Purchasing a ReSale property

General questions & discussions on Cyprus property related matters
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Sunny
Posts: 2
Joined: 05 May 2008 08:41

Purchasing a ReSale property

Post by Sunny » 07 May 2008 08:59

Hi Nigel

I hope you can help with some advice! We bought our present apartment off plan in 2003, moved in 2004 but are now looking to purchase a Re Sale bungalow that we have seen . Just a few questions please!!

1) We have seen your advice that you should always get a survey done on re-sale property. Can you recommend anyone ( we live in the Paphos area) and can you give a guide to approx cost of this?

2) The property we want to purchase is 9 years old and still has not got Title Deeds. In view of this length of time , should this worry us and how can we find out if there are any problems about this?

3) If we do sell our property and buy the one we like, I believ our present developer(pafilia) are charging about 2.5% for the transfer of title Deeds. I know you have spoken about this ( we listened to you at the UKCA club last Summer) and that it should be no where near this much but can we actually oppose this or don't we have a leg to stand on?

Look forward to your response!

Kind Regards

Sunny



clive of payia
Posts: 15
Joined: 09 Jan 2008 23:34

Re: Purchasing a ReSale property

Post by clive of payia » 07 May 2008 11:37

Hello Sunny,

So many people in Cyprus are crying out for their title deeds, many have waited as long as fifteen years after the Developers made them promises after promises. Many Developers are in serious breech of contract in not giving purchasers their rightful Title Deeds. Their could be a lot more heartache in store for purchasers still waiting for their Title Deeds as the Developers are not going to give up up easily if, or when, the law is changed, or in some instances just enforced. Remember if your name is not on the title deeds you do not own the property.

Would you buy a motorcar and still allow the garage owner to keep the log book in his name?

I brought a resale with title deeds six years ago and don't regret it one bit.



Nigel Howarth
Site Admin
Posts: 2522
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
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Re: Purchasing a ReSale property

Post by Nigel Howarth » 07 May 2008 13:02

Hi Sunny and welcome,

1) Yes, you should really get a survey carried out before you make an firm offer on the bungalow. There is an Association of Valuers & Surveyors in Nicosia. If you contact them, they should be able to put you in touch with someone in Paphos. Their contact details are:
  • PO Box 20724
    1663 Nicosia
    Tel: 22 751221/25 368757
    Contact name: Mr. Varnados Pashoulis
    Email: var@cytanet.com.cy
Alternatively, you could get in touch with a member of RICS. There are some in Paphos, including:
  • M Kyriakides Y Kouis & Partners
    Office 104, Flora Court 65, Neophitou Nikolaidi, PAPHOS, 8011

    Roditis, Koupparis & Partners
    10 Apostolos Paulos Avenue, Ground Floor Office 3, Paphos

    Antonis Loizou & Associates
    209, Poseidonos Avenue, Shop 25, 8042 Pafos
    (Nicosia office - Tel: 22 477 600)
I've used Antonis Loizou in the past to carry out a structural survey and a valuation on a small property in Limassol. That was about 3 years ago and I think they charged CYP 400 at the time. I don't know how much they charge these days. It might be worth phoning them all and getting quotations.

2) Regarding Title Deeds - you need to instruct your lawyer to carry out a Title search with the Land Registry. THis will establish whether there are any problems or prior claims against the property (such as a mortgage). If there are any issues, my advice is don't touch it with a 10 foot bargepole!

3) Contract cancellation fees, in my opinion, are a scam. In Limassol, developers charge around CYP 500, but elsewhere, they charge like wounded bulls. You'll need to look through your Sale Agreement to see what it says about contract cancellation fees. Unfortunately, if it wasn't capped by your lawyer, all you can do is ask if they're prepared to lower their fee.

You also need to bear in mind that you'll be liable for Capital Gains Tax on any profit resulting from the sale - you can find details of this on my main website.

And there is also a question in my mind about 'double' property transfer fees. Some of the Land Registry offices appear to be charging Property Transfer Fees even though buyers have not received their Title Deeds. This is something I need to investigate further.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news

Sunny
Posts: 2
Joined: 05 May 2008 08:41

Re: Purchasing a ReSale property

Post by Sunny » 07 May 2008 18:18

Hi Nigel and Clive

Thank you both for your much valued advice. I have contacted Louise for a quote but I suppose can do , or not willing to do anymore until I get some positive interest in my property.

Thanks again, what an excellent site!

I also found the article about Pafilia Resales very interesting as they are our developers and passed it on to our friends who are actually using them to sell their property!



Nigel Howarth
Site Admin
Posts: 2522
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
Contact:

Re: Purchasing a ReSale property

Post by Nigel Howarth » 08 May 2008 09:36

You're welcome Sunny
Sunny wrote:I also found the article about Pafilia Resales very interesting as they are our developers and passed it on to our friends who are actually using them to sell their property!
I have exchanged several emails with the aggrieved party - he has made some progress towards a solution. I'll update my news site once the situation has been finally resolved.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news

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