Frequently Asked Questions
Buying property abroad is a big descision. We hope that below we can answer some of the questions you might have
Buying an apartment
Purchase Procedure
- When decided on a property, agree a price.
- Arrange a meeting with your appointed solicitor who will draw up contracts stating the terms of the sale ie: price, timescale, vendors & purchasers details, stage payments etc.
- When both parties happy with contract vendor & purchaser sign.
- Purchaser pays 10% deposit.
- Purchase permit is applied for by your solicitor to eitherÊthe council of ministers or minister of tourism which takes approximately 6 - 12 months.
- Once purchase permit has been received the remaining balance is due from purchaser.ÊWhen vendor receives the final payment the Title deeds will be signed into the purchaser name and the sale is officially completed.
Payment options
Deposit £1,000
20% minus the deposit within 14 days of signing the Sales Contract.
20% on completion of foundations.
20% on completion of concrete shell and brickwork.
20% on completion of all tiling.
20% on keys handover.
Other purchasing costs
Solicitors fees: Including; drawing up of contract, Power of Attorney,
purchase permit application and seeing the sale through to completion
= £1200.
6% stamp duty (reduced to 3% on any one purchase) and 5% VAT, based on
the valuation, by the Tax Authorities, of the cost of replacing the building;
therefore this total is significantly lower than 11% (or 8%) of your purchase
price.
Council Tax - 1% - This is a one off cost at time of purchase, with no
further payments of council tax in the future.
Mains connections - Electricity £500 & Water £200 - Approximately
Title deeds
The title deeds for Vasilia Views are TRNC - Es-Deger Title
Kesin Tasarruf - absolute possession document - Title deed
This is land or property originally owned by a Greek Cypriot prior to
1974, with title deeds issued by the Turkish Republic Northern Cyprus
government on a points basis in compensation for land given up in the
south. He would then sign over his properties in the south to the TRNC
government, who in turn would hold them pending a negotiated settlement
between both the north and south governments. The Turkish Cypriot would
then be issued with new title deed for his recompensed property. He would
only be able to sell his property/land once he had received his new title
deed.
TRNC - Es-Deger - title deed properties considered are safe to purchase and are reconised by the Secretary General, Kofi Annan.
Finance
Apart from the usual means of obtaining finance, we can also offer you
our own 10-year mortgage deal at very attractive rate Ð subject to status.
This underlines the long-term commitment we give to our developments and
is a massive vote of confidence in the quality offered!