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12th November 2024
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Solutions prepared for trapped buyers

Efforts are underway to resolve the issue of trapped buyers, Interior Minister Constantinos Ioannou said on Wednesday at the House legal affairs committee. 

Presenting a solution, he explained around 50 per cent of cases could be resolved in a manner which is constitutionally sound and has the green light from the legal service. 

Though the session primarily brainstormed without settling on any concrete proposal, the legal service suggested going through court – sparking a reaction from Disy MP and committee chair Nicos Tornaritis. He argued that considering there are around 10,000 pending cases, it would take some 20 years for court to issue a decision. 

The legal service expressed its disagreement, underlining there would be an order issued to speed up these cases. 

Ioannou said there are 9,497 applications by trapped buyers, of which 5,417 have no title deed and will remain pending until authorities can figure out whether one can be issued or not. 

With the remaining 4,080 there are around 2,500 that have no other burdens such as a mortgage. As such, they will be examined and be issued a title deed. With the remaining cases, they will be examined following written consent. 

Banks have agreed to suspend foreclosures until the beginning of 2025. 

Financial ombudswoman Valentina Georgiadou specified that any out-of-court settlement should be carried out with a proper framework.

CM

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2 COMMENTS

  1. I have read the article and I am one of those cases that I was at the end of the procedure of trapped buyers i.e the property had title deeds in the name of the developer and the land has a mortgage with the bank of Cyprus, and there was no objection in proceeding with the CEO of the Land Registry to proceed and issue the deeds on my name, when their piers were suspended.

    In the article it states for our cases that they “ will be examined following written consent “.

    What is the meaning of this statement ?

    Where do I apply for my case to be examined?

    Who is the person that will give his consent for the title deed transfer once a case is examined ?

    Please let me have your comments to make this statement simple to understand.

    • I’m afraid that we’ll have to wait until the ‘solution’ is finalised. When the trapped buyer’s law was introduced in 2016, the application procedure involved completing forms, providing evidence that the trapped buyer had paid for the property (or paid the shortfall to the Land Registry) and submitted all the information and completed form to the Land Registry.

      I suspect any new procedure will be similar.

      If you’ve already applied for the deeds, hopefully the process will be simpler.

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