Survey and valuation

[Vic]

My sister has found a nice flat in a block of 8 in Larnaca with Title Deeds; amazing result.

I told her to ensure she has a survey and valuation done, as in England. Her comment in response was that 'surveys are not done in Cyprus when buying re-sale'. This is ridculous.

What can she be possibly be confused about or getting wrong?

[Nigel Howarth]

Hello Vic and welcome to the forum.

I don't know why your sister replied in the way that she did - without a survey she could end up buying a pile of trouble.

Regards,

[Vic]

Nigel,

yes, I agree, surveys are not cheap but it could be a disaster cutting corners.

Vic

[Vic]

It looks like this re-sale with Title Deeds is going ahead after detailed searches by the solicitor and, yes, what looks like a satisfactory survey and valuation.

Clarification please:

1. How long would one expect for the sale to be completed once payment has reached our solicitor. Finger in the air; days or few weeks?

2. As I am a great worrier, given the state of the global banking system, I am concerned about transferring funds over the Euro100,000 guaranteed threshold. Clearly, funds will be held over this amount both in the Solicitors name and my sisters in Cyprus. I take it, its a case of keeping fingers crossed and hope the transaction goes through without any global turbulence! Any general views will be appreciated,

Vic

[Nigel Howarth]

Hi Vic,

Good to hear a buyer's been found, they are somewhat of a rare commodity these days.

Completion can take place on the same day as the purchase, providing all the ducks are lined up. You van read more about what paperwork is necessary at http://www.moi.gov.cy/moi/citizenschart ... enDocument

If it's cash buyer, I suggest you get at least some of the money paid by a bankers draft that you can then deposit directly in the UK. The amount going to your lawyer only needs to cover their costs (and possibly the Capital Gains Tax) - not the whole amount.

Regards,

[Vic]

Nigel,

Sorry I did not make myself clear, we are the buyers!

Vic

[Nigel Howarth]

Sorry Vic - I misunderstood - I hope the purchase goes well.

In addition to the purchase price you will need to pay the Property Transfer Fees (local equivalent of the ‘Stamp Duty Land Tax’ (SDLT) in the UK) to complete the purchase.

The Property Transfer Fees are based on the Land Registry's assessment of the property's market value at it's date of sale - and you can find an on-line calculator http://www.moi.gov.cy/moi/dls/dls.nsf/d ... n?openform to work out how much you may be charged.

You should be OK with the money transfer - keep your fingers crossed.

As it is an apartment you will also have to may fees to a Management Committee. This committee is responsible for insuring the building, maintaining/decorating/repairing the common parts such as entrance halls, stairwells, roof, swimming pool, etc and also the electricity and other utility services used by the common areas (such as lighting in the stair wells). Take a look at the article at http://www.news.cyprus-property-buyers. ... /id=003397 which explains things in more detail.

Your lawyer should be able to fill you in on the details.

Regards,

[Vic]

Thank you very much for your help.

Fingers crossed re the money transfer.

Incidentally, Solicitors represent buyer and seller in England. I understand in Cyprus that estate agents prepare contractual documents for signature by seller; and buyer. Amazing!!!!
How can this be the case?

[Vic]

Don't fret I have a very good Solicitor dealing with the our purchase.

[Vic]

Purchase completed with Title Deeds, YES!

Weird how everyone converges onto Land Registry, sign numerous documents and pay up to complete.

[Nigel Howarth]

Purchase completed with Title Deeds, YES!

Well done!

Regards,