TRNC Law effecting all property purchases

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Does anybody know anything about the new laws effecting property ownership and can comment on the notes below


'The new Estate Agency Law which has been passed to monitor and keep under strict regulations all those who are involved in the selling and marketing of properties. is aimed at safeguarding and securing your interests in the property which you have purchased until the time that you are able to register the title deeds of the property into your name.'

'It will further ensure that no bank charges, or mortgages can be placed on the land without your written consent as the purchaser'.



'The process requires that all Sales Agreements are deposited to the Land Registry Office within 21 days of signing by the Estate Agent or developer. However all Sales Agreements signed before the passing of this new law have 3 months from the date the Law was passed (until 1st March 2008)in which to complete the necessary procedure and deposit the Sales Agreement to the Land Registry Office. All purchasers are legally required to fulfil this obligation, and currently The Land Registry Office has advised that the legal representative of such purchaser may complete this procedure on their behalf together with a specific Power of Attorney. In the event that your Sales Agreement is not deposited to the Land Registry Office within the specified time period, it will cause you problems when you come to transferring the title deeds of the property into your name, as the Land Registry will not permit you to transfer the deeds into your name unless a new sales agreement is drawn up, signed and re-stamped and deposited. Thus incurring higher taxes'.


'In order for us to carry out this procedure on your behalf it is necessary for us to obtain a new Power of Attorney stating the specific law to which the power of attorney applies to, allowing us to submit your Sales Agreement to the Land Registry Office. The Power of Attorney must be written in Turkish and must be signed at the Turkish Republic of Northern Cyprus Consulate in London, and the original posted to our office in the TRNC. We will not be able to complete this procedure unless the POA is witnessed in this way and until the original POA is received by our office. When sending you the POA we will also send a translation in English so to enable you to understand the content of it.'

A fee of £250.00 (Two Hundred and Fifty Great British Pounds) is currently payable for the depositing of each Sales Agreement inclusive of the relevant taxes and duties payable to the Land Registry Office at the time of depositing each Sales Agreement.


The contact details of the TRNC Consulate are as follows:


29, Bedford Square

London WCIB 3EG



Tel: 0207 631 1920

Fax: 0207 631 1948



Opening times: 10.00am until 13.30pm Monday to Friday

Not a clue.

I have copied it to my solicitor and asked if this had already been done or will be done automatically when our final payment is made in a few days. I am hoping that all the faffing around in London and the additional fee is just for lodging the sales agreements retrospectively, but this is a guess. Will post anything useful.

Hi all,

Phoned the trnc embassy in london today and spoke to a lady in legals and explained the situation!

She said yes you need to do this but the registration needs to be done in kyrenia by my solicitor as thankfully They have power of attourney to do so on my behalf!!

I asked if I could do this over hera and come to the london embassy but she said you cant it has to be done in north cyprus!!

So either get a power of attourney done so your northcyprus solicitor can do it on your behalf or I fear a trip to North cyprus will be in tow otherwise!

Take care hope this helped-D

fank u
Panhandler

Hi all,

I also spoke to my developers regarding this today and they gave me some useful info on it!!

Basically last year all developers, agents and builders in NC had to apply for a legal licence to trade in trnc!!
This is to try to crack down on bogus or illegal traders and get rid of many dodgy people from the trnc property market- So from that ANGLE ITS A HUGE POSITIVE FOR PROPERTY PURCHASERS!!!

Once they have applied for a licence to trade if all is above board then they will be approved and given a licence number and certificate to trade in NC legally!!

What then happens is I contact the solicitor and she has to obtain from them a copy of the licence number and certificate and then take this along with my sales contract to kyrenia and get it approved and stamped and logged onto their system as a legal purchase!!

Hope this helps

Take care-D

Hi all,

Has anyone done this yet? And if so, could you tell us all what you had to do.

MM

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I have been sent this link regarding this matter. It appears to be better news:-

HomeBuyers' Pressure Group