TRNC judge throws home buyers to the wolves

Chef99


Joined: 21/08/2011
Posts: 34

Message Posted:
28/08/2011 11:11

TRNC judge throws home buyers to the wolves by saying there have no legal provision to inform buyers of mortgages is this fair right and proper ? does it encourage the world to recognise the trnc ?



http://farm7.static.flickr.com/6187/6087795541_8009440a34_b.jpg

Geejay


Joined: 18/04/2009
Posts: 475

Message Posted:
28/08/2011 13:28

Unless there are major changes in the property/justice laws then property sales will decline to virtually nil.

Governments here seem only intent on only personally benefiting themselves. So don't hold your breath for change.

bigOz


Joined: 29/09/2010
Posts: 1244

Message Posted:
28/08/2011 14:03

Is it not right that one has to do a "land search" before buying a property in UK? Does it not boil down to the same thing?

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
28/08/2011 14:13

BigOz,



All the victims of property scams had their searches for encumbrances done before and during the sales procedure. All had put into their contracts that no encumbrances of any kind would be put on the property Unfortunately when the money had been paid in full and the buyer had taken possession of the property, but could not do deed transfer as still waiting for PTP, the builder or land owner has then taken out the mortgage or memorandums have been put on the property.



A simple change in law would put an end to this but there is no willingness on the Government to do this. This is becoming a Government sponsored scam.

bigOz


Joined: 29/09/2010
Posts: 1244

Message Posted:
28/08/2011 14:34

Unfortunately, I have to agree with your post Bradus! We have had successive government ministers who have acted no better than highway robbers! I believe it is more a chain of well informed solicitors with wealthy friends, who have an eye on some properties, and have friends both at the ministry and in courts. The rest is legal jargon...

I often wondered if the buyers cannot be more careful and cover for the solicitors' apparent short sightedness. Once a contract has been made, and the buyer is just waiting for the deeds, he should go to the land registry (where the courts are), hand in a copy of the contract with a covering letter, stating that he has paid for and is now legally the rightful owner of this property, hence, he demands that a note is added to the deeds, stating the very fact (also attaching the contract to the dossier). The land registry would then be in a position to block any mortgage attempts on the same property, to where people must complete such transactions!

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
28/08/2011 14:43

Thanks BigOz,



but that is what registration of the contract was suppose to do. However as memorandums take precedence over registered contracts they appear to have us by the throat!



Some builders are now building houses on credit, taking stage payments but not paying the trade supplier. At the end of the build the tradesmen put a memorandum/s on the property and you are expected to clear this debt. Yet this seems to be acceptable within the laws of the TRNC?

philbailey


Joined: 17/01/2011
Posts: 3534

Message Posted:
28/08/2011 18:43

I get the impression nothing is changing soon?

yorgozlu



Joined: 16/06/2009
Posts: 4437

Message Posted:
28/08/2011 18:58

......at the end of the day all this is to do with one single fact............unrecognised.........and by all means I'm not suggesting that it makes it ok for all this..........crooks have been 'imported' from a crook country to teach how to be one!

philbailey


Joined: 17/01/2011
Posts: 3534

Message Posted:
28/08/2011 19:03

Are you suggesting Sal/Yorg

people from the UK ?

yorgozlu



Joined: 16/06/2009
Posts: 4437

Message Posted:
28/08/2011 19:59

no philbailey,you know well what country I'm 'suggesting'.

philbailey


Joined: 17/01/2011
Posts: 3534

Message Posted:
28/08/2011 23:14

Oh , now I understand

I thought you meant people who take advantage of others mis-fortune

blade


Joined: 19/06/2010
Posts: 1286

Message Posted:
29/08/2011 10:20

One good thing we were told recently from speaking with the manager of a Turkish bank.

They are not giving out mortgages as they use to. The critieria is now much more like that we have in the Uk, looking at multipulls of income and the ability to repay the monies borrowed. She said they have so many kochans where people put them up and borrowed only to later fail to repay and do a runner. Sounds like they are getting stricker.