North Cyprus Villas

Luxury Villas for sale in North Cyprus

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NORTH CYPRUS BUYERS GUIDE  

Purchasing in North Cyprus

The process for buying a freehold property is as follows:
Decide which property is for you and agree on a price. A contract is drawn up by your appointed solicitor who will then proceed the terms of sale i.e. agreed price, timescale and any other specifications. All relevant paperwork is to be signed by both parties (Vendor and Purchaser) Purchaser pays 20% deposit. A purchase permit is applied for by your solicitor from the council of ministers, this takes approx 18 months. When the purchaser has paid the balance the Vendor signs the Title Deed into the name of the purchaser and the sale is then officially completed.

 How much will it cost me?
Application for purchase permit and solicitor legal costs are approximately £1,200. Transfer fees which are levied by Land registry are 6%..
Note: All the above prices are subject to change.

New Property Purchase Cost Guide
In addition to the purchase price of the actual property, other costs you are likely to incur are as follows:
·        Solicitors fee approximately £1,200
·        Deposit of £2,000, followed by stage payments dependant on development.
·        Transfer fees 6%
·        VAT 5%
·        Electric and Water connection £200-£600 (approx)

LEGAL TIPS PRIOR TO PURCHASE:

Prior to purchase, always: Ask a copy of the title deed

Check the sheet plan - plot references and the site plan,

Look at the site plan and ascertain from its boundaries its shape and boundaries, check the construction availability (from State Planning Office)

Make a land search to understand; if there is a deed, the kind of the title deed and whether there is any encumbrance on it (from Land Registry)

Always make a contract before making any payment.


Legal information
Under the new laws of the Turkish Republic of Northern Cyprus (TRNC) non-TRNC Citizens are entitled to take title to only one property up to a maximum area of 5 donums per household providing that the property only consists of one dwelling.

Building permission will not be granted to build further dwellings after permission to purchase has been granted. For the purposes of this law, husband and wife count as one household. Before the title deeds to the property can be registered in your name, you will need to have permission from the TRNC Council of Ministers.

New regulations since 2nd January 2008 require all Contracts of Sale for the purchase of immovable property in Northern Cyprus to be registered at the District Lands Office within 21 (twenty one) days of being signed and it is now compulsory for the Stamp Duty to be paid at the rate of 0.5% before registration can take place. Once the Contract of sale is registered the purchaser is protected against the land being sold, to a third party and the Contract will take priority over any subsequent encumbrance.

The Land Registry at Kyrenia is charging a fee for the registration at the rate of approximately £20 for one Title Deed and an additional £7 (approx) for each additional Title Deed plus an extra £2.50 (approx) for every additional plot.
It may be that your site has several Title Deeds. To register the Contracts the Land Registry require the original and a copy of the Contract of Sale, the site and seating plans and a copy of the Title Deed, a copy of the Stamp Duty receipt and copies of identification for the parties or where the vendor is a company, the company documents together with an application form in duplicate and the appropriate fee.

You can carry out the registration yourself at the Land Registry. If anyone, other than yourself, carries out the registration you will have to give a Power of Attorney authorising them to act on your behalf.
Further, in December 2007, the Electricity Board introduced a new regulation under which Purchasers can no longer apply for an electricity meter to be connected to their property unless they can prove that the Stamp Duty on their Contract of Sale has been paid.

You will then make the application to the Council of Ministers for your permission to purchase. Whilst processing your purchase permit application, the Council of Ministers will take searches from the land registry, the military and the immigration authorities and provided that these are positive, the permission will be granted.

The permission process can take a long time to complete; the current estimation is around two years. However, this will not prevent you from moving into the property or leasing the property or possibly even selling the property.

Once the purchase permission has been granted, you will then fill out all of the necessary land registry valuation forms for the valuation of the property. The taxes due on transfer of title will be paid and the title deeds will be registered in your name.

Disclaimer: The material on this website is for general information purposes only and was current at time of publication. High View Homes does not accept liability for any changes in the details represented on this website.


 
 
 
 
 
 
 
 
 
 

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