It’s estimated the owners of c100,000 properties in Cyprus have not been able to obtain their Title Deeds in Cyprus. This is a massive issue for our EU Property Solutions clients, as to all intents and purposes the property can only be sold to a ‘cash buyer’ – because of the flawed Title on their property.
- The developer,
- Central Government departments, and
- Local government/councils are all involved in the process for the issuance of Title Deeds.
Undoubtedly, this gives plenty of opportunity for something to go wrong. Especially in Cyprus which it invariably does where huge delays and problems arise.
Our specialist team then works with the added factor that many developers have also now ceased to trade and are not contactable, thus the likelihood of ever obtaining complete Title Deeds is poor at best.
Many developers did not correctly divide up the plots of land when they were building apartment developments. Therefore could not provide individual separate title deeds for purchasers.
A major problem our clients face is selling without Deeds. Cypriot mortgage lenders will now not lend on properties without title deeds. Thus, the comment above your buyer must be a cash purchaser resulting in far low values/prices.
Despite the many issues for properties not having Title Deeds, the vast majority of EU Property Solutions successes in Cyprus, with Swiss Franc Currency issues and the Negative Equity arising, have been achieved for our client settlements without the right Title Deeds.
EU Property Solutions along with our Cypriot Legal Team understand how the core lenders work and their processes to resolve these property issues and settle mortgage debts. Subsequently, we often avoid sales procedures and assist borrowers with alleviating their Cyprus property debt burden which has been fuelled by the non-existant issues of Title Deeds and Swiss Franc mortgages.
A recent settlement below. This client will speak to any prospective clients about their experience with EU Property Solutions.
- A couple* approached EU Property Solutions after struggling for years with their holiday home and the mortgage thereon,
- They owned a 3-bedroom Townhouse in Paphos with no Title Deeds,
- Their outstanding mortgage at the time of our appointment was SwFr399,000 equating to £313,000 (Sterling).
- The property was valued at €70,000
- EU Property Solutions negotiated the successful settlement of the mortgage account.
- Including our fees and settlement with their developer, the clients saved over £200,000 and most importantly protected their UK assets.
*This client will speak to any prospective clients about their experience with EU Property Solutions.
If you are struggling with a property with no Title Deeds and a mortgage sold to you in Swiss Francs make sure you call EU Property Solutions now: 0044 330 124 1230