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Transfer Of A Cyprus Mortgage

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Information on transferring a Cyprus mortgage

Stroumbi Village                                           Photo ©

Law 9/65, Section 32

Conditions for transfer

Unless the contrary is expressly provided in the contract of mortgage, the mortgagee of any immovable property may transfer the mortgage subsisting in his favour to another person.

Where the mortgage under transfer was created before 1.1.1967 (upon entry into effect of Law 9/65) the transfer cannot be accepted without the consent in writing of the mortgagor and any guarantor thereof.


Form N.272 (Declaration of Transfer of Mortgage) is to be completed and signed by the parties and attached thereto shall be:

The original of Form N.271 (Contract and Declaration of Mortgage) accompanied by all other documents.

The certificate of registration of the mortgaged property.

Form N.272 is to be completed in one copy only. Where the proposed transfer takes place at a Lands Office other than the Lands Office of the District where the property is situated one extra copy must be completed.

Formalities – Acceptance

The mortgagee transferring the mortgage and the person to whom the mortgage is to be transferred shall appear in person or by their agents at any District Lands Office and deposit the documents relating to the intended transfer. The competent Lands Officer will carry out a search for impediments, check the documents presented and the identity of the persons appearing and read the declaration.

The parties shall confirm the particulars contained in the declaration and the Lands Officer shall, thereafter, accept the transfer of the mortgage.


The fees payable to the Department of Lands & Surveys are determined by the Director and are paid by the transferee (person entitled to the transfer) on the same day. Where the fees are not paid on the same day, the declaration of transfer is deemed to be null and void. The fees are calculated on the mortgage debt, which remains unpaid on the day of the transfer. Where the mortgage was made to secure a future or contingent liability including a liability in respect of a sum of money to be advanced by instalments after the date of transfer of the mortgage or the balance due on a current account, the fees are calculated on the maximum amount of such mortgage (excluding any accrued or unaccrued interest) as specified in the mortgage.

Registration of transfer

The transfer of the mortgage is to be registered with an entry made in the original contract and declaration of mortgage (Form N.271) and in the copy kept with the Department of Lands and Surveys. At the same time both the mortgagor and the mortgagees of any subsequent mort- gage are notified in writing and the original of the declaration of mortgage with the certificate of registration of the property is delivered to the transferee.

Time required for completion of the procedure

The acceptance and registration of a transfer of mortgage, which does not present any problems, does not take more than 30 minutes.

Source Department Of Land And Surveys