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North Cyprus Property Purchasing ProcessBuying Property in North Cyprus or Land in North Cyprus The following is our recommended guide to our clients wishing to purchase property in North Cyprus or land and property in North Cyprus: Prior to booking your inspection trip for your North Cyprus property viewings, we would have short-listed a good selection of suitable properties in North Cyprus for you to inspect. Following your final decision as to which North Cyprus property to purchase, we shall make an appointment for you to meet our English speaking solicitor. The solicitor will draw up the sales agreement for your new North Cyprus property ensuring maximum protection to both parties and in line with the terms, payment schedule and conditions agreed with the developer. The solicitor will check the title of the North Cyprus property to ensure that (Please read solicitor's note) · The person who is selling the North Cyprus property actually owns it · There are no charges on the North Cyprus property · Necessary building permissions for building your North Cyprus property and licenses are in order · The terms and conditions stipulated by the seller of your North Cyprus property are fair and reasonable. Your initial holding deposit to secure your North Cyprus property (usually GBP 1,000) will be paid at this stage to reserve your North Cyprus property and freeze its price. This is essential due to the fact that prices of properties in North Cyprus are constantly increasing. Solicitor’s fee for services rendered in the search and acquisition of your North Cyprus property is payable following your return to the UK. Please note: (The reservation deposit for your North Cyprus property is non refundable.) The solicitor will then arrange for all the paper work relating to your North Cyprus property purchase to be sent to the title deeds office for the transfer of the title deeds of the North Cyprus property onto your name. This usually takes several months following completion of your North Cyprus property. We advise our clients to give power of attorney to the solicitor in order to facilitate the procedure; release of title deeds from the title deeds office and registration of the title deed at the government offices.
Your solicitor will inform you once the title deeds of your North Cyprus property have been authorized. This is usually when your final balance of payments is payable together with the buyer’s tax (3% stamp duty) and the water and electricity connection fee. Your solicitor will then arrange for the new title of your North Cyprus property to be registered with the local council office (for property tax purposes). Standard Costs of Purchasing Property in North Cyprus On average costs of buying property in North Cyprus are significantly less (in relation to the purchase price of the property in North Cyprus) than Spain, France, Portugal and Italy. The following illustrates relative costs of purchasing property in North Cyprus as opposed to in other countries. Costs of purchasing a North Cyprus property with purchase price GBP 100,000 illustrated below.
Furnishing of your North Cyprus property if required Quality furnishing can be budgeted at approximately 5% of your North Cyprus property value. Other Ongoing Expenses of North Cyprus property ownership
May vary according to the size and value of your North Cyprus property. A guideline figure for 2/3 bedroom apartments in North Cyprus would be between GBP 400 and GBP 600 per annum and would include:
North Cyprus Property by Category
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North Cyprus Property Place Overseas Central House, No 1 Ballards Lane, Finchley, London, N3 1LQ, United Kingdom - Show map - Tel: 0800 068 3359 Email: info@propertycyprussales.com Copyright © North Cyprus Property Place Overseas 2008. |