Title Deed Issues
Cyprus has its fair share of property debt issues that can be difficult to tackle. However, the lack of title deeds across properties in Cyprus often complicates these issues further.
A lack of title deeds or improperly issued deeds can make it nearly impossible to sell as well as making your property worth next to nothing.
Find out how you can solve your title deed issues.
Amid negative equity, difficult lenders, Vulture Funds and interest-only mortgages, many property owners in Cyprus find their struggles intensified by title deed issues.
The acquisition of a Title Deed is usually simple and straightforward. However, it can also involve a very complex and specialised process in Cyprus which is not always very clear. Like many other property problems in Cyprus, it can feel like a hopeless endeavour. But there are solutions to all of these issues.
Title Deeds: The Basics
Title Deeds in Cyprus are known as ‘Certificates of Registration of Immovable Property’. This government-issued document highlights the property holder. It also contains information about the location and size of a property.
The main issue is that you need Title Deeds to transfer property ownership to another person.
All land in Cyprus has a Title Deed attached to it. Part of the development process should have seen developers split the land into plots with Title Deeds for each property. If you bought a property in Cyprus, especially pre-2008, there is a good chance you did not receive Title Deeds. Now you find yourself in amongst the category of ‘trapped’ buyers.
Why is this an issue?
Not having access to Title Deeds can prove to be a massive issue for you. As it is needed to transfer property ownership, it makes selling a property very difficult. Cypriot lenders will not provide mortgages for properties without Title Deeds. Essentially, you need a cash buyer to purchase the property, often at a discounted price.
This is an issue, but if your property is in negative equity, your lender will require you to pay the shortfall between the remaining mortgage and the property’s value. You are ultimately responsible for paying this difference. If you cannot pay, your lender may pursue you in your home country.
Find out more about negative equity here.
How Do I Get My Title Deeds?
In Cyprus, developers, the Central Government, and the local Government are all involved in the process of issuing Title Deeds. This gives plenty of opportunity for something to go wrong, which it invariably does, and huge delays and problems arise.
Although borrowers were mis-sold, the bad and unfortunate news is that if you’re seeking recompense from the Banks or brokers (who won’t be there) to resolve the matter, there’s very little to no chance of this happening.
This is combined 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.
Can EU Property Solutions Help?
As with all foreign property debt issues, there is a solution. 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 correct documentation, Title Deeds being one of them.
EU Property Solutions and 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 Cypriot property debt burdens when it comes to Title Deeds and Swiss Franc mortgages.
Call us today to schedule your free, no-obligation consultation with our specialist team on 0330 124 1230 or send us an email at [email protected].
Can I Find My Title Deeds?
It may be possible to obtain a copy of your property’s Title Deeds. However, the process for this is long, convoluted and complex. There is a good chance you will end up in the same place you started. The best solution is to speak to an expert that understands the ‘ins and outs’ of the process.
What Can I Do Without Title Deeds?
Despite what many people believe, a property without Title Deeds is not a complete write-off. It does make the process of getting rid of the property more difficult. however, there are always solutions. Contact us to find out how we can help.
Why Should I Trust EU Property Solutions?
For over a decade, we have been helping people in exactly the same situation you find yourself in. We understand that you have probably been lied to by the bank, developers, and estate agents. If our amazing results don’t say enough for themselves, check out some of our testimonials or call our office and speak to a member of the team. You can even chat with previous clients of ours over the phone!
Why not get in contact?
We are always happy to offer a free, confidential review of your situation.
This helps us understand exactly what you need and helps you understand the best options to solve your property debt issues.