Cyprus Property Forum for Buyers, Sellers & Investors

Hello Again Nigel,

We have an interested buyer of our apt who is very keen to process the sale. This involves cancelling my current contract of sale with the developer, and the buyer drawing up a new one with the same developer. As a matter of relevant interest, it is a new build and the title deeds have certificate of approval and should be ready this September after the statutory 2 year wait.

The lawyer wants to charge us both £1200 CYP each, which seems a bit too steep for me, as I don't need a new contract drawn up, just the old one cancelled. We are both shopping around for a lawyer who can do this cheaper.

Are there any clear guidelines on cost weighting and liability between seller and buyer in Cyprus? It seems awfully expensive given costs for conveyancing in the UK by comparison!

Thanks for your help once again,
Ped

Hi Ped,

Apologies for the delay in replying, I've been on holiday in Jordan for the past week.

Legal fees do seem to be higher in Cyprus than in the UK - and the Cyprus Bar Association sets minimum fees for a number of tasks - drawing up a contract of sale to buy a property is one of them (it's based on the price being paid for the property).

Regarding the cancellation of your existing contract. Do you have a detailed breakdown of the charges? The reason I ask is that some lawyers include your Capital Gains Tax in the amount being charged - and this could explain why the amount seems high. Also, some developers charge a contract cancellation fee to those buyers who have yet to receive Title to their property. And in other cases I've heard that the Land Registry charges Property Transfer Fees even though Title Deeds for the property have not been issued.

I suggest you contact Louise Zambartas (Louise runs the legal section here). She may be able to help.

Regards,