registering contracts before 2008

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OliveTim
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registering contracts before 2008

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Post by OliveTim »

In 2008 a new law came out and most people registered their contracts then.

However, our bank says we were negligent not to register our "off plan" contract in 2004 when we purchased.
He said it would have protected our homes from a mortgage.

Was it possible to register contracts earlier than 2008 for an unfinished, off plan home?

Any experts in TRNC law out there???/

come_on_aylin
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Re: registering contracts before 2008

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Post by come_on_aylin »

I believe it was as we asked our solicitor to do so in 2005. His reply was that it was not necessary unless you were going to use the document in court, naively we believed him. Then fast forward a couple of years and they insisted that all contracts were registered. Fortunately, they allowed them to be done at the original rate of 1.5%. It's not you that has been negligent, it's your legal representative.

ozankoys
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Re: registering contracts before 2008

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Post by ozankoys »

For contracts registered within a month it is 0.5% thereafter 1.0%
It is the lawyers who were negligent but they are not accountable.
Last edited by ozankoys on Thu 25 Oct 2018 8:08 am, edited 1 time in total.

snd1966
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Re: registering contracts before 2008

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Post by snd1966 »

unfortunately it all seemed to go wrong between 2000 and 2008, 2004 being the bumper year

The law I believe states any foreigner purchasing a property needs to apply
permissions to purchase - do not exchange money until you have it
register with the land registry office within one month of purchase

I remember back in 1988 when my father decided to buy a property it took him 4 to 5 months from seeing it, wanting it and actually purchase the villa which both buyer and purchaser seemed to accept. It was when builders, estate agents and lots of purchasers put too much work to the offices short cuts were taken with purchasers not even being advised to wait for permission to purchase and not registering the sale until the kocan was required and that in some cases would be never hence the need in 2007/8 forcing everyone to register their contract to prevent further mortgages taken out.

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