Owners of Property in Cyprus Petition Gordon Brown

Following a campaign by The Cyprus Property Acion Group (CPAG) asking Cyprus property owners to write to MPs and MEP’s, Lord Jones of Cheltenham tabled two questions in the House of Lords a few weeks ago.

Citizens who have bought property in Cyprus but have not received their title deeds.

To ask Her Majesty’s Government whether they will make representations to the Government of Cyprus over the practice of allowing developers to use title deeds of completed houses as collateral for future loans, with reference to Article 23 of the Constitution of the Republic of Cyprus.

But there would appear to have been no reply so Cyprus property owner Leslie Glassock has now posted a petition to be submitted to Gordon Brown in June 2009

Title Deed Petition on the official website of the UK Prime Minister’s Office.

http://petitions.number10.gov.uk/TitleDeedsCyprus/

The petition reads:

We the undersigned petition the Prime Minister to exert pressure on the Government of Cyprus to protect property rights in Cyprus in compliance with Article 17 of the EU Charter of Fundamental Rights

Cyprus is mis-described as having a property registration and ownership system based on the British Legal System. In fact it’s based on archaic Turkish law which allows the removal property ownership rights from both Cyrus and foreign nationals. It works like this: The developer builds a property, sells it, is paid in full and releases the property without providing final title deeds. They are only issued by the local authority if the developer applies for completion and has met all of the planning requirements for the project. Until they are issued the developer can use the land as collateral for further loans!

The Cyprus Land Registry figures show there are 29,949 transfers of Title Deeds to foreigners still pending and are only being issued at the rate of 1,600 a year! The numbers of Cypriots waiting for title deeds dwarfs that of the foreigners.

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