Akfinans Bank allows builders to mortgage properties after they've sold them

Akfinans Bank Limited made an unwise move when they issued the Public Notice. In that we all agree. Behind the scenes they have played a ‘blinder’; blind being the operative word. They have muddied the water so well that it becomes hard to recognise fact from fiction. In chronological order, here is my case, you can judge for yourselves:

13.03.2005 MORTGAGE in the sum of £1,600 (one thousand six hundred pounds) appears on the Land registry record, secured against land registered as owned by Yuksel Yilmaz. Charge in favour of AKFINANS BANK LIMITED

14.09.2005 Abdurrahman Guney for himself and on behalf of Kulaksiz Construction Limited, Yuksel Yilmaz and Pauline Read (purchaser) were co signatories of a Contract of Sale.

The Contract specifically denies the existence of any encumbrances and undertakes that there will be none taken.

04.10.2005 Stamp duty paid on Contract of Sale at the tax office

11.11.2005 MORTGAGE in the sum of 100,000 lira (one hundred thousand lira) appears on the land registry record, secured against land registered as owned by Yuksel Yilmaz. Charge in favour of AKFINANS BANK LIMITED.

03.03.2008 A neighbour made me aware that on trying to register his Contract at the land registry office, he had been made aware of mortgages on our land. This was the first occasion any of the purchasers of Kulaksiz 5 had any knowledge of these mortgages

06.03.2008 As per the new Estate Agency law. I attended land registry office to register my contract. I was made aware of the mortgages by the clerk in the land registry office who said if I did not sign to say I was aware of these mortgages, I could not register my contract – she wrote something in Turkish which I signed but took the precaution of writing WITHOUT PREJUDICE above this entry and my signature.

09.07.2008 Had a very unsatisfactory meeting with AKFINANS BANK LTD.

17.09.2008 Lodged papers with Girne District Court to start Injunction AND Breach of Contract hearing. The courts being in summer recess during July and August, my Advocate and I used this time to prepare our case.

Clearly Akfinans Bank have always been aware of our existence. Clearly the Public Notice was a crude attempt to intimidate the residents and create doubt about the validity of their ownership prior to the mortgages in the majority of the cases. They have now come up with a proposal that beggars belief, still unfortunately some of the other residents are frightened of them and think they can still talk to these people. The time for talking is now very limited – on Sunday it will be a fait accompli UNLESS the Government intervenes, suspends the auction and carries out a full and open Government Enquiry. In the name of humanity I beg them to do this.

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