The electronic elimination of the mortgage in case of repayment, discussed the Parliamentary Committee Interior, which met on Thursday morning. Specifically, it discussed the Transfer and Mortgage of Immovable Property (Amendment) Act, 2022, which relates to giving a mortgage lender the right to electronically proceed to extinguish the mortgage if the mortgage is paid off by the mortgagor, guarantor or otherwise how.
The representative of the Land Registry said that the purpose is to give the lender the right to electronically eliminate the mortgage, adding that discussions have been held with the Association of Banks and the Association of Credit Purchase Companies because banks must inform mortgage lenders, although they do not have to do so. He also said that the Note is no longer on the certificate of registration nor are certificates of registration required in mortgage registration. The bank, he noted, may also accept a copy of the title deed.
A spokeswoman for the Bank Borrowers' Protection Association (SYPRODAT) noted that mortgage borrowers, who often do not enter the ARIADNI system, should be informed. "It is nothing to send an email," she added.
A spokesman for the Association of Acquisition Credit Companies said that by registering, the creditor can be automatically sent an update, noting that they are not against the update.
The representative of the Pancyprian Association Businessmen Development Land and Construction Association said that he agreed that the update should be done. Furthermore, he stressed that it should be put when they should proceed to eliminate the mortgage.
Nicos Georgiou
, DISY MP, suggested that the obligation of communication should be on the bank.
For his part, Stavros Papadouris, MP for the Movement of Ecologists-Civic Co-operation, said that he agreed in principle, while expressing concern whether the sequential order of mortgages will be ensured and whether the electronic system will be able to ensure the sequential order.
The representative of the Land Registry said that the IT of the Land Registry would be asked whether it would be possible to send automatically to the parties concerned (mortgagor and guarantor) information on the elimination of the mortgage. In addition, he confirmed that the sequential order of mortgages is enshrined.
Source: CNA
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