisis here. |
Goric

Joined: 27/12/2010 Posts: 5
Message Posted: 04/01/2011 10:18 | Join or Login to Reply | Message 43 of 69 in Discussion |
| After extensive internet research, much of it prompted by the comments above and a lot of discussion with friends in TRNC I've made a few decisions: 1. Long term rental first. 2. Nothing off plan. 3. Nothing without a string of reliable personal recommendationds. And this could be the deal breaker: 4. No deeds no money. Thanks to all for your help, hopefully I'll meet some of you in the coming months. |
Tenakoutou


Joined: 27/07/2009 Posts: 4110
Message Posted: 04/01/2011 10:50 | Join or Login to Reply | Message 44 of 69 in Discussion |
| Goric - don't become another hapless victim of the 'it can't possibly happen to me' brigade! However, you could look at the situation philosophically, always bearing in mind the old adage: 'Never put a penny into Cyprus that you aren't prepared to lose with a smile!' |
martinD41

Joined: 06/09/2010 Posts: 3001
Message Posted: 04/01/2011 11:12 | Join or Login to Reply | Message 45 of 69 in Discussion |
| There are "many" smiley people here=many pennies lost! be aware, be very aware ,,good luck |
CyprusChill

Joined: 08/05/2009 Posts: 666
Message Posted: 04/01/2011 11:15 | Join or Login to Reply | Message 46 of 69 in Discussion |
| Many other Oil and Gas people with properties in North Cyprus. For many good reasons. |
Tenakoutou


Joined: 27/07/2009 Posts: 4110
Message Posted: 04/01/2011 12:35 | Join or Login to Reply | Message 47 of 69 in Discussion |
| CyprusChill: That won't help them if they're foreigners! |
martinD41

Joined: 06/09/2010 Posts: 3001
Message Posted: 04/01/2011 13:13 | Join or Login to Reply | Message 48 of 69 in Discussion |
| msg 46 ..Well maybe the TRNC "Government Machine " could do with a good oiling ,and you could supply Gas to the innumerable "Wind Bags" that make false promises........................ |
Hector

Joined: 26/08/2008 Posts: 2352
Message Posted: 05/01/2011 00:25 | Join or Login to Reply | Message 49 of 69 in Discussion |
| Goric First of all, well done on finding this forum and starting your research. Unfortunately far, far, too many people have been terribly hurt financially, suffered health wise, emotionally and their dreams shattered by buying property in the TRNC. There are many, many heartbreaking stories, some of which can be read about on this forum. Look at the Orams case and that of Geoff & Mary Day to name just two. The scandal of developers taking out loans on land they have already built houses on and sold; and the new owners then find themselves being evicted when the bank auctions their property. Ask just why the Home Buyers Pressure Group was formed. Don't think that engaging a lawyer (known as an advocate in the TRNC - they are not legally qualified to UK standards) will give you any protection. They charge exorbitant fees yet don't owe their clients any duty of care and carry neither liability insurance or conscience. Simple but best advice has to be - Don't buy property in the TRNC. |
famagusta99

Joined: 23/11/2010 Posts: 68
Message Posted: 05/01/2011 05:41 | Join or Login to Reply | Message 51 of 69 in Discussion |
| msg#43: good luck! ..that was the way I tried. I managed the first 3.., but about #4, I always got the reply "this is not the way we do "bizniz" here". I know. And that is perhaps why you have gotten the reputation you have? Anyway: why, oh why, should I accept worse condition in TRNC than anywhere else?? Btw; I was at a dinner (with some local Scandinavian friends) earlier this evening. When I told them that TRNC had changed -SECRETLY- the implementation of the rules (for getting p2p) they were all completely outraged. If TRNC wants Scandinavian buyer, itīs government better start behaving in a more transparent and honest manner towards potential expat buyers. |
apc2010

Joined: 28/07/2010 Posts: 1689
Message Posted: 05/01/2011 05:42 | Join or Login to Reply | Message 52 of 69 in Discussion |
| in fairness yorgozlu the site you mention in the uk are auctioned because the owners did/could not pay ............the auctions in n/cyprus are slighty different ..the owners paid but someone else did not ....... I think they may feel there is a difference ..... |
famagusta99

Joined: 23/11/2010 Posts: 68
Message Posted: 05/01/2011 05:43 | Join or Login to Reply | Message 53 of 69 in Discussion |
| msg# 50: sorry, but "doom-gloom land" suffers from the same problem as home does: too cooooold |
pollymarples

Joined: 08/08/2010 Posts: 1778
Message Posted: 05/01/2011 08:47 | Join or Login to Reply | Message 54 of 69 in Discussion |
| If I renege on paying back money I borrowed, then I expect the consequences. By the Yorg, can I use your house as security on a loan and then give the money to Akfinans? I am sure you wouldn't mind. At least I am bothering to ask you. Oh, I dont intend to pay the instalments on the loan against your house. |
yorgozlu


Joined: 16/06/2009 Posts: 4437
Message Posted: 05/01/2011 10:21 | Join or Login to Reply | Message 55 of 69 in Discussion |
| apc; .....of course there is a difference,thoso ones in UK are recognised,registered crooks. Have you also noticed how many of them are being auctioned back to public? 'your house is at risk if you do not keep up mortgage repayments' |
yorgozlu


Joined: 16/06/2009 Posts: 4437
Message Posted: 05/01/2011 10:29 | Join or Login to Reply | Message 56 of 69 in Discussion |
| I also remember the real resession days in UK,and saw how public had suffered before the laws had changed in order to protect the public more. But above all,I'm not suggesting at all that '2 wrongs make 1 wright',but merely pointing out what had happened 'even' in UK before things got better.I don't suppose those house owners that had their properties repossessed back in 80s got their money or houses back! |
pollymarples

Joined: 08/08/2010 Posts: 1778
Message Posted: 05/01/2011 10:50 | Join or Login to Reply | Message 57 of 69 in Discussion |
| Sorry Yorg you are wrong. In the 80's in the UK if you fraudulently mortgaged someone elses property, it was fraud, the likelihood of getting away with it was slim and the penalities, high. Here there are no consequences and I can be absolutely sure of my facts because in the late 70's onwards until lI retiired I worked in that and finance related industries. My best friend did conveyancing for 30 years and we worked closely together. I think you are referring to 'negative equity situation' which is entirely different and does not involve someone, a stranger, using your property as security against their loan. A lot of people did lose their homes but that was because they did NOT PAY THEIR mortgages. Even now, no one can be protected from that type of situation even in the UK, but at least it is they who owe the money and sigend the loan agreement. |
yorgozlu


Joined: 16/06/2009 Posts: 4437
Message Posted: 05/01/2011 10:58 | Join or Login to Reply | Message 58 of 69 in Discussion |
| %100 agreed,but who were the ones benefitting from it in UK,other then the BANKS and property SHARKS? Isn't that what it comes down to in TRNC as well? |
pollymarples

Joined: 08/08/2010 Posts: 1778
Message Posted: 05/01/2011 11:13 | Join or Login to Reply | Message 59 of 69 in Discussion |
| No Yorg, you are entirely missing the point. If you look back you will see that most people in the U.K. go to traditional Building Societies and Banks, only bad risks (i.e. people who have reneged in the past) are forced to the less attractive lenders and even they are are regulated. It is not like the loan sharks who roamed the housing estates doing smaller loans. All lending sources take a charge WITH domestic or commercial mortgage, that is normal, but at least it IS on a property that belongs in some part to the borrower, he hasn't sold it and then taken a mortgage on it as well. That cannot and even then could not happen. Only in the TRNC. It is the antiquated laws here that allow it. |
yorgozlu


Joined: 16/06/2009 Posts: 4437
Message Posted: 05/01/2011 11:48 | Join or Login to Reply | Message 60 of 69 in Discussion |
| I have not missed your point,but perhaps we are looking at it from different angles. The people in UK,however they may have lost their properties is not my point,but the fact that they had lost it one way or another.AND,the only ones that had benefited from this were the BANKS and property SHARKS by buying them back from auctions CHEAP.AND the reason it happened is because the law in UK at the time had allowed them.Of course,UK being UK had to change the law to give home owners more protection,which we dont have here yet! ps.I sold one of my last houses in UK to one of above mentioned people that also happened to be friend of mine.She used to tell me all about these things trying to drug me in it as well.Thanks to my ex-wife I was not allowed to.3 years ago she owned 220+ properties in UK alone,god knows how many more has been added since.Still,I cant complain about her since I got the market price at the time. |
pollymarples

Joined: 08/08/2010 Posts: 1778
Message Posted: 05/01/2011 12:20 | Join or Login to Reply | Message 61 of 69 in Discussion |
| If you lose a house on which you had a mortgage because you cannot affor the repayments, it is sad but at least it was YOUR mortgage. If you lose your house which YOU owe no money on because someone else unbeknown to you, entirely without your permission has taken a mortgage on it - really there is no comparison. MOst of us would be too old to get a mortgage in the UK and too old to work to replace the loss. Now of course I feel sorry for anyone who loses their house no matter how and yes I agree the Banks never lose, but please show me one bank that charges 80% per quarter compound interest in the UK even in the 80's it was not possible on a mortgage. You are clouding the issue if yu bring loan sharks in, they are illegal. Yorg, there is no comparison and you know it. I am pleased you got out relatively unscathed. |
yorgozlu


Joined: 16/06/2009 Posts: 4437
Message Posted: 05/01/2011 12:39 | Join or Login to Reply | Message 62 of 69 in Discussion |
| There cannot be any comparison regarding the losing parts but only with the winning parts.Which is my point. I did not try to bring in loan sharks at all,only the property sharks whom are in connection with the banks for the repossessed properties. Try to forget for a moment how and what those people/families lost but WHO GAINED WHAT.Only then you might be able to see my point and see the comparison. In UK every bank/building society has an estate agent and every estate agent have property sharks they all work with.They all scratch one anothers back at the expense of the poor public.Only, there it is legal. |
Denny

Joined: 09/12/2010 Posts: 261
Message Posted: 05/01/2011 13:15 | Join or Login to Reply | Message 63 of 69 in Discussion |
| If you lose "your" house because it's been mortgaged, then it wasn't "your" house in the first place as you didn't have title to it. The situation is the same in UK and TRNC. |
pollymarples

Joined: 08/08/2010 Posts: 1778
Message Posted: 05/01/2011 14:35 | Join or Login to Reply | Message 64 of 69 in Discussion |
| Denny, with or without a mortgage, in the UK or here if you are Turkish Cypriot, the title is in your name with the land registry and the mortgage is registered as a charge in favour of the lender on your property. Sorry Yorg, will have to agree to disagree with you on this, in the TRNC because we were foreigners and had to wait for PTP, A MORTGAGE WAS TAKEN out on property we had fully paid for without our knowledge or consent and we lost out because of the borrower (not us) not paying. In U.K., however the borrower obtained the money, they knew of the consequences of none payment, WE WERE NOT GIVEN THAT COURTESY, everything happened behind our backs. Nice try to muddy the waters but you are on to a loser with this spurious point of view. |
Hector

Joined: 26/08/2008 Posts: 2352
Message Posted: 05/01/2011 17:37 | Join or Login to Reply | Message 65 of 69 in Discussion |
| And how many thought they had done the right thing by employing an advocate to look after their interests? |
Denny

Joined: 09/12/2010 Posts: 261
Message Posted: 05/01/2011 18:21 | Join or Login to Reply | Message 66 of 69 in Discussion |
| Msg 65, Not me. Notar every time. A fraction of the cost for the same service. The due diligence bit should be done by the purchaser. |
celosh

Joined: 23/12/2010 Posts: 21
Message Posted: 05/01/2011 20:23 | Join or Login to Reply | Message 67 of 69 in Discussion |
| Urgent SALE 75 000 GBP 3 bedrooms with swimming pool, Esentepe - Lapis Construction |
yorgozlu


Joined: 16/06/2009 Posts: 4437
Message Posted: 05/01/2011 21:22 | Join or Login to Reply | Message 68 of 69 in Discussion |
| Denny; I'm glad I'm not the only one. and,its all done on the same day. |
pollymarples

Joined: 08/08/2010 Posts: 1778
Message Posted: 06/01/2011 09:28 | Join or Login to Reply | Message 69 of 69 in Discussion |
| We all have 20/20 hindsight, now to try to get out of the mess.......................... Does anyone remember their Advocate telling them they had no duty of care?? Wish I had met you or someone like you Yorgo in Sept. 2005, made the mistake of believing that British trained Advocates worked to British Standards. |
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