Suggestions for the “Five Wise Men” property problem committee

wiseWhilst I await the court’s decision over the Vigil, I have been giving all the recent news a great deal of thought. I know my case is different and I am sure the Committee of Wise Men will take this into consideration when deciding how best to deal with the problem of Kulaksiz 5. You have then to turn to all the other Property related problems and decide how best to deal with them.

As far as properties used as security by unscrupulous builders/landowners are concerned and even ones with charges/injunctions/memorandums put on by their creditors, before the Committee can get to grips with this problem, they must first find out just how large the problem is.

I would suggest that Central Bank issue an edict to all banks forcing them to send details of all such mortgages to the Committee, whether they are in arrears or not. Land Registry should also be consulted so that they can check through their records and then account to the Committee for every suspect Charge, Injunction or Court Memorandum they have issued over the last five years initially. By cross referencing this information with the Bank information, a picture of just what is happening should emerge.

In tandem with this there should be an online service where all property related complaints could be registered and it would soon become apparent how often the same builders are repeat offenders.

These are just a couple of suggestions and I am sure there are those much wiser than me who can come up with more.

It is certain, that without firm and decisive action, the property market will never recover. New legislation can only help with a healthy market. Confidence in the TRNC property market is non-existent, but it doesn’t have to remain that way. When a human is sick, he has to take his medicine. Now TRNC property market, it is time to make you well, open wide, here comes the medicine.

Finding out by waiting for the next Auction clearly does not work.

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