The conundrum of law

Dec. 18, 2009 - PRLog -- North Cyprus, with its miles of unspoilt coastline and breathtaking backdrop of rugged mountains, has in the last few years attracted those looking to buy a cheap holiday home in the sun. But, this islands troubled history still casts long shadows and so it is a place where one needs to step carefully. With its complicated land issues and ever changing laws, the advice of a good independent lawyer is a must. We once more meet up with the lawyer Naomi Mehmet from Naomi Mehmet and Partners, to talk about the current situation and to find out what advice she can offer would-be property buyers.

By Camilla Kaas Stock

Since we last spoke to you in the spring of 2008, there has been a change of government and the ongoing talks are now entering a crucial phase, has this brought about any changes that people wanting to invest in property here should know about?

"There have been some improvements which makes the whole buying process safer. A new system for registering contracts of sale at the land-registry has come into force, while in the past this wasn't possible and that put buyers in a vulnerable position. This resulted in a few incidences where people signed the contract and handed over money, and then while waiting for their permission to purchase and transfer of title, some unscrupulous builders took out mortgages on the land. When the financial crises hit they couldn't pay the mortgages back and the banks are now trying to repossess the properties."

To read the complete  article please go to:

http://www.ipb-magazine.com/en/articles/conundrum-law

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