Joint ownership and transfer fees

[Mike.L]

My business partner and I bought an apartment last year (privately) in joint names with a view to purchasing a second apartment in 5-10 years when retirement comes around. So if we are in possession of the title deeds and one of us becomes the sole owner, what transfer fees would have to be paid? We are not spouses or relatives!

Grateful for any info.

Mike

[Nigel Howarth]

Hi Mike - and welcome to the forum.

Assuming that things do not change between now and the time one of you becomes the sole owner, Property Transfer Fees will be calculated on the value of the property being transferred (which in your case will be 50% of the property's market value as assessed by the Land Registry).

The Department of Lands and Surveys has an on-line Property Transfer Fee calculator at http://www.moi.gov.cy/moi/dls/dls.nsf/d ... n?OpenForm

Regards,

[Mike.L]

Many thanks for the prompt (and logical) reply. I have been trying to get a straight answer to this question for weeks!

Mike

[Nigel Howarth]

You're welcome Mike,

I've been thinking about your question. Rather than transferring 50% of the property (and paying Property Transfer Fees in the process) it may be possible to draw up a private agreement between yourselves whereby one of you renounces all claims to the property in favour of the other.

When the time comes, it may be worthwhile exploring this possibility with a lawyer.

Just a thought.

Regards,

[Mike.L]

Thanks again. Your valuable advice is greatly appreciated.

Kind regards,
Mike