Shared Title Deed Landowner and Purchaser

Babrew


Joined: 15/09/2010
Posts: 486

Message Posted:
14/03/2012 10:30

Obviously the Landlord will be put on first and the purchaser(s) 2nd.



Can any one answer this question:



Does this mean the Landlord can go ahead and sell the villas (empty ones or ours) without him gaining our permission. ie we think we are safe paying for a shared kocan but maybe not?

Molly


Joined: 30/08/2008
Posts: 299

Message Posted:
14/03/2012 11:41

If you own a share it cannot be sold without your consent. If your contract is registered, the same applies (memorandums excluded!)

Sandford


Joined: 17/12/2011
Posts: 133

Message Posted:
14/03/2012 12:06

If you have a shared title issued in your name, you are the 'landlord' along with the others on your plot with a shared title. Nothing can happen unless all agree to it and, builders can only sell what is theirs, I assume that will be the shared title kocan that is in their name.



This title is, as I understand matters, to an equal % of the plot land (so 10 villas, each kocan would be for 10% of the plot) rather than for the property currently on that piece of land, as that is what the parcelisation process sorts out as an individual title. I think a shared kocan makes you much safer than no kocan.



Others in this situation may know better of course.

ozankoys


Joined: 20/06/2008
Posts: 905

Message Posted:
14/03/2012 12:31

With a shared title, any owner has to obtain the permission of the others before they can transfer their share to someone else. This procedure can be avoided if a specific power of attorney is obtained for each person when the original transfers are made, the Land Registry keep these POAs on file. Otherwise an advert has to be placed in a local newspaper to see if any of the other owners have any objection to the share being transferred.

Of course a shared title is much better than no title the only drawback being that the banks are unwilling to provide mortgages for these properties so a cash buyer is needed when you sell them.