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Kulaksiz 5 Interim Order application rejected, TRNC Judge criticised for reducing appeal time

judgeFollowing the rejection of Kulaksiz 5’s application for an Interim Order against Akfinans Bank’s auction of their property, I have been informed that, contrary to popular belief, Akfinans Bank Ltd has broken not only TRNC laws but has also violated the Constitution. Allegedly Akfinans Bank and Kulaksiz Contruction Ltd between them are guilty of seven breaches of TRNC and constitutional law, have violated property buyers human rights, violated local regulations have been grossly negligent.

When these accusations are studied, I find that they all rest on the legal right of Kulaksiz Construction Ltd to mortgage the Kulaksiz 5 property. In my opinion, they did have that legal right. The deeds were in their names and even though they had taken payment for the property and the purchasers were waiting transference of the properties into their names, Kulaksiz Construction Ltd still legally owned the property and were within their legal rights to do with it as they wished. By not transferring the property to the purchasers they broke the contract between them but suing a penniless limited company is a waste of time. Bringing criminal charges for fraud would also be a waste of time and money because their lawyers would argue that the construction company’s intentions were honourable.

It would have probably have been better for the TRNC Construction Industry for the bank and builder to have been found to have broken the law because future property purchasers here who are not careful could end up in the same situation as the Kulaksiz 5 buyers, apart from possibly Pauline Read. Pauline was the only buyer to win a claim on Kulaksiz Construction Ltd assets, although currently this has not resulted in compensation being paid.

Pauline’s recent purchase, she tells me, was made more secure by placing a memorandum on it equal to the value of the property. This would mean that whilst she is awaiting title deeds to be transferred into her name the legal owner would have no equity left in the property that could be used to raise a loan. This is a very makeshift temporary solution and there are still problems caused by the TRNC property purchase system which expects “foreigners” to pay for a villa without being given immediate legal ownership.

Additionally, one sign that the legal system here might be playing unfairly is that it is alleged that the judge in the Kulaksiz 5 court case released her verdict on the 7th December but dated in as the 3rd December. As the Kulaksiz 5 lawyer only has 4 days to submit an appeal this would seem to be giving Akfinans Bank an unfair advantage by making the appeal more of a rushed job than it should have been.

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