In its series “Selling Houses” Channel 4, the UK TV company, broadcast a programme that included examples of the Title Deed nightmare faced by many buying property in Cyprus. The programme was aired on 24th October, and included an interview with Cyprus MP Rikkos Erotokritou.
To view the relevant section of the programme, click on the picture below.
Here are some quotes from the show:
“There are massive problems in Cyprus with Developers abusing property law to make huge profits for themselves…” – Andrew Winter
“Shockingly…archaic laws mean developers can hang on to title deeds of properties they’ve sold and continue to borrow money against them…” – Andrew Winter
“Not only does the developer still have Rogers deeds, he also has an outstanding £180,000 mortgage on the house…” – Andrew Winter (Roger Snelling bought a 3 bedroom villa in Pissouri in 2001)
“When your lawyer isn’t being completely straight with you and you don’t have the deeds to your property, hidden debt isn’t the only nasty surprise you may get as Will and Joanne Whitmore discovered” – Andrew Winter
“We got a knock on the door …within minutes she was telling me that the house was hers…” – Joanne Whitmore
“…even solicitors just shrug their shoulders and say “Oh this is a problem.”” – Will Whitmore
“…this cockeyed legal system allows unscrupulous solicitors and greedy developers to get away with fleecing unwitting house buyers” – Andrew Winter
“Despite government promises it might be a while before things change in Cyprus…” – Andrew Winter