Title Deed / Mortgage by Application

Mortgage Notes

1. Mortgage applications will only be considered on resale properties that have land deeds or full title deeds
2. Mortgage applications are considered on Developer New Properties (New Build Process)
3. Mortgage applications are considered on Land as they have land deeds
4. If a resale has title deeds available then the banks will not lend until the Title Deed is in the current owners name
5. Mortgages are available for (based on affordability)
   1. Cypriots
   2. Residences for 5 years plus
   3. European
   4. Non-European can be applied to the International banking unit – strict rules apply
   5. The British are on strict rules - approx. 50% contribution is required.

Title Deed Notes

1. Title Deeds (this means the title deed is in the name of the current owner and therefore can be transferred on completion)
2. Title Deeds Available (this means the title deed is available at land registry but not necessary issued in the name of the current owner which would stop a mortgage approval)
3. Title Deeds (New Build Process) (This is a Developer property so you are the 1st person to have rights over the property via the contract deposited at land registry)
4. Cyprus Legislation - Title Deed with Application (This means the resale property doesn’t have deeds ready or in hand and therefore you have to buy on assignment agreement until they are ready – your solicitor would do the relevant checks and ensure a bank waiver is in place to protect your interest)
5. Land Deeds – (this means the title deed is in the name of the owner and therefore can be transferred on completion for land / if on a villa then the property was built after the land deeds so the house would have to be signed off by planning department and then a separate deed is issued or a combined one for the land and house)

Properties without Title Deeds

The Cyprus parliament enacted a new law in 2011 - The Sale of Immovable Property. This allows the property owner who does not hold Title Deeds to assign all rights, obligations and benefits of their original contract of sale with the developer to the new buyer.

In order to register the new sale, an Assignment Agreement, between only the seller and the new buyer must be signed and then filed at the Land Registry. Once it's filed, all the rights, obligations and benefits of the seller are transferred to the new buyer and the developer is bound. The new buyer becomes the new beneficial owner and they obtain the same legal protection that the original purchaser had.

Your Cypriot lawyer would prepare your purchase agreement in accordance with the law and protect you and your investment during the purchase and after. We are able to provide you with details of independent lawyers and they would carry out due diligence and would ensure that any property you purchase is 'safe' to buy.