To date more than 5,000 'trapped buyers' have applied for their Title Deed and if you are one of the thousands in this invidious situation it is recommend that you submit your application as soon as practicable. You'll find further information and forms in the article Apply for your Title Deeds now.
If your application is successful you will be entitled to receive a 10% reduction in the Property Transfer Fees (or pay the transfer fees in 12 monthly instalments) if you settle within 60 days of receiving the transfer notice from the Land Registry.
Furthermore, if the transfer takes place by 31st December 2016, (a) If VAT was paid on the property, no Property Transfer Fees are payable. (b) If VAT was not paid on the property, the Property Transfer Fees are reduced by 50%.
Nigel Howarth from Cyprus Property News has been invited to a meeting with senior officials at the Department of Lands and Surveys in Nicosia to discuss various issues with the 'trapped buyers' law. But as he is currently in the UK he has put the meeting on hold until his return.
If a purchaser neglects, omits or refuses to pay the Transfer Fees within the specified period, the property will be transferred and registered in their name and the Director will lodge an encumbrance amounting to 50% of the unpaid Transfer Fees.
If your application is successful you will be entitled to receive a 10% reduction in the Property Transfer Fees (or pay the transfer fees in 12 monthly instalments) if you settle within 60 days of receiving the transfer notice from the Land Registry.
Furthermore, if the transfer takes place by 31st December 2016, (a) If VAT was paid on the property, no Property Transfer Fees are payable. (b) If VAT was not paid on the property, the Property Transfer Fees are reduced by 50%.
Nigel Howarth from Cyprus Property News has been invited to a meeting with senior officials at the Department of Lands and Surveys in Nicosia to discuss various issues with the 'trapped buyers' law. But as he is currently in the UK he has put the meeting on hold until his return.
Amended Law for ‘Trapped Buyers’
On 03/09/2015 the Parliament implemented the new amended law on The Immovable Property (Transfer and Mortgage) Law 2015 and issued relevant regulations giving the opportunity to thousands of ‘trapped’ buyers to finally receive title deeds for the property they purchased. The implementation of this Law was a requirement imposed by Troika in giving the next instalment of €500 million. In order to resolve this situation, the trapped buyers are now eligible to apply to the District Land Office to initiate procedures to receive their title deeds.
According to the new law, all the purchasers who deposited their Contract of Sale at the Land Department until the 31st December 2014 are eligible to submit an application to the Director of the Land Department, accompanied with all the relevant evidence in relation to their property. In addition, the vendor, the potential mortgage lender, the borrower under the loan agreement with the purchaser and the Director on his own initiative has the right to apply for transferring the property in the name of the purchaser.
The new law covers situations where:
According to the new law, all the purchasers who deposited their Contract of Sale at the Land Department until the 31st December 2014 are eligible to submit an application to the Director of the Land Department, accompanied with all the relevant evidence in relation to their property. In addition, the vendor, the potential mortgage lender, the borrower under the loan agreement with the purchaser and the Director on his own initiative has the right to apply for transferring the property in the name of the purchaser.
The new law covers situations where:
- The purchaser has fully paid the purchase price; or
- The purchaser has paid part of the purchase price and they will pay their balance into a special account kept at the Land Registry either immediately or in instalments;
- The property is encumbered either with encumbrances or with memo imposed by the state;
- The property was bought through consideration or resale;
- An order for ‘Specific Performance’ has been granted by a Court.
In addition, the new law secures trapped buyers by freezing negotiations of alienation of immovable property based on the Bankruptcy Law and Companies Law and in any other regulation which relates to the alienation of immovable property.
In particular, the stay until full examination of the application will apply to the following circumstances:
In particular, the stay until full examination of the application will apply to the following circumstances:
- separate title deed has been issued for the subject matter of the contract (deposited in the Land Registry) and either the purchase price of the contract has been fully paid or part of the purchase price has been paid up to the date of submission of the application and the purchaser submits in writing that the balance of the purchase price will be deposited, according to the provisions of the contract, into a special account kept at the Land Registry as provided by Article 44K Section 2; or
- separate title deed has not been issued for the subject matter of the contract (deposited in the Land Registry) and either the purchase price of the contract has been fully paid or part of the purchase price has been paid up to the date of submission of the application and the purchases submits in writing that the balance of the purchase price will be deposited, according to the provisions of the contract, into a special account kept at the Land Registry as provided by Article 44K Section 2 and in addition the issuance of separate title deed will be possible according to the provisions of Part VIA of the Immovable Property (Tenure, Registration and Valuation) Law.
If a purchaser neglects, omits or refuses to pay the Transfer Fees within the specified period, the property will be transferred and registered in their name and the Director will lodge an encumbrance amounting to 50% of the unpaid Transfer Fees.
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