Transfer tax if no title deeds

[Cathie]

Nigel-You have already been beyond kind and helpful to me, so I'm truly very sorry to pester you again for further advice/clarification in this Cyprus quagmire...I understood from your kind reply/link to my last question that one can sell without actual title deeds and the link made it all clear to me, despite the varying/contrary interpretations from my Cypriot lawyer and estate agent....HOWEVER, I read today on a Forum that even if I do not have Title Deeds when selling, I am EVEN SO liable to pay full TRANSFER FEES...can this be correct??

Thank you sooooo much.

[Nigel Howarth]

Hi Cathie,

If you use an assignment/vesting contract you will not be required to pay Property Transfer Fees. You will need to pay any Capital Gains Tax on any profit you make (less allowances) and get a tax clearance certificate from the Inland Revenue - and that certificate has to be deposited at the Land Registry together with the assignment/vesting contract.

Regards,

[Pantheman]

You don't have to use the assignment method, this if for avoiding Cancellation charges not Transfer Fees.

You could just have your contact cancelled during a sale with no TFs to pay.

TFs only become payable WHEN you are transferring a name on a title deed.

[Nigel Howarth]

Thanks Pan,

You're quite right - and I would advise using the Cathie uses an assignment/vesting contract to avoid her developer trying to extort contract cancellation fees.

Regards,