The uncertainty of the Cypriot housing market for overseas buyers has come to a head with Lord Jones of Cheltenham calling upon the British government to close the UK offices of Cypriot companies selling property and to ban the promotion of Cyprus property at overseas property exhibitions in the UK. The calls were made in a bid to protect British buyers from the vulnerability in Cypriot law when they buy property in Cyprus
The Liberal Democrat peer is mounting on the pressure for the Cypriot authorities by pressing Nicosia for transparency and for clarification over the law governing title deeds, for those people investing in Cyprus property.
Lord Jones called on the UK Government takes positive steps to protect British citizens by:
Closing down the UK offices of Cypriot companies selling property.
Banning the promotion of Cyprus property at overseas property exhibitions.
Increasing the warnings to those contemplating buying property in Cyprus of the risk of losing their homes.
In three written questions tabled in the House of Lords on Thursday, Lord Jones also asked the British government to work with its EU partners to bring pressure of the Cyprus government to prosecute individuals who have retained Title Deeds after completion of property sales.
When a developer goes bankrupt an individual without a Title Deed faces the risk of losing everything. The banks have the right to claim the collateral and property buyers will be left homeless and tens of thousands of pounds worse off. The UK Government is expected to reply to Lord Jones’ questions by 25th June
