Buying property on exchange land

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Townie
Posts: 2
Joined: Mon Feb 12, 2018 6:06 am

Buying property on exchange land

Postby Townie » Mon Feb 12, 2018 6:50 am

So we have fallen in love with northern Cyprus and decided to purchase a house here.

We have researched and found a decent house with a decent developer. The site is now complete. We are using what appears to be a decent solicitor with links to the UK.

The bit i am struggling to get my head around is the title deeds. The house comes with a single title deed that is ready for transfer on exhange land. The way it has been explained to me is that any compensation claim would be dealt with the IPC. Worst case scenario, we might have to pay what the land is worth, but as we are buying on a complex, then this would be shared out.

The problem is though, this is all what the estate agents and solicitors are saying. A quick search and if you read articles from the south, they say that it is unsafe to buy up north. The English government website says there is a risk but doesn’t clarify the element of risk.

What is the truth? I have joined this forum in the hope that people like myself will be able to give me some advice before I ultimately take the plunge.

Thanks in advance

cyprusishome
Posts: 275
Joined: Sat Feb 02, 2013 10:29 am

Re: Buying property on exchange land

Postby cyprusishome » Mon Feb 12, 2018 12:28 pm

The advice you have been given from so called professionals is all you will get. There is no definitive answer to the risk of buying in North Cyprus, my opinion. The foreign office has given same advice for many years primarily because the UK government does not recognise the existence of the country.

You say you are buying from a decent developer but whose opinion is that? The number of times I have heard that word of the years and then people have come unstuck. Ditto with solicitor, you will not receive the service you expect in the UK as regards searches etc and the duty of care is minimal.

You say you are buying on a complex, is this large,are there shared facilities that will incur charges, who holds the deeds at present for the site? Are electric and water connected? From experience, it does not matter how much research you think you have done in this country there is too often a curve ball thrown at some point.

You also state that there is deed for the single property, you need to ask if this is for the land or if the house is also on the deeds? If not has the site been parcelised, if not at what stage is it at,who is going to pay for it?

Pauline
Posts: 75
Joined: Fri Apr 05, 2013 2:37 pm

Re: Buying property on exchange land

Postby Pauline » Mon Feb 12, 2018 5:32 pm

Exchange land means that the the land was given to a TC by the authorities in north Cyprus as compensation for land they left behind in the south. The authorities usually insist on having the deeds to the land in the ROC.

The land you are buying is known to belong to Greek Cypriots and the term exchange is not recognised by them, since they are ignorant of the fact that an 'exchange' has taken place. So as in the old saying 'you pays your money and takes your chance'. No one can give you a definitive answer.

Gary Robb did time in a ROC prison for developing and selling Greek Cypriot land in Amaranta Valley. Google the details.

The Orams lost everything in a court case a few years ago for buying a property on Greek Cypriot land in Lapta. It was a very well reported case and you can google the details of this too.

Everything Cyprusishome tells you is accurate.

Townie
Posts: 2
Joined: Mon Feb 12, 2018 6:06 am

Re: Buying property on exchange land

Postby Townie » Sat Feb 17, 2018 7:05 am

With regards to the house. The site has already been parcelised and the property has already been registered on the deed.

Water and electric is already installed but will need turning on, which involves going to the offices in person. From already living abroad, I can imagine that this requires a lot of waiting in queues only to be told I have the wrong documents! Good book required.

Is the developer a good one? As you say, who knows. They are all in it for profit. Same in England when we bought our new build here. All you can do is check their previous sites / portfolios and make sure they have a track record of completing and handing over the deeds.

cyprusishome
Posts: 275
Joined: Sat Feb 02, 2013 10:29 am

Re: Buying property on exchange land

Postby cyprusishome » Sat Feb 17, 2018 1:40 pm

Another question is that of permission to purchase which you must obtain before you can receive kocans. Is there anything that may prevent you obtaining this? Also make sure development is nowhere near anything military as this will prevent you receiving PTP.

cyprusishome
Posts: 275
Joined: Sat Feb 02, 2013 10:29 am

Re: Buying property on exchange land

Postby cyprusishome » Sat Feb 17, 2018 1:47 pm

Only other thing to think of is permission to purchase, PTP. Must be obtained before kocan can be handed over. You can potentially hand over your money and then be refused PTP. One issue covered under this is making sure site is nowhere near anything military.

Pauline
Posts: 75
Joined: Fri Apr 05, 2013 2:37 pm

Re: Buying property on exchange land

Postby Pauline » Sat Feb 17, 2018 2:03 pm

As I have already said...you pay your money and take your chance.

You could rent for a while and see if you really like it as much as you did initially...living in north Cyprus is a lot different from
visiting.

Sadly, many of the help forums are no longer available. Home Buyers Pressure group was a mine of useful information when its originator was alive.

You might be lucky...many are. You might be unlucky...many are.

Whatever you decide...I wish you well.

cantsay
Posts: 125
Joined: Sun Feb 09, 2014 6:38 pm

Re: Buying property on exchange land

Postby cantsay » Sun Feb 18, 2018 7:58 pm

Well, to put things into perspective, when we got married 52 years ago we built our bungalow (in GB) on land that belonged to my father in law, so the bungalow was always his as it was on his land , so really any one buying needs to OWN the land not the building, it was a good lesson to us, trusts no one , family included. We spent all our savings just putting up the shell of the walls and put in the rooms as when we could afford it . We thouht he would give us or let us pay for the land as we were working for a pitence for him... But no, so it happens in GB , not just in NC, so its important to get the Kokan (deeds) in your name by buying the land before you venture into a build ... We couldnt do any thing about the bungalow, it was a lesson learnt . We didnt go bleating to every one, we thought it better to draw a line under this miserable time and get on with our lives... To take people to court can take up your life and energy which perhaps doesnt do any ones health good ... So my advise is to get your Kokan for the land , the exchange land is perhaps the best way to go or even buy a villa already built with kokans in place ... NC is a great place to be , dont be put off by negative posts, all the very beast to you ... :). :D


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