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do I need a UK solicitor and a Cyprus one?
Posted: 19 Mar 2015 22:05
by SueJ
Ok I've done it - fallen in love with the island and want to buy a 2- 3 bed apartment - hopefully to cover costs through renting and later to retire to... because I'm using 3rd party money - do I need a solicitor in UK as well as Cyprus? Meaning how to ensure all is completed legally - regarding names / accounts etc ?
Re: do I need a UK solicitor and a Cyprus one?
Posted: 20 Mar 2015 08:57
by Nigel Howarth
Hi Sue and welcome to the forum.
You'll need a lawyer in Cyprus and I suggest you engage the services of one of those on
the list provided by the British High Commission in Nicosia. You don't need a lawyer based in the UK.
I'm afraid the chances of renting the property to cover the costs are negligible - there are thousands of holiday homes for rent and too few people looking to rent them.
To reduce any potential risks, I suggest that you restrict your search to properties that have already been issued with their all important Title Deed.
Finally, download a copy of my free guide
Buying Property in Cyprus - Golden Commandments for home buyers and real estate investors.
Regards,
Re: do I need a UK solicitor and a Cyprus one?
Posted: 20 Mar 2015 15:59
by Brookster
Hi Sue,
When you select a Solicitor make sure they are not representing the developer as well - we fell foul of this & it caused many problems indeed.
Brookster
Re: do I need a UK solicitor and a Cyprus one?
Posted: 20 Mar 2015 16:44
by emgee
Sue3
It is unlikely that your rental income will pay your mortgage on any property you buy. Don't listen to anyone else who says it wiil.
Alan