putting propertyi n solicitors name and he put it in trust

HER INDOORS



Joined: 14/12/2007
Posts: 152

Message Posted:
28/11/2011 16:28

Please can anyone advise me. a

Afriend of mine is thinking of buying an old property that needs renovating,within the Walled City of Famagusta. The property has pre 74 title deeds and the solicitor is offering to have it put in his name and then he will put the property In Trust for my friend.How safe is this??

Geoff


Joined: 25/06/2008
Posts: 1370

Message Posted:
28/11/2011 16:30

Safe if you trust the Solicitor.

Not safe if you don't trust the Solicitor.

Geoff

Famagusta City.

walkerscott


Joined: 13/08/2009
Posts: 901

Message Posted:
28/11/2011 16:31

http://no-deeds-no-money.moonfruit.com/#/trusts/4547650393

babydoll


Joined: 27/07/2011
Posts: 140

Message Posted:
28/11/2011 16:35

would you buy a car and not have the log book in your name ?

Visitor


Joined: 19/08/2010
Posts: 492

Message Posted:
28/11/2011 16:45

It may all be fine. But I wouldn't do it. I would rather look for something else - too risky

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
28/11/2011 16:57

I agree with all above. In effect you are trying to get round the law and if things go wrong do not expect the courts to help you. As they say, "You must go to court with clean hands" if you need any help.



Also please consider that you are not likely to get the PTP for anything in the old city.

ismet

Greavsey


Joined: 26/11/2011
Posts: 5

Message Posted:
28/11/2011 17:13

Dont do it. Would you do this back in UK?

rejela


Joined: 09/02/2011
Posts: 293

Message Posted:
28/11/2011 17:55

Doing things this way is very safe but only for the solicitor. Once he has the power to control the land or property in trust, he could sell it without you even knowing anything about the sale or he could take out a loan on the property, again without your knowledge. Then at a later date you discover that the property has been sold, you have to teke the matter to court and try to win the case against a brief who knows all the loop holes of this country.



Be very careful who you trust with your assets!

HER INDOORS



Joined: 14/12/2007
Posts: 152

Message Posted:
28/11/2011 18:05

Thanks everyone for your advice - he was having doubts about the whole deal anyway,but just needed other opinions.

flightholiday


Joined: 19/07/2007
Posts: 3217

Message Posted:
28/11/2011 18:57

Terry Msg 1 - If you want good advice ask Ismet (Elko2) he has good in depth knowledge and his wife is one of the better Advokat's (solicitor in UK terms)

Giles


Joined: 16/08/2011
Posts: 256

Message Posted:
28/11/2011 19:08

Tom, If you think an Advokat is a Solictor in UK terms, then for god's sake don't buy a property in Cyprus! You will be badly disappointed.

sharky1


Joined: 03/01/2012
Posts: 5

Message Posted:
03/01/2012 16:05

hi can someone tell what the clean way to buy a property in north cyprus ? what kind of due diligence and search process is required and whatever info is needed to do the right steps at the right time to clean buy a property in north cyprus. thanks in advance to everyone will help.

yrret


Joined: 17/08/2010
Posts: 761

Message Posted:
03/01/2012 17:39

Sharky,

Sorry mate, you are on the wrong forum, this one is dominated by people who bought on impulse, carried out zero due dilligence whilst wearing rose tinted glasses, and now can only moan and groan about their own failure, which of course is always somene elses fault.

davpat


Joined: 23/08/2011
Posts: 225

Message Posted:
03/01/2012 17:44

well spoken Yrret,unfortunately so very true,which is a shame,however,"a fool and his money are easily parted"is a much touted phrase that all too few abide by.





David

walkerscott


Joined: 13/08/2009
Posts: 901

Message Posted:
03/01/2012 18:10

sharky1

no money upfront. carry out full due diligence and get everything in writing. don't trust anyone!!!



http://no-deeds-no-money.moonfruit.com

paddywack


Joined: 04/05/2009
Posts: 959

Message Posted:
03/01/2012 18:50

I would not trust a brief in UK, I am sure not going to trust one in N.C.

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
03/01/2012 19:20

This not carrying out full diligence stance is unfair, simplistic and misleading. In the UK you rely on your solicitor to look after your interests and in the unlikely event if s/he doesn't and you suffer loss you have recourse to a disciplinary procedure and independent compensation. In the TRNC there are only advocates whose training is unclear, who owe no duty of care to their clients, may be corrupt, whose profession pay lip service to disciplinary action and have no indemnity insurance. Unfortunately all too many innocent buyers have not realised this as they have found out to their cost both to their finances and health.

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
03/01/2012 22:20

I would be interested in knowing if Davpat has his deeds? If not you are hardly a reliable source of information! Do a search and read all those posts where buyers recommended their "fantastic" builders at a very early stage, only to come on later seeking help and advice.



You can carry out as much diligence as you like, in the end its the system that lets you down and if you succeed in buying safely, it is luck and only luck, that has been on your side. I have been a forum member for many years and have followed many of the property scams resulting from bankruptcy, non-completion, non-adherence to contracts, illegal building and a host of other reasons. Many of the buyers involved used builders and advocates highly recommended by forum members. Unfortunately despite following the exact same buying procedure as those doing the recommending, their experience was certainly anything but positive.



How can a system in which advocates do not owe a duty of care be safe?

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
03/01/2012 22:26

How can a system in which you have to pay for your property before finding out if you have PTP be safe?



How can a system where there is no legal obligation for the builder/seller to give you the deeds even after you have paid in full be safe?



How can a system where the builder take out a loan using the property he has sold you be safe? Worse still if he runs into debt you are required to pay off his debt, if you don't want your property auctioned.



I could go on but I feel the point has been made. Buying in the TRNC is but a gamble.............some win and some lose.

philbailey


Joined: 17/01/2011
Posts: 3534

Message Posted:
04/01/2012 18:17

A bit harsh msg 14

davpat


Joined: 23/08/2011
Posts: 225

Message Posted:
04/01/2012 18:29

Bradus 18,



My post never gave any information,and yes I do have my Deeds......to my cottage in Cheshire that is,however,if the system of the country you propose to live in has a delay in the issue of Deeds,then so be it...its not the end of the world,its just a different system than you are used to...simples!





David

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
04/01/2012 18:46

To use your own quote in message 14.



" A fool and his money are easily parted"



so if YOU don't get deeds to your TRNC property, then you could easily be parted from your own money. Does this make you a fool?



I'm sure this will not stop you from keeping your head in the sand whilst dishing out advice and criticism to the many that have suffered in TRNC property scams.

davpat


Joined: 23/08/2011
Posts: 225

Message Posted:
04/01/2012 18:56

like I said in message 14,what a shame.

Pandy


Joined: 27/08/2010
Posts: 171

Message Posted:
04/01/2012 21:57

Back to the thread, your friend should go with their gut feeling and not sign over to the solicitor.

paddywack


Joined: 04/05/2009
Posts: 959

Message Posted:
04/01/2012 23:21

Msg 24,

Too right

philbailey


Joined: 17/01/2011
Posts: 3534

Message Posted:
05/01/2012 02:16

Maybe they will get lucky

famagusta99


Joined: 23/11/2010
Posts: 68

Message Posted:
05/01/2012 03:25

Dont.Even.Think.About.It.



(I felt like saying: Been there, dreamt that)

I absolutely love old the old town of Famagusta, (see: http://www.cyprus44.com/forums/50776.asp)

...but I gave up a year a ago.

It is a scam. Don´t try it.



PS:all the old houses that I saw for sale in the old town 2 years ago are...still for sale. With much reduced prices. With 2 exceptions; bought by TCs for less than half the price I would have been willing to pay... if I had been allowed to owe it.

SWCathy


Joined: 22/11/2011
Posts: 292

Message Posted:
05/01/2012 10:29

DON'T DO IT!!!!!!

YOU WILL LIVE TO REGRET IT!!!!

Smity



Joined: 14/09/2009
Posts: 826

Message Posted:
16/01/2012 23:58

Risky

They could mortgage the property and your left footing the bill and they walk away with the cash



Alway think would i do it in the UK, there's your answer

northcyprus74


Joined: 11/01/2012
Posts: 275

Message Posted:
17/01/2012 00:13

No such thing as trust laws in NC!

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
17/01/2012 08:58

In my view, sounds like a dodgy advocate to be willing to do something like this !! So what does that tell you about this particular advocate !!

HER INDOORS



Joined: 14/12/2007
Posts: 152

Message Posted:
17/01/2012 10:48

Thanks for all your advice.No longer a problem as the property has now been sold!

Firat


Joined: 27/05/2010
Posts: 70

Message Posted:
17/01/2012 15:55

We can setup a company for you, and you hold 100% of the shares and buy the property under the company name.

For more details,

You can contact me on 0090 533 8406777

We can sort it out within 30 days

plawyer


Joined: 30/01/2012
Posts: 14

Message Posted:
30/01/2012 12:05

I am a TRNC lawyer as well as a UK solicitor born and brought up in the UK and recently moved down to TRNC. Currently work at a law firm in Nicosia and can travel to Kyrenia as and when needed. Fluent both in English and Turkish and willing to assist all English speaking for all their legal queries and problems.

Contactable on p.ocal@hotmail.co.uk