Title Deeds - sole name to joint name

[helpful herbie]

My husband purchased his property in his sole name 6 years ago (still awaiting Title Deeds, although have AX number)
from Kleantha Savva as a new build.
We want to transfer the contract (title) to both our names.

Question : How much would it cost to do this ? Is there any advantage we would gain in paying IPT or purchase of Title Deeds ?
and
could you recommend a lawyer that is trustworthy in these issues.

Thank you so much

[Nigel Howarth]

Hi helpful herbie

I notice you posted last November that an AX number for your property had been issued and that you were expecting Title Deeds.

There is no point in transferring the contract to both your names. The old contract would have to be removed from the Land Registry and replaced with a new one. As this new contract would be deposited after the mortgage was taken out by your developer, it would place you in a very weak position as the developer's mortgage would take precedence over your new contract.

As things stand at the moment (from your post last year), you contract takes precedence over your developer's mortgage.

The British High Commission in Nicosia publishes a list of English speaking lawyers if you wish to take legal advice on this matter.

Had you purchased the property initially in both names it would have reduced your Property Transfer Fees - and possibly reduced your Immovable Property Tax (but the latter would depend on the 1980 value of the property).

Regards,

[helpful herbie]

Very good point re contract Nigel, thank you so much for your invaluable advice and quick response

[helpful herbie]

Hi Nigel, further to the above advice, my husband has now had a letter to say the Title Deeds are ready.

Can we now transfer the house into both names so that we pay less for the Deeds ?

What is your advice on this matter.

Kind regards

Tina

[Pantheman]

Hi Nigel, further to the above advice, my husband has now had a letter to say the Title Deeds are ready.

Can we now transfer the house into both names so that we pay less for the Deeds ?

What is your advice on this matter.

Kind regards

Tina

Hello,

the title deeds can only get transferred into the name that appears on the original contract that was deposited at the LR. If you husband then want to give you half and transfer a half to you can only happen after he has the deeds.

You will have to pay the full transfer fees unfortunately.

Any other way would be messy and will still cost you money. If you are doing this just to save on the Transfer fees there is no real escape.

[Nigel Howarth]

Hi Herbie,

Just to add to what Pan has said - once you have paid the Property Transfer Fees and the property has been registered in your husband's name, he can 'gift' half of it to you.

The Land Registry charge for 'gifting' a property from spouse to spouse is 0.4% of the property's 1980 value as recorded on its Title Deed. As you will only be gifted a half, the fee will be calculated on 0.2% of the property's 1980 value.

Regards,

[helpful herbie]

Thank you very much for the information.

Yes we were trying to save money on the Transfer fees as we are now married and know that married couples
pay less. Shame it does not apply to us

Another question though ....

IPT

Now we are responsible for the IPT but previously it was the responsibility of the Developer (as he owned the land).

Is it a requirement that the IPT is paid back to the Developer when obtaining the Title Deeds ?

[Nigel Howarth]

Is it a requirement that the IPT is paid back to the Developer when obtaining the Title Deeds ?

I've answered your question at http://www.cyprus-property-buyers.com/f ... =18&t=1322