Protecting ones property - putting your own memorandum on it?

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
18/05/2011 19:47

Having paid for my property but then refused PTP,I'm in limbo land with regards the kochan. I was however able to register the contract.



I'm at risk if the builder takes out a mortgage on it or a creditor puts a memorandum of debt against my property. Can I put my own memorandum on it that would take precedent? Has anyone done that and if so do I need an advocate? What would an advocate charge to do that? Could I do it myself?



Advice appreciated.

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
18/05/2011 19:52

on what grounds were you refused ptp?

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
18/05/2011 19:58

I was not told the grounds for PTP refusal although being next to an army base might be a clue, that and it's pre 74 Turkish title.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
18/05/2011 20:00

Surely you are entitled to know the reason why Hector.

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
18/05/2011 20:04

we live next to an army base , and our ptp was granted , in fact we are sandwiched between 2 army bases ? why dont you re/apply

Visitor


Joined: 19/08/2010
Posts: 492

Message Posted:
18/05/2011 20:05

It sounds like the reason is because its next to an army base. My advise sell it. Look for something else and stick to

the advise given by those in the know.

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
18/05/2011 20:06

All I got was the Cyprus shrug and 'buy somewhere else' from the PTP office. Nothing in writing. The estate agent applied for it on my behalf (a mere formality'' and 'for only 500 pounds') but I had to chase the PTP department for the result. Not surprising I had to do that as the estate agent must have known what the result was going to be.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
18/05/2011 20:18

"for only £500...". As though they were doing you a favour!

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
18/05/2011 20:22

when you say the estate agent ? do you mean your solicitor ?

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
18/05/2011 20:25

''when you say the estate agent ? do you mean your solicitor ?''



No, estate agent.

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
18/05/2011 20:30

hector , do you have a solicitor ? who done the contracts for you ? who put the stamp on the land registry form for you ? were you present ?

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
18/05/2011 20:30

Hector,

Forget about a memorandum or a mortgage in your favour.

1. Memorandums are put by judgement creditors i.e. you must sue the owner for so much money, get a judgement in your favour and then slap onb the memorandum to prevent its sale until you gat a compulsory sale order from the court.

2. Foreigners are not entitled to take out mortgages.



I presume that you do not want to sell the property and move on. If this is the case, I suggest you agree with the owner to lease the property to you for 99 years, the lease money already paid in advance. This lease agreement will be registered with the Land Registry Office and they will issue you a ceritificate which looks very much like a title deed. You can sell it whenever you like like any lease in UK. This law about leases was passed about a couple of years ago, so don't give up if the peaople at the Land Registry tell you that you cannot do it. Go and see the boss in Nicosia and tell him that I said so.

ismet

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
18/05/2011 20:33

ismet



Thank you for the advice. Any idea what the costs would be? Will I be paying yet more stamp duty to register the lease for example?

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
18/05/2011 20:38

mate , you have probably paid the stamp duty ? do as ismet says .

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
18/05/2011 21:12

Hector,

Please download the relevant law from my dropbox http://dl.dropbox.com/u/26171843/50-2008%20uzun%20vadeli%20Kira.doc



The cost is stated in clause 10 but it is extremely badly drafted. As far as I can make out the owner has to pay 6% stopaj and you have to pay 0.495% of the total value to have it registered in your name. According to the description its 0.495% but according to the formula at the end of the clause it works out at 4.95%. Take your pick.

"Stopaj" is advanced tax and it should be offset against the income tax of thw owner but that is another story.

ismet

PS: Print the law on paper and then go to your local Land Registry Office and ask how to go about it. No need for an advocate or a written agreement. show your Sale Agreement as a substitute.

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
19/05/2011 00:04

Ismet

Thank you. Has anyone done this?

caulkhead


Joined: 03/01/2009
Posts: 149

Message Posted:
19/05/2011 08:02

Ismet

If you negotiate a 99 year lease, are you able to legally also include an option allowing you to obtain the freehold should the situation change and you are allowed ptp in the future. Thanks

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
19/05/2011 08:44

msg. 17,

I have not read it properly but its a short law, so I do not expect anything to that effect. Now, what happens if you stipulate such a condition in your agreement? I expect it will be a good earner for the lawyers when the time comes.

ismet

Texas


Joined: 22/09/2009
Posts: 634

Message Posted:
19/05/2011 10:58

Ismet.



I have a question regarding the valuation. If you purchased a property believing you would get P2P, for £100,000, then you were refused, so you decided to try and obtain the property on a lease.



Would the value be the £100,000 that was stipulated in the registered contract? Would it be todays value, or could you argue that it's worth a hell of a lot less, becuase it's now a leasehold property and not what you signed the contract for; FREEHOLD?



On a slightly different note. This topic started off on Memorandums, now it's changed to leasehold. Please do not close this, even though it has clearly gone off the original topic.



PS. I could not open your link!

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
19/05/2011 13:58

I've used Google translate on the document stating the law Ismet kindly supplied in his link. On this translation, which is not that good, I read that the lease of 10-99 years has to be drawn up by a lawyer & signed in the presence of 2 witnesses. It has to be registered with the Land Registry within 30 days of signing. A Certificate of Lease will then be issued. The landlord though can still sell or mortgage the freehold without affecting the tenants rights whilst they remain in possession of the property. It also seems that the tenants rights and the rent should be stated in the lease agreement.



I'm not convinced as to what extra protection this method will give over simply registering ones contract. Will the courts give the protection you should already get having registered your contract? Have their been any cases yet? This law was drawn up in November 2008, has it been published in the Official Gazette and become law?

Zoots


Joined: 05/02/2011
Posts: 669

Message Posted:
19/05/2011 17:19

Rowlo: "we live next to an army base , and our ptp was granted , in fact we are sandwiched between 2 army bases ? why dont you re/apply"



Chelsey Village is on hard-to-sell GC land hence anyone can buy.

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
20/05/2011 16:12

Has anyone gone down the 99 year lease route?