Cyprus Property Forum for Buyers, Sellers & Investors

Hi Mike - and welcome to the forum. Assuming that things do not change between now and the time one of you becomes the sole owner, Property Transfer Fees will be calculated on the value of the property being transferred (which in your case will be 50% of the property's market value as assessed by th...

Hi surawy Providing that the building has been registered and its Management Committee has been established according to the law, then the Committee will have the legal powers necessary. The 'owner of a unit' is defined on page 4 of the law - and I believe that their voting entitlement is weighted a...

I've heard about this also - from another forum. It seems that the minimum plot size in agricultural zones allowed to be built on is four donums. It seems that in some areas this has already been implemented - in the question I was asked the change is being made in December. I don't have any more de...

Hi surawy Firstly, as your development consists of at least five units it has to be registered as a jointly-owned building according to the law. If the developer hasn't done this, then you can do so (you don't need the agreement of 51% of the owners). The owners of the units of jointly owned buildin...

Hi Danielle and welcome to the forum. The problem is that because you do not own the villa (because its Title Deed has yet to be issued and registered in your name) you cannot sell it without the approval and active cooperation of the owner, who in your case is Aristo. When a buyer is found, the con...

Hi june The law is open to interpretation - it says that the 'owner' is responsible for registering the building as being jointly owned. The owner is defined by the law as the person entitled to be registered as the owner or the actual person registered. So a project without separate Title Deeds can...

Hi Paddy and welcome to the forum, I find this very strange. I would have thought that any bank that was approached for a mortgage would carry out its own valuation of the property. Perhaps in 2007/8 when prices were rising steeply, the bank assumed that the value of the property would increase subs...

Hi Helen, I expect you should be paying the developer for IPT is in the hundreds of Euros - unfortunately there isn't a way you can calculate it yourself. I can't see any reason why you shouldn't move your mortgage to a UK bank - but there may be some expenses involved in the early settlement of you...

You're welcome Helen Firstly I should point out that not all developers pass on their Immovable Property Tax bills to their buyers - so it's probably best if you say nothing at the moment - you don't want to give them any ideas! You should pay the developer for the Immovable Property Tax that he has...

Hi Helen, Immovable Property Tax is confusing and it's difficult to explain - let me try. The Land Registry assess the 1980 value of property - and this figure will appear on your Title Deeds when you eventually receive them. (It's a bit like the old rating system used in the UK, which was also base...

Dear June, I must apologise to you also for the delay in replying. It is a legal requirement for building complexes to have a management committee that manages, maintains, insures, etc the common parts of the building. However, as far as I'm aware there is no requirement for you to do this (although...

Dear Terry Firstly, my apologies for the delay in answering your question - I've only just spotted it. I have not heard of this requirement before - where did you get the information about this residency permit from? Since Cyprus joined the EU, the only thing you need to own a property (as an EU cit...

Hi davo, I think you should be taking professional advice on how to move things forward. I suggest you visit your local Citizens Advice Bureau (head office 020 7833 2181) and they should be able to put you in touch with someone who can give you advice on how to manage your financial situation. I kno...

Hi davo, Title Deeds are a certificate of ownership - like a motor vehicle's registration document. And until you have paid the Property Transfer Fees (equivalent of the UK Stamp Duty on property purchases) you are not considered to be the legal owner of the property. This results in several problem...

I was just so shocked as this has never been mentioned in any literature that I have read and certainly developers or solicitors don't tell you anything except capital gains will have to paid. Looks like they've found another lucrative way to raise tax revenue. I hadn't heard of this before either....