Property Buying Assistance

[Marko]

Hi everyone. We are from the Uk currently looking to buy our first property in Cyprus as a holiday home (which we may also selectively let) and looking at this excellent site I hope to get some valued assistance from you all.
We have shortlisted 3 bed villa properties both in Pegeia and Secret Valley and would welcome any help on any/ all of the following:
1. Recommended English speaking property lawyer to deal with the purchase , the estimated legal cost and should we meet the lawyer before price negotiations commence
2. Any major plus/minus points on the proposed location of Pegeia and a private villa in Secret Valley
3. Should we open a Bank account in Cyprus before returning home next week
4. Is security a major issue? We seem to be viewing a number of properties with alarms, padlocks, cameras etc installed.
5. The properties have Title Deeds so how long should it take from offer to completion
6. Is it possible to do a deal in Sterling if both parties agree.
7. Any other information that you feel would be useful.

Thanks so much everyone for your help. Your assistance is very much appreciated

[Nigel Howarth]

Hello Marco & welcome to the forum.

To answer your questions:

1. The British High Commission in Nicosia publishes a list of lawyers that you can download by clicking here. I'm sure any of them will be able to assist. I suggest you contact a couple to get competitive quotations for the work.

2. I'm not too familiar with the areas, but I suggest you consider access to local facilities - shops, supermarkets, doctors, dentists, etc.

3. Yes - open a Euro bank account.

4. Generally speaking security is not an issue, but it's better to be safe than sorry if the property is left empty for some time. (I live near Limassol and had an alarm included in the build and haven't had a problem. Last year I left a window open while we were away for six weeks). Properties are usually built with bars/grills on the kitchen and bathroom windows.

5. As the Title Deed is available, you should complete as soon as you've paid the agreed asking price and the Property Transfer Fees (see below).

6. It should be possible to deal in Sterling. You'll need to speak with your lawyer (some of them have client accounts in the UK). But you will need a Euro account to pay lawyers fees.

7. You will have to pay Property Transfer Fees (equivalent of the UK's Stamp Duty Land Tax). The Department of Lands & Surveys has an on-line calculator. (You should receive a discount of 50% on the fees if the transfer of the property takes place by 31st December 2016.)

You will need to register with the Tax Department with details of the property so they can bill you annually for Immovable Property Tax. The system is changing this year but the amount payable will be more or less the same as last year. The vendors of the property should be able to advise you what they paid in 2015.

See my 'property buyers check list'.

Electricity is expensive. Some people who rent find the aircon is left on 24/7 and receive astronomic electricity bills. You may want to look at ways of preventing this.

I hope your purchase goes well.

Regards,