Property Valuation 1980

Legal questions answered by Cyprus property lawyer Louise Zambartas

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jeffben
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Joined: 09 Jul 2013 12:25

Property Valuation 1980

#1 Post by jeffben » 09 Jul 2013 13:04

Dear Louise

My question is how or why can the 1980 Value change on a land transfer?

My wife has Title to our land transferred to her in 2007 from our Developer who bought it from a Cypriot family in 2003.

The land was valued in a 2003 transfer at 60 Cyprus Pounds and again in 2004 at 60 CYP. The transfer in 2007 shows a value of 19000 CYP. Since 2004 a house has been built on the land and is still waiting a Final Building Certificate. However the building was noted on the Land transfer Deed in 2007.

We found this whilst preparing for the 2013 Immovable Property Tax submission and we are concerned as to why this has happened.

Regards Jeff



Nigel Howarth
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Re: Property Valuation 1980

#2 Post by Nigel Howarth » 09 Jul 2013 16:02

Hi Geoff,

Unfortunately Louise is a rare visitor to the forum these days.

If a planning application had been submitted before the land was transferred to you in 2007, the Land Registry would have taken this into account when assessing the 1980 value of the property. (If you take a look at the second page of the deed, it will give you a description of what is included).

It could also be that the Land Registry has made a mistake - you could visit their office & check.

Regards,


Nigel Howarth
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jeffben
Posts: 2
Joined: 09 Jul 2013 12:25

Re: Property Valuation 1980

#3 Post by jeffben » 09 Jul 2013 16:34

Thank you Nigel

Planning approval was received in 2004 for a house development how should that change a 1980 valuation?

Jeff



Nigel Howarth
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Re: Property Valuation 1980

#4 Post by Nigel Howarth » 09 Jul 2013 19:34

jeffben wrote:how should that change a 1980 valuation?
Because the Land Registry will assume that a house (or whatever) will be built on the land and will re-assess the 1980 value.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news

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