Title deed payment

[cyprus50]

My Lawyer in Cyprus sent me a mail explaining that the Cypriot Government had pushed forward the law on title deeds and they were now available if we sent them a fee
I would like to understand the costs of the following based on a one bedroomed apartment

1. Payment for the Architect/Civil Engineer.

2. Payment for Tax Clearance and other expenses.

3. Payment for Legal Fees.

[Pantheman]

My Lawyer in Cyprus sent me a mail explaining that the Cypriot Government had pushed forward the law on title deeds and they were now available if we sent them a fee
I would like to understand the costs of the following based on a one bedroomed apartment

1. Payment for the Architect/Civil Engineer.

2. Payment for Tax Clearance and other expenses.

3. Payment for Legal Fees.

You have the right to your title deeds and your solicitor should be telling you if they are actually ready for collections. If so, you do not need him, you can do it between yourself and the developer by going to the land regsitry together and paying the transfer fees.

I suspect what he is saying is if you want to jump on the band wagon of paying 4k- 5k for others to get them for you thats another matter, but it is the developers job to do this.

Your post is not totally clear sorry.

[cyprus50]

Sorry the post wasnt clear.
I was just trying to find out how much i should be paying for my title deeds?
but thank you for the information it was very helpful

[Nigel Howarth]

Hi cyprus50 and welcome to the forum.

The cost of the deeds is pennies. What you need to pay is the Property Transfer Fees, which are based on the market value of the property at its date of purchase.

You can read more about this tax at http://www.cyprus-property-buyers.com/l ... r-fees.htm - where you will also find a link to a Property Transfer Fee calculator on the Department of Lands & Surveys website.

It sounds as if your lawyer is touting for business (which is illegal). I suggest that you read my article at http://www.news.cyprus-property-buyers. ... /id=008017

and also the announcement/warning from the Ministry of the Interior at http://www.news.cyprus-property-buyers. ... /id=008362

Regards,

[Angie]

Hi I`m new to the forum today! my name is Angie. I would really appreciate some advice on an issue which has just cropped up for me:-

I bought my house in Peyia off plan for CY£64,000 which was completed in 2003.

The title deeds have not been available for me to purchase until last year in 2010 when the transfer fee was 3,762.95 Euros (based on the Land Registery's valuation of 109,350 Euros).

I could not afford to buy them then. Now my circumstances have changed, I have asked my Cypriot Lawyer to proceed with the purchase of the deeds, but she has now told me that the Land Registery have valued the property at 125,000 Euros instead of 109,350 Euros (which it would have been last year) and in order to proceed, I will have to pay an extra 781.88 Euros.

She says that I can submit an objection, in which the Land Registery will visit the property and value it again, but with the possibility of a higher valuation.

I can't believe that the value of my property has increased by 15,650 Euros since last year, as according to the RICs Cyprus Property Price Index, the value of properties in Cyprus has been falling since the beginning of 2010.

Is there anything I can do or do the Cypriots just do what they like, and I have to put up with it? Your advice would be very much appreciated.

[Angie]

I have just realised that the figure of 109,350 Euros was not the valuation of the property last year, it is the equivalent of the purchase price in Cyprus pounds, and as the Lawyer is the same one who acted for me when I bought the house in 2003, would it not have been her responsibility to deposit the Contract of Sale at the District Lands Office at the time of purchase. Because am I right in thinking that if that happened, the transfer fee would be based on the actual purchase price and if it didn't, then it will be based on the market value now?

[Nigel Howarth]

Hello Angie and welcome to the forum.

Property Transfer Fees charged by the Land Registry are based on their assessment of the value of the property at its date of sale. To calculate the fees payable the Land Registry value the property using their historical data on sale prices.

I have received numerous complaints about the Land Registry - and it seems that many people allegedly under-declare the sales price on their contracts of sale to avoid paying taxes (i.e they have one price written into their contact and give the vendor a wad of cash to make up the difference).

I find this practice by the Land Registry extremely distasteful to say the least!!! Particularly as the vast majority of foreigners are law-abiding and would not even consider trying to deceive the Land Registry.

As your lawyer says, you can appeal. You can, if you wish, get an independent valuation carried out and submit this to the Land Registry. However, the costs involved in getting this could be more than the additional Transfer Fees that the Land Registry is demanding - and there is no guarantee that the Land Registry will accept an independent valuation.

And, of course, if the Land Registry visits and re-assess the market value of the property, there is no guarantee than it will be lower than their earlier assessment and it could possibly be higher.

If you visit my Cyprus Property News, you will find a number of articles about this practice, including:

http://www.news.cyprus-property-buyers. ... /id=004712

http://www.news.cyprus-property-buyers. ... /id=008115

http://www.news.cyprus-property-buyers. ... /id=007738

http://www.news.cyprus-property-buyers. ... /id=007695

http://www.news.cyprus-property-buyers. ... /id=007624

Regards,