Cyprus Property Forum for Buyers, Sellers & Investors

Hi Nigel & Co.

I need to transfer our villa from joint names (ex-wife and me) to just my name (or possibly new wife's name if more beneficial when getting title deeds). We do not have title deeds yet but the contract of sale was lodged at the Land Registry in Limassol in 2005/6.

I am about to get a Power of Attorney from my ex-wife, which will state that I can transfer this specific property out of her name and that she no longer has a financial interest in the property, or to allow me to sell the property. She must give this, as it has been decreed by a court order in the UK.

Do I have to do the transfer itself via a lawyer, or is this something that I can do at the Land Registry myself?

Regards.

Hi Ricky and welcome to the forum.

You'll need to take legal advice on how best to go about this, but two ways that spring to mind:

1. You former wife can assign her rights under the contract of sale to you or your new wife. This will require a lawyer to draw up the assignment agreement - and you will be able to sign it as her Power of Attorney and lodge the agreement at the Land Registry.

2. You can wait until the Title Deeds are issued at which time your former wife can 'gift' the property to you or your new wife.

(You can't transfer the property until its Title Deed has been issued)

The British High Commission has published a list of English-speaking lawyers who will be able to assist.

You also need to change your Will. And if you haven't done so already, I suggest that you apply for the Title Deeds.

Regards,

Dear Nigel.
Thank you very much for your reply.
Option 1 seems incredibly expensive - just to transfer an assignment, I have been quoted €2000.
Will Option 2 - gifting the property also involve lawyers, or is this simply something I present in front of the Land Registry.
I am asking you because I want advice independent of a lawyer, who I suspect will not advise the cheapest option.
Thanks,
Ricky

Hi Ricky

A lawyer is needed to draw up an assignment agreements.

In addition there are Land Registry charges for depositing an assignment agreement. These are 0.5% of the sale price stated in the original contract of sale, or 0.5% of the price stated in the assignment agreement, whichever of the is higher. The minimum fee is €50 and maximum fee is €3000.

I don't know exactly what is involved in 'gifting' a property - and it may be possible to accomplish this without the help of a lawyer.

Regards,

Ricky wrote:Dear Nigel.
Thank you very much for your reply.
Option 1 seems incredibly expensive - just to transfer an assignment, I have been quoted €2000.
Will Option 2 - gifting the property also involve lawyers, or is this simply something I present in front of the Land Registry.
I am asking you because I want advice independent of a lawyer, who I suspect will not advise the cheapest option.
Thanks,
Ricky

As assignment contract can be done cheap enough, the problem is its registration at the land registry which is as Nigel pointed out as 0.5% of the original contract price.

Do not pay €2000 just for a contract, did they say if it included the registration charge??

Secondly, as you have no deeds, then you will still need an assignment contract the main difference being that you will not pay transfer fees when the deeds are ready, but you may still have the register the assigned contract with its usual charge.

Either way, there is going to be a charge. Now, given that the Government has reduced the transfer fees by 50%, then that is a saving in itself, but even at €2000 if you were to pay it, is a small charge to move on in the grand scheme of things???

Good luck all the same.

Hi Pantheman.
Thanks for your response.
I'm not sure what the registration charge is, however there was no mention of this. The fees are for prepping the assignment contract and visiting the land reg and tax offices.
This does not include the Land Registry 0.5% charges.
I appreciate there will be charges, but I was surprised that the assignment charges are more than the legal charges when I actually purchased the property.
Thanks you.