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K5 v Akfinans Bank | 20 Years to Obtain Justice?

K5 v Akfinans Bank | 20 Years to Obtain Justice?WITHOUT PREJUDICE

“Great News for Kulaksiz 5

UPDATE – DECEMBER 6TH 2014

The main case involves the confiscation of the buyers homes, without their knowledge, by a Bank that granted a mortgage to a landowner who had already sold the land and had given permission to build & sell villas. At the time of the mortgage was granted both landowner and the Bank knew that the villas were sold, paid for and lived in.

For the past five years the owners of property purchased in good faith; known as the Kulaksiz 5, have endured many hours of court appearances in order to obtain a judgement declaring that mortgages on their properties were illegal. Many of them have now returned to the UK but their fight continues despite many “ups and downs” where conflicting judgements have been issued by both local courts and the high courts.

In a groundbreaking decision made on 4th December,Judge Talat gave Judgement for the K5 home buyers when he found the Akfinans Bank’s Mortgage and an application to the District Land Registry for a Sales Order were both fraudulent.

In his Judgement, Judge Talat also stated that that the law was in need of revision for it had certain anomalies making it necessary for him to clarify certain points.

However he was satisfied that the original Mortgage documents and sales order documents, which referred only to “bare Land” when the Bank knew that there were houses built and people living in them, were fraudulent.

The K5 buyers have endured 6 years of harassment by Akfinans Bank, and were delighted with this judgement. It has been a long road to Justice.

The K5 Group have expressed their appreciation to the lawyer team of Boysan Boyra and Hasan Alkan and the support of MNCB and a host of others who have campaigned alongside them throughout this ordeal.

The knock on effect of this judgement will reverberate around the TRNC for some time.

There will now be wide media publicity about these illegal practices of some Banks. Up until today media coverage had been suppressed.

Many home buyer victims, Cypriot and Expatriate will now be emboldened and seek redress through the Courts.

Some Banks will have to review their procedures as this ruling effectively outlaws the practice of Stealth Mortgages. This process involves Mortgages being granted without full agreement of all contracted parties.

Judges Talat’s remarks should prompt the the Government to speed up the enactment of Specific Performance and Mortgage Law amendments.

The Police and Attorney General’s Office may well have grounds for criminal proceedings against some errant Banks.

The Central Bank could censure offending Banks, and it has the power to withdraw Banking Licenses.

When all these actions are completed the process of re-building the TRNC’s reputation with home buyers can begin. We will then begin to attract new investors from Northern Europe and start to restore local prosperity again.”

So after almost a year of waiting for a date for this all important and possibly ground breaking Appeal date, the day arrives and the Appeal is adjourned. Do you see what is wrong with this picture?

However, for those of you who believe that having the judgement upheld will be the end of Kulaksiz 5’s suffering…think again.

This judgement ordered the properties to be put back into the name of the landowner Yuksel Yilmaz….all of them.

If the High Court do uphold the judgement, it will take the purchasers back to the beginning, the position they thought they were in when they purchased…some as long ago as 2003, 12 years ago, in my case 10 years ago.

Transferring the properties into the names of the purchasers will almost certainly take a long, long time.

The bank can and probably will mount the same case again in which they obtained the repossession order, but this time K5 know about it and will be involved in the case. There is no guarantee of the outcome of this case and whichever way it goes, there will almost certainly be an Appeal.

Of course for me to be involved in this case, I still have to ensure that the legal representative complies with the judgment and that my villa is put back on to the original Kocan.

I am not at all sure having lost my life savings and ten years of my life that I will survive another 10 year of litigation both physically and financially.

Pauline Read

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