The revised 'trapped buyers' bill designed to overcome the problems of the current law has been approved unanimously by MPs, but legal services have doubts that constitutional difficulties could not be resolved.
A bill aimed at improving the 2015 trapped buyers law, which was successfully contested by the banks as being unconstitutional in the lower courts is being discussed by the House Legal Affairs Committee.
The Limassol District Court has upheld the 'trapped buyers' law overturning previous district court rulings in favour of banks that blocked Title Deeds being issued to some 70,000 trapped buyers.
The House Legal Affairs Committee is meeting today in efforts to resolve constitutional issues with the trapped buyers law. Meanwhile here is sitrep from Marina Massoura from the law firm of L.G. Zambartas LLC.
Marina Massoura from the law firm of L.G. Zambartas LLC explains why the trapped buyers law was ruled as being unconstitutional by the District Courts in Limassol and Paphos.
The Limassol and Paphos District Courts in Cyprus have both ruled that the trapped buyers' law, which enabled those duped into buying property built on mortgaged land to get their Title Deeds, is unconstitutional.
Further help for trapped buyers is provided by a Ministerial decree enabling Certificates of Approval to be issued for residential properties that fail to comply with the permits issued for their construction.
Although the 'hidden mortgages' bill is a positive step in the right direction, more needs to be done to resolve the issue of trapped buyers to enable those who have paid for their property to obtain its Title Deed.
