Check you deeds before you buy, Cyprus

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houseFor many years now the Cypriot property market has skipped over the issue of tittle deeds leaving many British home-owners without the deeds to their properties. The back log of deeds to be issued is believed to be over 130, 000. The Memorandum of Understanding (MoU) signed with Troika requires for the government to eliminate the title deeds issuance backlog to less than 2,000 cases’ by the end of 2014. According to a source at the Foreign Ministry, Foreign Minister Ioannis Kasoulides has reassured both William Hague the UK Foreign Minister, and David Lidington UK’s Minister of State for Europe that the government is taking the required steps. ‘We recognise that a problem exists regarding the non-issuance of title deeds and we hope that a solution will help make Cyprus a more attractive place for investors to come and purchase property,’ a Foreign Ministry official said on Monday. Following October’s cabinet meeting it was decided that a review was required to establish what issues exist in the Cypriot real estate market, after receiving numerous complaints from distressed British citizens. However this does not stop with British Citizens, many Cypriot nationals are in the same boat. A British high commission spokesperson said last week ‘We welcome the Cypriot government’s plans to work towards a solution to the property issues that so many UK and Cypriot nationals face and we are grateful for the steps the government has taken so far,’ The British High Commission will continue to raise concerns with the Cypriot Government, whilst the UK has offered its support with the problem. ‘We encourage anyone experiencing problems with property to seek legal advice by engaging an independent lawyer who will be best placed to advise on rights and methods of redress,’ the spokesperson said. The Cypriot Foreign Minister will reply in English to questions set by the British High Commission on matters regarding title deeds, they will also be given the opportunity to visit the UK and gain a valuable insight how things are done there. The Foreign Ministry will also prepare for the British High Commission in English what needs to be done in order to obtain title deeds, alongside guide lines for new or prospective real estate buyers. The Cypriot Government is asking developers and lawyers involved in land deals to ensure they meet the buyers’ obligations. The responsibilities for these issues are that of the commissioner on public service reform, Emmanuella Lambrianidou.