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Friday 10th July 2020
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Shed a tear for the whinging banks

whinging Cypriot banksCYPRIOT banks will have problem with their capital if parliament votes in favour of the bill to secure title deeds to the trapped property owners.

The bill gives discretionary powers to the Director of the Land Registry, under certain conditions, to discharge and/or eliminate and/or transfer and/or cancel the mortgage and/or encumbrance and/or prohibition that encumbers the property or part thereof, with the purpose of transferring the property in the name of the purchaser, provided that the purchase price has been fully paid, or the balance is deposited in a special temporary account.

Speaking before the joint session of the House Finance and Interior Committees, the representative of the banks’ association Demetra Valianti Plati expressed reservations about the bill, noting that many trapped owners will not secure a title deed.

She said the banks cannot be responsible for the fact that when some land developers, rather than using the money to repay their loan, they used it for another purpose.

She noted that land developers should have informed banks on the sales made, stressing that the banks cannot undertake a 100% share of the law enforcement.

The representative of the banks also expressed reservations for the transfer of the mortgage of land developers to other properties or their guarantors, noting that “if they do not own property we will be left exposed” and wondered how the Land Registry will decide if the collateral is of the same value.

She stressed that it is difficult to find a property that gives the same coverage and banks will remain exposed.

A representative of the Central Bank noted that banks were asked to analyse the impacts from the implementation of the bill, stressing that the banks did not send the relevant data.

Interior Minister Socrates Hasikos said that banks are not convincing and “it is not enough to have knowledge, they should have known where the money went. They did not do that”.

He stressed that the bank ought to monitor every sale made by the land developers.

The representative of the bank, in response to Mr. Hasikos’ argument, said that the only way the bank could know about the sales was to be outside of the office of the land developers.

The Finance Ministry representative said that a new bill will be filed in October according to which sales will not be permitted if the buyer is not guaranteed.


  1. @Nigel further to your response would not worry about Greece living the EU which will only short term impact on the markets. With 60 billion Euro in QE being pumped in to the markets there is plenty of liquidity to support Europe to recover. The drop in Euro currency not any issue it is a positive as will boast exports in currency terms.

    The forecast is for the Euro to weaken in value to 90 Cents to 1- USD which is good news for some. Another point to consider is that China, Japan hold most of the Euro debt so not too much to be concerned about.

  2. @Houlou & Nigel thanks for the sharing but to be honest should not come as any surprise as poor practices, and lack of integrity is pretty much the norm.

    Nigel please can you kindly advise if you have heard any negative correspondence in respect to Paschali Developers in Protaras area with non issue of deeds, hidden mortgages, non payment of taxes on green areas?

    • @Who Gives on 2015/07/07 at 1:38 pm – I treat all emails in strictest confidence. What I suggest you go is Google the company name – in one of the articles you will find the name of their lawyer – Google that name as well.

      If you want to find out if your development has hidden mortgages, etc. you will need to ask the Land Registry to carry out a Title search.

  3. @who gives and Nigel, below is a reply from Mr. Kasoulides when he was a Euro MP for Cyprus, regarding the question of trapped buyers, his answer basically says the directive had to be approved by Cyprus MPs and he would get back to….he hasn’t 4 years on.

    RE: ιδιοκτήτες ακινήτων των οποίων οι τίτλοι τους έμεναν εγκλωβισμένοι σε υποθήκες
    Kasoulides Bureau
    [Flag this message]
    To: ‘me’

    Αγαπητέ κ. ,

    Ευχαριστώ πολύ για το μήνυμα σας. Για να απαντήσω στην πρώτη ερώτηση για το Directive 2005/29/EC παραβάλλοντας με νομοθεσία η οποία αναμένεται να εγκριθεί από τη Βουλή των αντιπροσώπων θα χρειαστεί κάποιο χρόνο και όταν πάρω απάντηση θα επανέλθω προς εσάς.

    Όσο αναφορά το θέμα που εγείρεται αναφορικά με το προτεινόμενο νομοσχέδιο καταλληλότερος για να σας διαφωτίσει είναι ο κ. Ιωνάς Νικολάου που πολύ ορθά απευθυνθήκατε. Εγώ δεν κατέχω το θέμα ούτε γνωρίζω νομικές πτυχές. Αντιλαμβάνομαι ότι αφορά υποθέσεις του παρελθόντος όπου ο ιδιοκτήτης αδυνατεί να αποκτήσει το τίτλο του ενώ δύναται αν θέλει να τον αποκτήσει αφού πληρώσει το ποσοστό που αναλογεί του χρέους των developer. Διότι πολλοί developer δεν μπορούν να πληρώσουν τα χρέη τους και οι ιδιοκτήτες δεν μπορούν να πάρουν τους τίτλους τους.

    Με τιμή,

    Ιωάννης Κασουλίδης

    From: ME

    Sent: Friday, January 21, 2011 10:14 AM
    Subject: FW: ιδιοκτήτες ακινήτων των οποίων οι τίτλοι τους έμεναν εγκλωβισμένοι σε υποθήκες

    Αγαπητή κύριε Κασουλίδη,

    Απευθύνομαι σε εσάς για να μου πείτε τη νομίζετε για Ï„a πιο κάτω προτεινόμενα νομοσχέδια, και σαν ευρωβουλευτής εάν μπορείς σε παρακαλώ να μου πεις αν είναι παράνομα αφού αγνοί το eu Directive 2005/29/EC ‘Unfair Commercial Practices Directive’ making this an offence.

    Περιμένω ακόμη για απάντηση στις ερωτήσεις που έθεσα και στη βουλή και στο κύριο Ι.Νικολαου, αλλα ειναι φανερο αυτά τα νομοσχέδια που θα πάνε στη βουλή είναι εντελώς παράλογα , και τα συμφέροντα μόνον του developer και τραπεζών λαμβάνει υπόψη.

    Δηλαδή για χάρη συζήτησης όπως αναφέρω πιο κάτω και στο ιμαιλ. Αγοράζω μια κατοικία στη Κύπρο και συμφώνησα μια τιμή στο αγορά πωλητήριο έγγραφο, και υπογραφώ αυτό το έγγραφο, πληρώνω πλήρως όσα χρωστώ για τη κατοικία, αλλα με βάση αυτόυ το προτεινόμενου νομοσχέδιου και όταν θα έρθει η ώρα για έκδοση τίτλου, το κτηματολόγια θα ζητά από τον αγοραστή να εξοφλήσει μερίδιο από τα χρέη του developer; πώς είναι δυνατό αυτό; Μονο εάν είχε παράγραφο στο αγορά πωλητήριο έγγραφο να το λέει ρητά ότι εγώ ο developer έχω χρέος σε χρηματοδοτικό ίδρυμα που σχετίζεται με αυτό το project που έχω προς πώληση, και εσύ σαν αγοραστής είσαι δεκτός να αγοράσεις Και έχεις εις γνώση σου αυτό, αλλά σε περίπτωση πρόβλημα μου (σαν developer) με τη τραπεζα θα υποστεις τα χρέη μου..τότε είναι εντάξει ο αγοραστής μπορεί να πάρει απόφαση και να πάρει ρίσκο η όχι , αλλά όταν δεν το λέει στο έγγραφο, και έρχεται η κυβέρνηση μετά να επιβάλει τα χρέη τον developer και τραπεζών σε αγοραστές ΚΑΙ βασικά να αλλοιώσει τη συμφωνία που είχε ο αγοραστής με τον developer, δεν το θεωρώ νόμιμο και ούτε δίκαιο.

  4. @ Hi Nigel my understanding from a reliable legal source (Not in Cyprus) that with holding title deeds from the rightful owner is against European law. Would agree that Cyprus law not worth paper it written on as lawless society.

    Looking at the BBC news now on the Greece situation Cyprus Government should take caution as the EU powers are looking to off load all the East Europe members which are a drain on the larger states like Germany, France, Spain, Italy. Greece is just the start as EU will get rid of the non performing countries.

    • @Who Gives on 2015/07/06 at 12:53 pm – If your reliable legal source can provide you with the reference to the European Law, I will look into the matter.

      Efforts in 2013 to have the withholding of Title Deeds to property deemed unfair by the European Justice Commissioner (a view that was supported by 42 MEPs) failed – see UCPD review offers no solution for Title Deeds, so I think your legal source has probably made a mistake.

      The problem with Cyprus is that there are plenty of laws and regulations but many are not enforced by the authorities. Hence the Town Planning Amnesty, etc.

      If Greece does leave the Eurozone other countries may follow – and that will be the end of the Euro ‘experiment’. The markets are waiting to see how things developer – Sterling is trading at 1.41 against the Euro.

  5. @ Hi Nigel In response to your request which presume that your good self and your regular online bloggers are well aware the practice of withholding Title Deeds or legal ownership of properties which have been paid for in full by the purchasers is an infringement of EU directive 2005/29/EC and BTW Cypriot Laws 103 (I)/2007 which transposes it.”

    • @Who Gives on 2015/07/06 at 11:32 am – EU directive 2005/29/EC and BTW Cypriot Laws 103 (I)/2007 relate to unfair commercial practices and cases brought to the Cyprus Consumer Protection Service and the European Commission have had little success. (i.e. no-one’s received compensation or their Title Deeds.)

      European Property Law is in development. However, it is generally considered to be too different between countries to ever achieve harmonisation.

      All hope at the moment rests with the troika pushing through changes in the island’s property law.

  6. @ Nigel I am aware of the SDLT in the UK just another form of property tax. Are you aware that in the UK the tiitle deeds are available on completion the sale. You can not be really serious taken the side of Cyprus that many expats that have been cheated out of there entitlement by the so called Developers, banks Agents, Lawyers which most have little or no integrity at all.

    People seem to have small memory that only two years ago Cyprus made the decision to shut the banks and proceed to take lot of people hard earnt savings of over 100K Euros as part of the bail out condition which has never happened in any country within the Europeon Union. Denis O’hare Cyprus Property Action Group made the right choice moved to France where you can buy a property half the price of Cyprus that are built to ladt.

    • @Who Gives on 2015/07/05 at 11:56 am – What makes you think I’ve taken the side of Cyprus? I am well aware of the ‘crooks’ masquerading as property developer, estate agents, lawyers, etc. – and the Title Deed situation is a complete and utter mess. I advise anyone thinking of buying a property here to restrict their search to properties that have clean Title Deeds.

      I ask again, can you please give me the references of the European & Cyprus laws to which you refer so that I may investigate?

      BTW It’s not only the expatriates who have problems, far more Cypriots have been cheated.

  7. @ Nigel how can you compare little Cyprus to the UK which it is properly regulated. If you buy a new property in the UK you receive 10 year building guarantee. The title deeds are issued on purchase on the property. Any grievances the is the FCA or the Ombudsman to provide independent advise as regulated. In Cyprus everyday another bill for this and that which is worthless government spin in reality who gives.

    • @Who Gives on 2015/07/05 at 8:16 am – You made a comment and I replied as you seemed unaware of the Stamp Duty Land Tax (SDLT) which is the UK equivalent to Cyprus Property Transfer Fees. How is that comparing Cyprus to UK?

      Can you please give me the references of the European & Cyprus laws to which you refer so that I may investigate?

      (BTW states in the US also impose a property transfer tax – and Spain levies a transfer tax on resale properties.)

  8. Mr. Mavrides MP called me today! in response to an email, I was speechless that he went out of his way to hear me out!

    Basically he says that the banks are resisting the changes proposed, and his main questioning centred around whether or not I as a purchaser had a receipt for purchase, and if not could I prove developer received monies for the said property purchased, and also that the sales agreement was lodged at the land registry…..either way he is hopeful regarding the bill but will know more by next Thursday….

    What is funny here is lets say you can’t prove you purchased the property? in essence if you are not the purchaser(cos you cant prove it) not the owner because you don’t have deeds, then how can you be liable for the IPT? and how can you again I repeat this be liable for IPT on a property that has not certificate of final completion (that by law cannot be occupied) Forgot to ask him that…..

  9. @everyone, please correct me if I am wrong in how I interpret the article, Ms.Demetra is looking to get the bill changed clearly to the benefit of the banks….and saying as I read on sigma news site, it’s not the banks problem if a purchaser bought from a developer without a banks involvement in terms of arranging a loan for the purchase. So she believes this approach is ethical?, despite the fact that the same developer e.g had used a plot as collateral to arrange loans with the bank?, and now because things have gone pear shaped for the developer, the purchaser can’t attain deeds due to the developers debts to the bank and the bank expects the buyer to pay for these debts owed to the bank ir ese bo deeds release? this is fair? The banks are owed by the developer they should go after the developer as Hasikos said, what does a buyer who has not borrowed from the bank have anything to do with this dispute?

    A point I have made in my emails to the MPs, is what is there to discuss and change about the bill before it becomes law? how much more black and white , right and wrong can the situation be when it comes to a case as such:
    Purchaser pays for their property in full (or is keeping up repayments on it ) RIGHT
    Finds that developer has prior encumbrances on it that hinder issuing of deeds? WRONG
    To lift encumbrances purchaser in essence to pay someone else’s debts to state/ banks WRONG
    You propose:
    If buyer has paid in full or keeping up payments and has registered contract of sale to land registrty they should get deeds without being lumbered with someone else’s debts to state/ banks RIGHT

    How can you stick if’s and buts into above without watering down it’s ability to cover buyers?
    No matter how you dress this up it is simply wrong, regardless of whether or not a buyer bought via a bank or paid a developer without the aid of bank loan.BUT lets see how the mps willl see it.

  10. xenonx in reality Cyprus need to change their out dated taxation approach. What EU Country that you have to pay for your legal right to obtain your title deeds immediately after purchase when u have paid in full. This is in breach of Europeon & Cyprus law that should have been regulated when Cyprus joined the EU but it was different times then.

    • @Who Gives on 2015/07/01 at 10:23 am“What EU Country that you have to pay for your legal right to obtain your title deeds”

      In the UK for one – where it’s called Stamp Duty Land Tax (SDLT) that’s payable when a property changes ownership.

  11. I just hope if this all goes ahead smoothly the rightful owners cough up the transfer fees without bleating that they don’t have the money, as they cannot be so naive as to say they did not know about such fees. This is one of the things a purchaser researches BEFORE he signs a contract so he knows the full cost of buying a property – wherever.

    Buyers should be extremely happy that they finally have a chance to see this unholy mess get sorted.

    If you do not have the money to complete the transaction BORROW IT.

    • @xenonx on 2015/07/01 at 8:34 am – Those buying property do set aside money for the Property Transfer Fees. However, nefarious developers extort money from them by charging outrageous sums claiming the money is for back-years Immovable Property Tax and ‘administration expenses – and withhold Title Deeds to elicit payment.

      An elderly lady I was helping received a demand for more than €20,000 from her developer for back-years IPT. Not only had this cretin not paid his IPT for many years but also tried to charge this lady 9% interest (compounded).

      This practice is very common unfortunately.

  12. @Scruffy, I am ashamed to say not sure how they vote in legislation as a acts of law….if it is majority opinion that passes or not….you can bet your bottom dollar that I will be emailing most of them, just like I did demetra plati of the bankers association after comments in obvious support of the banks …..if they reply i’ll post here

  13. By taking the stance illustrated in this article it would appear that the banks’ association and their representative have learnt nothing from the ongoing financial and fiscal troubles of Cyprus. When will these foolish people dispense with their idiosyncratic, crooked and abnormal business practices and adopt normal business practices and procedures? Are they so culturally and pathologically hard-wired that they are unable to change?

    My developer’s bank received a copy of the contract of sale their client, i.e. my developer, wrote with me before construction started on my house. In the contract the developer stated that there were no mortgages or charges of any sort over the property being purchased – and yet the same bank had given mortgages (now morphed into non-performing loans) to the developer prior to the contract being written. Had the bank performed due diligence on matters contained within the contract the bank would have been aware that their client had committed a material breach of contract not just in respect of the hidden mortgages, but also in respect of fraudulently failing to comply with planning and building regulations which rendered the house illegal. It is clear that my developer’s lending bank had no idea how to assess the risk that their client represented – and that the bank was hell-bent to acquire a collateral asset regardless of the consequences. As for me, I have no doubt that if a Cypriot court fails to find in my favour a European court almost certainly will.

    The solution proposed by Minister Hasikos is purely an administrative one – it does nothing to punish those who have acted in a criminal manner or remove the restrictive annotations from title deeds on transfer of title. And in any case by the time it has been hacked about by a manifestly inept parliament who knows what kind of justice it will deliver. KD

  14. Well lamaris Akel, mavrides DISY, and syllouris European party all in favour…descenting voices though are heard from diko, especially Mr.Votsis who was the fella who suggested that purchasers and not actual registered owners are lumbered with IPT and this was passed as ‘law’ ! of course not too sure why anyone should pay IPT on a property they reside in with no certificate of final completion for all intents and purposes the state is taxing something illegal, can this be done? heroin is illegal, but hey if yo happen to sell an ounce or 2 we will tax you, I mean its nuts, how can they function as a state? ….Votsis doesn’t think bill will become law before they all go on their summer hols soon….it needs more looking into he says. I just say shame on them for ALL the reasons mentioned in many many posts here, banks were and are immoral as are the developers….why should innocent buyers still be lumbered with all of or even any portion of a third parties debts in order to attain deeds?viva republico de banania

  15. “banks cannot undertake a 100% share of the law enforcement”

    What, even when the same bank that financed the developer then provides the mortgage to the house purchaser?
    Methinks they doth protest too much!

  16. All of the Banks new full well that so called developers would sell homes to buyers. They had a duty of care to their shareholders to ensure repayment of loans. Lawyers had a duty of care to their clients.

    In the UK all lawyers will ensure that Banks are repaid before any money is transferred. The “developers” and lawyers in Cyprus make great claims about the similarities with the UK. If you sell a home in the UK for £500. and you owe the bank £200, you will only receive £300.

    The Banks should have made proper provision for repayments, to be made, as and when each home was sold.

  17. Dear Houlou
    As we are all aware the original MOU has been amended several already to keep Cyprus understand some sort of control. With Greece near the exit door Cyprus will use that to there advantage with the lenders. Let’s wait and see what happens with news on the approval of a new law in October we can only live in hope.

  18. Five/Six years ago I raised the question of issue of a Final Certificate of Approval and that we were illegally occupying a dwelling without one.The girl at our developers responsible for such matters said she was aware of the law BUT if developers paid any heed to it nothing would be sold – accompanied by the Cyprus shrug.

    As for the banks winging (Newcastle spelling) I am overcome with their arrogance. This has been going on for so long they actually think they are justified in taking this attitude. Truth is they have been found out and it is pay back time. Hope the
    Government takes a hard line.

  19. KURTZ.
    You are right regarding inhabiting a property without a completion certificate. It comes under CAP Law 22. If the district office were to enforce this law then island would be in a whole mighty mess. They have always got this card to play though.

  20. Alan Morton. We are in the position that you have described. I have been trying for nearly 4 years to get the properties on our development separated into individual plots so each owner can finish their own house without having to get a completion certificate for the whole development.

    The biggest problem with us on site is that nobody will work together for an array of reasons, mainly financial. Add in the fact that one of the plots was sold to an investor who has no intention of developing the plot. When this deal for the sale of the plot went ahead there was nothing we could do about it.

    Our developer has since gone bankrupt.

  21. @alan, here’s my 2 cents on your query, if the development isn’t flats I guess you could push for the portion of land that equates to the proposed property you purchased as shown on your sales agreement….small consolation but at least you will own the land, but again without the developer to sign anything a lot of jumping through hoops and time is needed as you will see below!

    As for a no completion certificate in cases where the properties are finished alas again i quote the MOU but I am not sure when the catalogue of easily fixable deviations will be composed, or if they will streamline the process in cases where the developer has vanished and left buyers powerless to act….When I queried the municipal administration the other day they showed understanding for such cases but taking on any action as a buyer to remedy issues will only get you so far, and a shame to do so and then hit the hurdle of missing developer who ‘owns’ land not being available to sign and therefore transfer deeds to you….the opinion of the attorney general maybe requested for cases like this she said to me as many many people are affected :

    Housing market and immovable property regulation

    5.3. Action is required to ensure property market clearing, efficient seizure of collateral, and swift transfer of property rights. A particular risk arises from legal disputes, which may be due to incomplete documentation of ownership and property rights and the slow pace of judicial procedures.

    The Cypriot authorities will ensure that:

    • by Q2-2015, the House of Representatives will adopt amendments to the Street and Building Permit Law to ensure the enforcement of the deadlines for issuance of certificates of completion by the supervisor engineers;

    • the working group on title deeds issuance will review all procedures from the planning permit application to the issuance of title deeds (working closely with the Task Force on title deeds). By end-June 2015, the Cypriot authorities will submit for consultation with programme partners a report detailing the main obstacles for the title deeds issuance and recommendations on ways how to streamline these procedures during 2015, including a catalogue of tolerated deviations from building and planning permits. A further comprehensive streamlining of building, planning and title deed procedures will be proposed by the authorities following the completion of the in-depth analysis in progress.

    • the title deed issuance backlog of immovable property units with title deed issuance pending for more than six months drops to less than 3,500 units by Q4-2015 (backlog refers to (i) applications, (ii) units that are eligible for the “ex- officio” issuance of title deeds, required certificates and permits). The ex-officio cases will automatically be counted in the backlog from the date the certificate of final approval is being issued by the respective Local or District Authority. To that end, the Cypriot authorities will continue to provide to programme partners granular data on the stock of backlogs of permits, deeds, certificates, and mortgages

  22. To Houlou, the land may have already been mortgaged. But often after a search was done and shown to be clear the lawyer delayed and gave the nod to the developer to quickly re mortgage it before sale ;)

  23. Regarding Alan’s question I believe it’s illegal to sell or inhabit a building without a certificate of completion. So the lawyers and banks are guilty.

  24. I’m happy that it’s been recognized and addressed in some form. But it’s early days with a few burning hoops to jump through. The law makers have vested interests that’s clear so it won’t be plane sailing. My biggest fears are the the immediate insolvency of the banks. The current figures don’t account for all these now unsecured amounts I’m sure. Well the clock is ticking and the Troika are learning fast. I’m sure at some point they will stipulate action. After all the property rights are at the the core of EU policy.

  25. This article is further evidence (if it was ever needed) that the banks have no limits to their arrogance and greed.

    I remember when I spoke to our bank manager when it was first revealed that there was a hidden mortgage on our plot.

    Her explanation was, “You have just been unlucky”.

    I replied “No madam, I have just been defrauded”.

    She shrugged her shoulders.

    I hope that this legislation is adequate and goes through. If only to teach her and her like that they’re despicable attitude are no longer acceptable in a modern Cyprus.

  26. The banks, together with the developers, lawyers and collusion of successive governments, have known full well that what they were doing to real estate purchasers was criminal as well as immoral. And I refer to the widespread practice of saddling developer mortgages onto unsuspecting buyers and using their real estate as collateral for the funding of other projects.

    This practice has been exposed over many years in these columns and elsewhere and legislation has been a long time coming because of the incestuous relationships that existed between the parties I mention in my first paragraph.

    It would appear that this current government have been flushed out of its grubby hole by virtue of the fact that the Cypriot property scene is a virtual dead duck as a result of the adverse worldwide publicity.

    Instead of “whingeing”, the banks should hold their heads in shame for their unethical behaviour and be forced to make financial restitution, having put thousands of innocent people through financial and emotional stress.
    Many look forward to the passing of the relevant legislation and here’s hoping that it’s comprehensive and devoid of any caveats. We shall see.

  27. How firm will such a ‘guarantee’ be? Perhaps customers of Aristo Developers have found reassurance in the “Aristo Guarantee”: “Our company has been developing and selling properties for over three decades and have (sic) a long-standing reputation for quality, reliability, guaranteed title deeds and delivery dates, so you know your investment is secure with us.” and “You can be assured of complete peace of mind throughout the buying process including guaranteed title deeds and delivery dates.” (cf.: Buying from Aristo Developers).

    Customers of Aristo Developers should sleep soundly at night: based on the dubious assurance: “The legal system is Cyprus is largely based on the British equivalent and safeguards the purchaser’s rights in many ways.”

  28. Well on sigmalives page boils down to banks not being happy and are looking for all sorts of ways to minimize losses, like not accepting that someone who has paid developer direct and not via a bank loan should not be covered, i.e the encumbrance cannot be lifted by bank to allow buyers who paid developer direct to get deeds…and also DIKO is resisting by basically supporting both the banks and developers…and suggesting some solution has to be found to address those parties concerns!

    Have to wait and see, all other parties are on board…at the end of the day Hasikos is insisting that the banks claim against the developer is not lifted in anyway, just becomes a question of when and in how many years they will re-coup

    @Nigel not sure what you/they mean by this? “The Finance Ministry representative said that a new bill will be filed in October according to which sales will not be permitted if the buyer is not guaranteed”

  29. Outrageous that bank rep. person Demetra Valianti Plati is arguing that many trapped buyers wont be receiving deeds….@dear Demetra it is not your problem….let the buyers who have been duped into paying for properties on already mortgaged land get some respite….the banks knew exactly what they were doing when lending to developers….I will be finding Demetra’s email and emailing her personally….bet your bottom dollar she has nobody close to her that is affected by the banks developers crazy teaming up……

  30. This is all well and good for those whose properties are encumbered but what will happen to those where the developers have not completed the development and therefore cannot get a certificate of final completion. Will the Land Registry grant us our title deeds, which will not cost the banks anything as our mortgages are clear.

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