Cost of buying a property help.
Jan 9th 2013, 3:41 pm
#1
Forum Regular
Thread Starter
Joined: Jul 2012
Posts: 37
Cost of buying a property help.
Hi all
Ive posted on here before about where to buy in Cyprus and thanks to all who helped we have decided to buy in Paphos but now need help with info on what fee's we would be looking at for the purchase.
We have decided to buy a holiday apartment first before comitting to moving so the purchase price range is in the region of £65,000.
So if anyone could help or give us the cost of fee's they were charge would be a great help.
Regards Andy & Julie.
Ive posted on here before about where to buy in Cyprus and thanks to all who helped we have decided to buy in Paphos but now need help with info on what fee's we would be looking at for the purchase.
We have decided to buy a holiday apartment first before comitting to moving so the purchase price range is in the region of £65,000.
So if anyone could help or give us the cost of fee's they were charge would be a great help.
Regards Andy & Julie.
Jan 12th 2013, 7:23 pm
#2
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Joined: Nov 2008
Location: Cyprus
Posts: 367
Re: Cost of buying a property help.
Hi Andy and Julie,
If the property has title deeds you will have to pay for the transfer of the deeds to your name. For anything up to 85,430.07 euros the fee for that is 3%.
Lawyers fees can vary from 1% to up to 5% so make sure you know what the lawyer you use is going to charge so that you don't get ripped off by one of the greedy ones. The norm is 1 or 2%. On top there will be stamp duty but that is very small.
Regards
Veronica
If the property has title deeds you will have to pay for the transfer of the deeds to your name. For anything up to 85,430.07 euros the fee for that is 3%.
Lawyers fees can vary from 1% to up to 5% so make sure you know what the lawyer you use is going to charge so that you don't get ripped off by one of the greedy ones. The norm is 1 or 2%. On top there will be stamp duty but that is very small.
Regards
Veronica
Jan 14th 2013, 3:23 pm
#3
Forum Regular
Thread Starter
Joined: Jul 2012
Posts: 37
Re: Cost of buying a property help.
Thanks very much Veronica once again your advice has help us alot.
Feb 26th 2013, 5:54 pm
#4
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Joined: Jul 2009
Location: Limassol Cyprus
Posts: 348
Re: Cost of buying a property help.
The Land registry has the absolute authority to determine the final sale price, then the transfer fee will be based on that price. if you feel that you are not in accord, you can place an objection. You will have to pay the Land registry price at the time, and it is up to you, to find a similar property sold in the area for less. So, you do have the right to challenge the sale price with the Land Registry.
Feb 28th 2013, 5:28 pm
#5
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Thread Starter
Joined: Jul 2012
Posts: 37
Re: Cost of buying a property help.
Hi Zygiman
Thanks for the info thats raised a concern we will have to look in to that a bit more.
Regards Andy
Thanks for the info thats raised a concern we will have to look in to that a bit more.
Regards Andy
Feb 28th 2013, 5:32 pm
#6
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Joined: Nov 2008
Location: Cyprus
Posts: 367
Re: Cost of buying a property help.
Actually that isn't quite right. The land registry does not determine the final sale price but it CAN value a property at more than the sale price and then calculate the transfer fee according to that value if it feels that it is undervalued. This is to stop people from paying a chunk in cash to get the transer fees down.
Mar 1st 2013, 2:30 pm
#7
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Joined: Jul 2009
Location: Limassol Cyprus
Posts: 348
Re: Cost of buying a property help.
The Land Registry is not compelled to supply you with comparable values of similar properties in the area. They have their own set of rules. The onus of proof is on you, so you have to check recent sales etc. Try asking around if anybody has recently purchased or sold a similar property in the area, or try doing some searches.
The important thing is to lodge your objection.
The important thing is to lodge your objection.
