InsiderBusinessLand Registry slows down Estia scheme process

Land Registry slows down Estia scheme process

The Land Registry seems to slow down the Estia mortgage scheme process due to the need for submission of dozens of  property documents by a prospective benefactor.

The Land Registry was already confronted with shortages of staff and a work overload, anyway, insiders told Phileleftheros.

Among the essential documents to be submitted by Estia scheme applicants is a certificate on real estate property ownership throughout Cyprus. This should cover all members of an applicant’s family and also include all relevant sales documents. In addition, it is essential that all property evaluations should be ​​at 2018 prices.

At the same time, applicants have to submit documents on all sales of property from 2016 onwards. In order for the Land Registry to supply all these essential documents, it has to also carry out all checks which are time consuming since not all data is registered electronically.

In addition, for some “problematic” real estate cases Land Registry officers have to double check and verify all necessary information before issuing a relevant certificate.

It is common practice these days that prospective Estia applicants are told that requested Registry documents could take up until the end of October before they can be submitted to them. Provided, also, that no unforeseen problems cone to surface. And all this when the deadline for submission of Estia applications is November 15.

At the same time, there are cases where borrowers have already secured the relevant certificates from the Land Registry but have to be updated with new real estate evaluations based on 2018 values. Otherwise, their applications will be rejected by the banks which are taking part in the scheme.

Needless to say that certificates, evaluations and other essential documents accompanying an Estia scheme application come at a cost.

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