Permission to Purchase and transfer of title

finchy


Joined: 08/04/2008
Posts: 86

Message Posted:
22/12/2011 09:23

I received an email from my solicitor in October of this year to inform me of the following. I am pleased to confirm that your permission to purchase has now been granted. Currently your builder is in the process of completing the formalities which will allow transfer to take place and as soon as they are in a position to proceed they will inform us and we will, in turn, send you further instructions and a breakdown of the taxes payable upon transfer of title.

I dropped my solicitor a line this morning for an update and received the following.

My colleague has informed that, we did your permission to purchase which has been granted and we are ready to complete your transfer. Your vendor has already opened file for registry house on your title deed. According to our experience registry house on deed takes more than 2-3 years. Your vendor informed us, he will wait until house is register on the land for complete your transfer for this reason please contact your vendor regarding registr

finchy


Joined: 08/04/2008
Posts: 86

Message Posted:
22/12/2011 09:24

cont'd



Your vendor informed us, he will wait until house is register on the land for complete your transfer for this reason please contact your vendor regarding registry house on your title deed.



Is a further wait of 2-3 years the norm? If I have to wait for my builder then this could be forever.

TheSaints



Joined: 28/01/2009
Posts: 1369

Message Posted:
22/12/2011 09:45

Depends on just how good your builder is they are not all bad have a word with him we would expect the advocate to have a word and give you more info our timeline was;



Purchase December 2009, PTP granted Nov 2010 and we have received our Kocan/Tapu on 19th Dec 2011.



Not a long time at all no where near as long as we were lead to believe it would by by some of the posters on this forum.

tomsteel


Joined: 22/06/2009
Posts: 482

Message Posted:
22/12/2011 09:52

Msg 3 - delighted for you. My status - Bought Dec 08, PTP given Oct 09, plots registered etc. Developer (Sercem) approached for Kocan on 9 separate occasions since purchase and still not forthcoming, plus he has put a memorandum on the land the day he received final payment. I understand I am not alone in this scenario either. However, my doom and gloom, and that of many 100s of others, should not deflect your good experience. But potential purchasers should be advised of the pitfalls.

martinD41


Joined: 06/09/2010
Posts: 3001

Message Posted:
22/12/2011 10:02

msg3 "Some of the posters on this forum" have lost everything,and are rightly disillusioned,glad you had better "LUCK"...

TheSaints



Joined: 28/01/2009
Posts: 1369

Message Posted:
22/12/2011 10:42

msg#5



Saw what we wanted to purchase it was a new completed and we stood int what we were buying we did not buy a plan or a photograph, used an advocate that was recommended by an expat who highly recommended her as she had handled two purchases and one sale for him without any problems, made inquiries about the construction company i.e. if they had been in any legal disputes over land or property, got details of properties that they had built previously and spoke to some of the owners and did not receive any negative reports.



Not all luck as we did do some homework.

Molly


Joined: 30/08/2008
Posts: 299

Message Posted:
22/12/2011 11:20

Everything here takes time. Obtaining up to date title deeds (separate or site) is a lengthy process and the bigger the site, the longer it takes.



You could ask your advocate to find out whether the Vendor is prepared to transfer shares in the meantime whilst the sub-division process is ongoing. You would need to sign a new Power of Attorney specifically for this purpose. However, many of the foreign investors/developers will not transfer shares and will not allow you to put a charge on the property as security.

TheSaints



Joined: 28/01/2009
Posts: 1369

Message Posted:
22/12/2011 11:43

You may be able to get a shared Kocan until the parcelisation is complete and individual Kocan is available

finchy


Joined: 08/04/2008
Posts: 86

Message Posted:
22/12/2011 11:53

Our plot is one on it's own, no other houses so I don't think that parcelisation is an issue.



I've been in contact with the builder regarding the way forward but as yet I've not had a response.

PoshinDevon


Joined: 13/10/2011
Posts: 84

Message Posted:
22/12/2011 13:39

Are you able to advise advocate you used?

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
22/12/2011 14:10

PoshinDevon,



one to avoid I think. An efficient advocate would have suggested holding back the final payment until deed transfer.

I would also be wary of an advocate that suggests land registration is 2-3years.



However in the advocates defense if the builder/vendor does not wish to transfer the deeds there is no legal obligation to do so.



Personally my first action would be to see if there is a memorandum on the property. Work in partnership with the vendor at this stage so you can confirm he his actually doing the registration and see if he is prepared to allow you to put your own memorandum on the property to safeguard your interests should he run into financial difficulties or decide to buy a merc and not pay for it. If he says no, then you have to ask why?



This is all going to have a bearing on your financial outcome but will reduce the risks of being stung big style.

finchy


Joined: 08/04/2008
Posts: 86

Message Posted:
22/12/2011 14:51

Thanks all,



2-3 years for land registration is exactly what I thought, I expected that the PTP would be the bit that took an age.



I've emailed my advocate to check that if there is a memorandum on the property but I am yet to get a response. Is this possible since I registered the contract back in March 2008?



I've also emailed my vendor to ask for clarification on the issue but he hasn't responded either.



As Bradus suggests, I will probably end up trying to add my own memorandum as a safegaurd.

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
22/12/2011 15:16

finchy,



"Is this possible since I registered the contract back in March 2008"



Yes, unfortunately registering your property does not safeguard against memorandums. Nor does having that favourite clause in your contract about no liens, encumbrances etc.



Try your best to work in partnership with your vendor but bear in mind that the earlier you confirm that you are not going to get your deeds or that there is a memorandum, the better the options are for you.

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
22/12/2011 15:21

As an after thought Finchy, don't forget the HBPG if you need more advice.

finchy


Joined: 08/04/2008
Posts: 86

Message Posted:
22/12/2011 15:35

Ok, I've emailed my advocate to ask if I could appoint them to check that there is no memorandum on my property. I'll also have a look on the HBPG website.



Cheers

PoshinDevon


Joined: 13/10/2011
Posts: 84

Message Posted:
22/12/2011 17:02

Bradus - Not sure why you are replying. All I was interested in was the name of the advocate that TheSaints used. Just out of interest.

TheSaints



Joined: 28/01/2009
Posts: 1369

Message Posted:
22/12/2011 18:01

Hi PoshinDevon



Could not reply earlier as we have been tp our advocates office and piced up the Kocan, maybe I was a little bit too happy as I let the missus have a shopping plurge.



The name of the advocate we used is Mine Konat

PoshinDevon


Joined: 13/10/2011
Posts: 84

Message Posted:
22/12/2011 18:11

Hi TheSaints - Thanks for letting me know much appreciated.



By the way do you support Southampton by any chance? Thought I would ask as I support Peterborough Utd.......sorry a bit off topic!

TheSaints



Joined: 28/01/2009
Posts: 1369

Message Posted:
22/12/2011 18:22

Lol





no Posh my surname is Saint

kaiserphil


Joined: 14/12/2008
Posts: 1096

Message Posted:
22/12/2011 19:37

Poshindevon - are you a Peterborough lad then?

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
22/12/2011 21:18

Poshindevon,



I replied because it looked like you were asking Finchy who his advocate was.

PoshinDevon


Joined: 13/10/2011
Posts: 84

Message Posted:
23/12/2011 19:46

kaiserphil - Not really a Peterborough lad, but Dad was in RAF and whilst in the UK most of our time was spent at their place near Huntingdon. Dad took me to first game in 1969 and I have been hooked since, have also lead my son astray! So do know the area very well and once used to live in our own place in Yaxley just outside Pboro.



Cheers

Sugarpuffbear


Joined: 14/05/2010
Posts: 64

Message Posted:
23/12/2011 21:42

We are in the same position as finchy as regards transfer. However we have been told it will take approximately 1 year for the Kochan to come through, once the transfer is done. However no transfers are taking place at the moment. This we were told is due to members of the TRNC bar objecting to the rise in the transfer tax to 6%. Whether this is because of the date of implementation of this tax and it being retrospective or discriminatory to foreigners we do not know. As we understand it, if your advocate is a member of the TRNC bar they cannot break this ruling and therefore they are unable to submit any transfers.

kaiserphil


Joined: 14/12/2008
Posts: 1096

Message Posted:
23/12/2011 21:58

Poshindevon - maybe Wyton or Brampton? I was in the RAF, but never there.

I lived in Peterborough for 9 years before I moved to TRNC in 2005, but I'm a Somerset Worzel.

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
23/12/2011 22:05

Elko,



have you any information to confirm the accuracy of message 23 relating to transfer fees and applications?

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
24/12/2011 19:16

Can anyone confirm if transfers are not taking place due to advocate refusal as a result of the increase?

PoshinDevon


Joined: 13/10/2011
Posts: 84

Message Posted:
24/12/2011 20:29

kaiserphil - Yep old man served at both Wyton and Brampton....me I was in the army from 73 - 97. Now live in Devon....work in Yeovil...dont dissapoint me by telling me you follow Yeovil Town!!



Much apologies this is off the topic so best we start our own.