Many Cyprus Home Owners Without Deeds

Description:

Thousands of home owners are still waiting for the title deeds to their homes even though they have paid for their house.
 
Many Cyprus home owners both Cypriot and Expatriates are applying pressure on the government to resolve the waiting time of sometimes up to 15 years before they have the title deeds for their property in their possession.
 
The current world financial crisis has forced the issue as to what would happen if developers in Cyprus defaulted on their loans or went bankrupt. Although banks have stressed that they would protect home owners, there is nothing legal to assist home owners in the event of  a problem.
 
Members of CPAG (Cyprus Property Action Group) which mainly represent British buyers of Cyprus properties, have sent a letter to British Prime Minister Gordon Brown. This letter has lead to questions being put forward in the House of Lords. 
 
Those questions are:-
 
"To ask Her Majesty's Government what advice they are offering to UK 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 the Constitution of the Republic of Cyprus".
 
Hopefully there can be a resolution to this and the system can be re-addressed to protect property owners.