Sale of property when title deeds are available

[CyprusH]

Can someone advice me on the potential situation

"I am selling a property and the title deeds are available but I have not taken them. Is it possible for me to sell my property and the new buyer then obtain the available title deeds"

Many thanks

[Nigel Howarth]

As the Title Deeds are available, you will have to pay the Property Transfer Fees to register the property in your name - and then your buyer will pay the Property Transfer Fees to register the property in his/her name.

The simplest way to achieve this is for you both to visit the Land Registry together - you pay the Transfer Fees and then your buyers pays them. You'll need cash otherwise your cheque will have to clear before the transfer can take place.

You'll need to deduct the Transfer Fees you will be paying from the price your purchaser is paying you.

Regards,

[CyprusH]

My Thanks Nigel. Is is not possible to adopt the same policy as if title deeds are no available. ie. My contract with the developer is cancelled and the new buyer has a contract with the developer and then immediately after applies for the title deeds. This will avoid me from paying the transfer tax.

On another matter can somwone apply for the title deeds if they still have a mortgage on the property

[Nigel Howarth]

Hi CyprusH

You cannot use the same procedure as if the Title Deeds were not available - that would be an assignment/vesting contract. The need to pay your developer a cancellation fee stopped in 2011.

And yes - you can apply for the deeds even though you have a loan on the property.

Regards,

[CyprusH]

Thanks Nigel. So if I want to sell the property and the deeds are available the only way to do this is to firstly pay the transfer tax and have the deeds in my name and then sell on