Cyprus Property Forum for Buyers, Sellers & Investors

pafos105 wrote:Does the fact that we have no mortgage of the property mean we can avoid paying this 1% fee when the time comes to transfer our title deeds.

That's right Helen - as the UK mortgage will not result in a charge being placed on the property in Cyprus, you will not have to pay the 1% fee.

Regards,

Hi Helen, Title Deeds can take many years even though the developer may have been doing things by the book - once you've taken delivery you're looking at between 5 and 7 years as long as there are no hold-ups. The drains in Cyprus cannot handle disposable nappies and sanitary products (and we used t...

'you should get over to Cyprus and pay the Property Transfer Fees within 60 days'. Is there a particular reason for this? My apologies - I should have said six months. The reason for this is as follows: When your contract is lodged at the Land Registry, it creates a charge (an encumbrance) against ...

Molly wrote:Is that what each person pays or the total Transfer Fee ??

It is the total Property Transfer Fees.

Regards,

Hi Andy, As soon as the developer lets you know that the Title Deeds are available, you should get over to Cyprus and pay the Property Transfer Fees within 60 days. I wish I could answer you question on the value of Sterling vs the CHF. If I could, I'd be a multi-millionaire by now :-)) I'm in the U...

Hi dagetu, I'll have to find that post about management committees and delete it! The way the confusion came about is because the law in in Greek and the verbatim translation talks about 'owners' (i.e. those with deeds to the property in their name). However, in Greek, the owner is defined by the la...

Hi dagetu and welcome to the forum. Some good news - even though you do not have your Title Deeds, you can set up a 'formal' Management Committee with the necessary legal powers to run things yourself and take action against non-payers. You can read more about this in an article by Louise Zambartas ...

Hi Andy and thanks for your comments. Property Transfer Fees are calculated on the assessed market value of the property at its date of purchase. This assessment is carried out by staff at the Land Registry and is based on what similar properties were bought for at the same time as yours. The Depart...

Hi crystal Acting as a guarantor is a very common practice. If the bank gets nowhere pursuing the defaulting buyers, it could pursue the developer - but I think what is more likely to happen is that the developer will sell the property again (once he has the necessary court orders, etc) and repays t...

Hi pippin,

Yes - there's a similar situation in Nicosia at the moment with the Froiber clients. In addition to the outstanding mortgage, they are having to pay the developer's unpaid taxes I believe.

Regards,

Hi suenat1 In the UK, finding out the price paid for property is very straightforward - you can get the information from the Internet. However, as the law in Cyprus is quite different to that of the UK, obtaining this information could be difficult. In England and Wales The Land Registry operates an...

Hi Brian and welcome to the forum. The way it works is as follows: The developers mortgage the land on which they are building to help fund their projects. When a buyer comes along and purchases a property built on that land, the property they are buying cannot be used as collateral for the mortgage...

Hi Tony, There is a Registrar of Companies in Cyprus at http://www.mcit.gov.cy/mcit/drcor/drcor.nsf/index_en/index_en you can search there at http://www.drcor.mcit.gov.cy/portal/page/portal/Eforos/dttSearch_en to see if the company is registered. There is one company in the Xylophagou area that is h...

Hi tony and welcome to the property forum. Many people are in a similar position to yourself having paid for a property only to find out later that the developer has mortgaged the land on which it is built. Just to clarify one thing you've said - your contract has been registered at the Land Registr...

You're welcome Mike, I've been thinking about your question. Rather than transferring 50% of the property (and paying Property Transfer Fees in the process) it may be possible to draw up a private agreement between yourselves whereby one of you renounces all claims to the property in favour of the o...