Announcement from MNCB
The recent Appeal Court Judgement on Stealth Mortgages (mortgages granted without owners being consulted) has delivered a stun grenade into the TRNC undue enrichment and house repossessions market.
It is a far reaching and very well balanced Judgement viewed by anyone associated with ethical practice. It upholds the best in European natural justice. No ethical party will be adversely affected by this judgement. Some plaintiffs who have applied to the ECHR for justice may be approaching the end of their journey too. It's early days but the future suddenly looks brighter for many house buyers.
The Judgement opens the door to the start of urgent and massive corrective actions in the TRNC. The intelligent among the offenders will be rushing to settle out of Court as quickly and a cheaply as possible. It is expected that the price of out of court settlements will be going up for those who delay.
The implications of the recent Appeal Court Judgement appear to be:
If you are party to a contract you should honour it, you have a duty of care under natural justice not to further enrich yourself at the benefit of another party in the contract. So unscrupulous landlord and contractors beware, your time is up.
Mortgagees and Land Registry have been reminded that TRNC Mortgage Law 11/78 is alive and well. Both Mortgagees and Land Registry Officers need to be more vigilant. They need to ensure that all interested parties in any property need to be consulted and their permission sought before granting a Mortgage. It will be interesting to see how many claim administrative negligence as against those who admit to illegality. A no brainer one would have thought, but you never know, some never know when to stop digging.
It's going to take some time to clear up the mess, but at last the process has been started, thanks to Boyra Law for bringing it to the to the Appeal Courts attention. All those who care about the TRNC reputation at home & abroad together with homeowners suffering from this nefarious practice owe Boyra Law, the Appeal Court and the campaigners a great debt of gratitude.
Making North Cyprus Better.