Hi Lysos,

Many thanks for the plug! I've only just found this forum and registered myself. I'm now running a forum and a blog as well as the site you mentioned.

And Susie, it's absolutely essential that you take independent legal advice when buying property in Cyprus - DO NOT use a lawyer introduced to you by the developer or an estate agent.

You need to instruct your lawyer to approach the developer and ask him to obtain a “release” from the financial institution that loaned the money stating that the part of the property you’re thinking of buying is free of a mortgage. In addition, you must ensure that the “release” is given when you sign of the Contract of Sale, or you may find it’s not issued.

Some people have the following clause in their contract:

"The bank which has a mortgage on the project will issue a declaration confirming that the separate Title Deed issued for the property will not be burdened with the existing mortgage which is currently filed on site."

This means that the property IS mortgaged - and the clause itself is absolutely worthless! The Bank indeed issue a declaration, but only after the mortgage has been cleared - so don't fall into this trap.

If your lawyer is unable to obtain a “release”, do not proceed with the purchase. If you buy a mortgaged property, you risk losing everything!

Take care,

Nigel