- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

MEP calls for Cyprus fact-finding mission

MEP Daniel Hannan

MEP Daniel Hannan

WITH reference to previous parliamentary written questions E-0110/09 by Syed Kamall, E-6793/08 by Mary Honeyball and E-6513/08 by Caroline Jackson, and with a view to the new legislation about to be put in place by the Cypriot Government to address the problem of withheld title deeds, several questions arise.

Does the Commission agree that the new legislation will not address the main problem cited in numerous buyer petitions or indeed in the above-mentioned parliamentary questions, since it will not help buyers whose properties are encumbered with developer mortgages?

Does the Commission agree that the sale of mortgaged property without full disclosure at point-of-sale is practised systematically by Cypriot developers and that it should be prevented in all EU countries, with stringent penalties for transgressions?

How can a prospective buyer find out whether there is a developer mortgage on a given property? Do any developers’ websites or brochures mention this possibility or indicate how to carry out searches to uncover the risk before purchase? Historically, buyers’ own lawyers have not alerted them to this risk in the majority of cases.

Finally, will the Commission send a fact-finding mission to Cyprus to investigate these problems in more detail?

Further reading: Cypriot title deeds legislation written question to European Commission E-4116/2010.

About Daniel Hannan

MEP Daniel Hannan is a writer and journalist, and has been Conservative Member of the European Parliament for South East England since 1999. He has appeared in numerous television programs and has his own on YouTube Channel which contains more than 130 videos. You can also find him in the news section of the Daily Telegraph.

Editor’s notes

It is not possible to search the Land Registry in Cyprus as it is in the UK as the laws in both countries are different:

In England and Wales – The Land Registry operates an open register which means that copies of all documents referred to on the registered title can be obtained by anyone, subject to payment of the necessary fee.

In Cyprus – Information or documents in the public register of Titles connected with the ownership of immovable properties and charges or encumbrances lodged against them are treated as confidential and are unavailable for public inspection.