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by Nigel Howarth
17 Feb 2008 21:10
Forum: Selling Property
Topic: Paying Back VAT Refunds
Replies: 5
Views: 7842

Re: Paying Back VAT Refunds

It wouldn't have made any difference.

When he sold it to you, it would have been considered a new property (assuming you were its first occupants). When you sell it, it will be considered a 'resale' property - and resale property is currently exempt from VAT.

Regards,
by Nigel Howarth
17 Feb 2008 14:32
Forum: Selling Property
Topic: Paying Back VAT Refunds
Replies: 5
Views: 7842

Re: Paying Back VAT Refunds

Hi Ped, Yes, I'm afraid you'll have to pay back the VAT rebate. One of the conditions of the scheme is that you must keep the property for at least ten years. There's a page on my main website about the VAT arrangements. You can find it at: http://www.cyprus-property-buyers.com/law/vat-regulations.h...
by Nigel Howarth
17 Feb 2008 14:26
Forum: Introduce Yourself
Topic: Another New Member
Replies: 2
Views: 4071

Re: Another New Member

Welcome Ped, Sorry to hear that you're planning to leave Cyprus - are you both teaching here? I'm afraid that many people move here on impulse, having done very little research apart from the odd holiday or two. I get contacted by people asking how they can claim child benefit or where they go to co...
by Nigel Howarth
14 Feb 2008 14:16
Forum: Buying Resale Property
Topic: Planning Approval
Replies: 3
Views: 6609

Re: Planning Approval

Do you think we should go ahead and buy? That's a decision only you can make - you have to weigh up the pros and cons and decide whether they are acceptable to you. From what you say, your developer seems to have gone about things properly. If you'd like to send me a PM with his name, I'll let you ...
by Nigel Howarth
12 Feb 2008 23:41
Forum: Buying Off-Plan
Topic: Certificate of Approval
Replies: 10
Views: 14331

Re: Certificate of Approval

Hi Clive, It’s all a bit of nightmare isn’t it. Unfortunately, if the property is part of a development, you cannot get the Title Deeds even though the Completion Certificate is available . This is because the developer then has to apply for a Division Permit. Once that’s been given the thumbs-up he...
by Nigel Howarth
12 Feb 2008 11:36
Forum: Buying Off-Plan
Topic: Certificate of Approval
Replies: 10
Views: 14331

Re: Certificate of Approval

Hello Sheila, If the situation wasn't so serious, it would be laughable - you would think the plot was written by Gilbert & Sullivan - or perhaps the Ealing Comedy writers. But it's a system that we have to work with. And to say it's based on British Law is I bit like saying I'm related to Adam and ...
by Nigel Howarth
11 Feb 2008 22:27
Forum: Selling Property
Topic: Costs of selling Inherited land
Replies: 12
Views: 18147

Re: Costs of selling Inherited land

Hi Pan, Yes a number of those items may not be applicable in this particular case - but I'm pretty sure that indexation will apply - maybe, as you say, the tables used by the accountant you used has these built in (I must try and get a copy). Regarding Immovable Property Tax - there's a case/several...
by Nigel Howarth
11 Feb 2008 22:03
Forum: Buying Off-Plan
Topic: Certificate of Approval
Replies: 10
Views: 14331

Re: Certificate of Approval

Our contract says "Possession of the property passes on to the Purchaser on the date of the completion which time is agreed to be 11/01/2009 provided that the Purchaer has complied as at that date with all the Purchaser's obligations under this contract". If you withold payment, I'm afraid you may ...
by Nigel Howarth
11 Feb 2008 18:45
Forum: Selling Property
Topic: Costs of selling Inherited land
Replies: 12
Views: 18147

Re: Costs of selling Inherited land

Hi Lamb & Pan Firstly, there's no VAT payable on the sale of land - I've just published an update on the situation: Although originally scheduled to be introduced in January 2008, the Cyprus Government successfully applied to the EU to delay its introduction until August. Furthermore, the Government...
by Nigel Howarth
11 Feb 2008 17:20
Forum: Introduce Yourself
Topic: Greetings from Eastern Cyprus
Replies: 1
Views: 3935

Re: Greetings from Eastern Cyprus

Hi Pan & welcome,

No problems with commercial forummers - look forward to your contributions.

Cheers,
by Nigel Howarth
11 Feb 2008 16:48
Forum: Buying Land
Topic: Is there offer an express option for title transfers?
Replies: 6
Views: 9835

Re: Is there offer an express option for title transfers?

Hi oneness, Just a (much belated) update on the VAT situation regarding land: Although originally scheduled to be introduced in January 2008, the Cyprus Government successfully applied to the EU to delay its introduction until August. Furthermore, the Government is currently negotiating with the EU ...
by Nigel Howarth
11 Feb 2008 16:42
Forum: Buying Resale Property
Topic: Planning Approval
Replies: 3
Views: 6609

Re: Planning Approval

Hi Tim, There are a lot of resales around at the moment. I've seen one company claiming that it has 20,000 on its books - that's about the number that gets built here in a year! It is a long, drawn out process to get the Title Deeds - I won't bore you with the details. From what you say, I believe t...
by Nigel Howarth
11 Feb 2008 14:53
Forum: Selling Property
Topic: Advice on selling land
Replies: 1
Views: 5000

Re: Advice on selling land

Hi Lamb & welcome, I know Kalavasos quite well. I spent several weeks helping an archaeologist - to the left of the village up and behind the railway engine. The first thing you need to is get the land independently valued. I was helping someone in a similar situation to yourself and the 'family' di...
by Nigel Howarth
07 Feb 2008 16:21
Forum: Communal Property Management
Topic: Insurance of Communal Areas
Replies: 9
Views: 10814

Re: Insurance of Communal Areas

I've been reading through the law regarding jointly owned buildings. It doesn't mention a requirement to have insurance against claims resulting from injuries, etc., just for the repair and replacement of it (just like a household building insurance). So I suggest you insure the jointly owned parts ...
by Nigel Howarth
04 Feb 2008 21:20
Forum: Introduce Yourself
Topic: New Member - Sheila
Replies: 18
Views: 17748

Re: New Member - Sheila

Hello Sheila, No, it isn't all "doom and gloom" - I didn't have a problem and I know many other people who've not had problems. We all face the same situation when we buy here - finding someone we can trust. I bought here in 1992, when things were much quieter and the buying frenzy hadn't really sta...