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BUYING A LEASEHOLD
PROPERTY:
Much the same as a freehold purchase. But this time you must apply
directly or through a solicitor to the Ministry of Tourism they will grant
the lease.
1. Secure your Property at
the agreed price.
2. Solicitor to draw up a contract stating the terms and conditions. Such
as price. Timescale. Vendor and purchaser may also have any other
conditions i.e.¸ penalties.
3. Purchaser and vendor sign the contract.
4. They must apply to the Tourism office in order to transfer the lease.
5. Purchaser applies to take on the lease. NB-this may include a personal
interview.
6. A 10% deposit is transferred once the purchaser application has been
approved.
7. The lease is transferred from the vendor to the purchaser once the
balance has been paid.
8. Sale is now completed.
PLANNING & CONSTRUCTION:
If you are wishing to purchase some land and build. The laws are as
follows.
1. Outside the municipal
boundaries you are restricted on the land you are able to build on¸ which
is a maximum of 20% of the land area. Also with a height restriction with
a maximum of 2 floors.
2. We can recommend a number of architects who will assist you in planning
your property at reasonable rates. Once plans have been lodged at the
District office only then may work commence.
3. All land in the TRNC is measured in donums.
3 Donums = 1 Acre
1 Donum = 1388 M2
4 Evleks = 1 Donum.
NB. Foreigners are restricted to buying 1 Donum of land in any one married
name.
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DIFFERENT TYPES OF DEEDS:
For your information there are 4 types of title deeds.
1. Clean freehold (foreign
title British or foreign pre 1974).
2. Turkish title (Turkish owned prior to 1974).
3. TRNC title (Previously Greek owned prior to 1974).
4. Leasehold (The Cyprus property is owned by the ministry of tourism.
They will grant long term leases of 49 years. Due to the amount of checks
which are carried out by the Ministry of Interior may mean that the
process and completion sale may take approximately 8 to 12 months).
BUYING A FREEHOLD
PROPERTY:
1. Secure the property at the
agreed price.
2. Solicitor to draw up a contract stating the terms and conditions such
as Price, Time scale, Vendor and purchaser also any other conditions i.e.
penalties
3. Purchaser and vendor sign the contact.
4. Purchaser pays between 10% and 25% deposit depending on the stage of
Construction or Building, Company.
5. A purchase Permit is applied for by the solicitor through the council
of ministers this can take between 4 and 8 months.
6. The remaining balance is due once the purchase permit has been granted.
7. Once the purchaser has paid the balance the vendor will sign the deeds
over to the purchaser.
8. Sale is now completed.
NB. – A stamp duty of 6% is levied by the land registry, some builders
charge VAT up to 5% on top of the 6% stamp duty.
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