Transfer title deeds

Do you have a problem getting your Title Deeds?
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Aleo
Posts: 1
Joined: 08 Apr 2019 16:22

Transfer title deeds

Post by Aleo » 08 Apr 2019 16:26

I purchased a property through my father (who resides in Cyprus). I'd like to change the deed to my name so that I can arrange insurance, but I'm told I'd have to do that in person? Is this true, do I have to travel to Cyprus (from the UK) to change the name on the deed?



Pantheman
Posts: 553
Joined: 26 Jan 2008 14:44
Location: Famagusta District
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Re: Transfer title deeds

Post by Pantheman » 08 Apr 2019 16:45

Yes you do.

When you say purchased I assume you mean you paid him for it but no transfer has been made.

If this is the case, then you and your father need to be present in Cyprus or you can give him a Power of Attorney to act for you. You will need a contract of sale, it'll have to be deposited at the tax office from which your father may have to pay Capital Gains Tax depending on the price and costs.

If you are buying it you will also pay transfer fees.

Alternatively:

I suggest, that he gifts you the property (on paper), you won't have to pay transfer fees, there will be no CGT to pay and any private exchange of monies between yourselves, is just that, private. ;-)

Bearing in mind, that if you sell in the future, you would be subject to CGT upon a sale.

Good luck.


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