Title Deed fee suspension - Parliamentary meeting

[michelle22cat]

Hi Louise,

My question relates to title deeds and the issuing of them.

I was contacted a couple of months ago by my solicitor in Cyprus advising me that my title deeds were imminent and asking me to sign a form for the bank concerning transfer of the mortgage. From what the Solicitor has said it appears that the developer was pushing for the title deeds to be issued on our property. I have contacted other owners on the complex and they have heard nothing. I bought the apartment nearly 4 years ago.

I have now received another two emails from the Bank and the Solicitor regarding the issue of the title deeds and requesting 7,000 euro to cover the title deeds, immovable property tax, Bank charges etc.

I understand that the government is due to meet on the 15th September to discuss a number of issues, including the suspension of the title deed transfer fees. I was therefore proposing to email the Solicitor to state that I am not proposing to pay this sum until the outcome of the meeting is known.

Do you think I am wise to wait for the meeting on the 15th or am I wasting my time? (would any ruling just apply to property purchases after a certain date?)
Due to the uncertainty around the fees for the title deeds I am concerned about why my Solicitor has not advised me about this and why the developer is pushing this now? Is there likely to be some sort of hidden motive that I am unaware of?


Any advice would be appreciated, as I would hate to pay the transfer deed fees only for them to then be suspended

Regards

Michelle

[Nigel Howarth]

Hi Michelle & welcome to the forum.

Louise is an infrequent visitor to the forum these days.

Even if parliament approves a suspension of Property Transfer Fees, it will take a couple of months until the change is implemented. Discussions took place on Monday with the House Finance Committee and I suggest you wait a week or so until we know exactly what is happening and when.

Regards,

[michelle22cat]

Hi Nigel

Thanks for your advice.

My solicitor has just emailed me back to say it doesn't apply to me and it only applies to those who paid VAT on their property.

Any idea if this is true, as frankly I don't trust the Solicitor!!

Regards

Michelle

[Nigel Howarth]

My solicitor has just emailed me back to say it doesn't apply to me and it only applies to those who paid VAT on their property.

I believe this is correct. The Land & Property Developers Association and KSIA were both pushing for this change. Assuming it is approved by parliament, it will affect those properties whose Building Permit applications were submitted after 1st May 2004.

Regards,

[Pantheman]

My solicitor has just emailed me back to say it doesn't apply to me and it only applies to those who paid VAT on their property.

I believe this is correct. The Land & Property Developers Association and KSIA were both pushing for this change. Assuming it is approved by parliament, it will affect those properties whose Building Permit applications were submitted after 1st May 2004.

Regards,

I thought it was 1st April 2004 ???

Although I could be wrong.

[Nigel Howarth]

Hi Pan,

I've checked a couple of sources - Andreas Neocleos & Antonis Loizou - they say: "The sale of immovable property has been subject to VAT since 1 May 2004."

Cheers,