"The Easy Way to Get Your Best UK Mortgage" |
|
| Helping
over 300,000 people a year find the right mortgage NINE YEARS ONLINE |
|
|
|
|
||||||
|
|
Owning Property In Southern Cyprus – 3 Easy Steps
•
Step 1 - Find A Property & A Solicitor
• Step 2 - Exchange Contracts
• Step 3 - Completion
Restrictions
on foreign ownership of property have mostly been lifted and
the formalities that used to be required are no longer needed.
Here's our beginner's guide to buying a property in Cyprus.
Just like in the UK, the two of the first things you need to do are to find a property you want to buy and find a solicitor to represent your interests and carry out the necessary legal checks.
Use of a solicitor is essential in Cyprus, especially if you are buying a new-build property.
Once you've found a property you like and agreed a price with the seller, it's normal to place a small reservation deposit - usually around CY£2000. Step 2 - Exchange Contracts
Once you have reserved your property, you should be legally protected from being gazumped by other buyers. You now need to have your solicitor initiate all necessary checks and searches and draw up a contract for the sale.
If the property is a new build, the contract will include a schedule of payments, which should be closely and explicitly tied to progress on the property build.
With
new builds, it is essential to ensure that
you have a thorough, detailed contract.
Whether new build or resale, when you exchange
contracts with the seller you will be required to make a
20% - 30% deposit, which is normally not refundable if you pull
out.
Step 3 - Completion
Once you've exchanged and paid your deposit, it is just a question
of ensuring all the legal checks have been completed successfully
and of making sure your financing is in place.
If
it's a new build you will have to wait until the build is complete,
but resale properties should be able to move to completion fairly
quickly.
Once you've completed and signed the final contract
of sale, your solicitor will register the deeds with
the Land Registry in Cyprus and advise you of the fees and taxes
you now owe.
These normally include:
- Transfer Tax - 3% - 8%
- Stamp Duty - 1.5% - 2%
- Annual tax
- Solicitor's and surveyor's fees
Although these may seem a lot, there are fairly generous tax-free bands which usually mean that you only pay tax on part of your property's value.
Read On
•
Introduction
• Buying A Property In Southern Cyprus – 3 Easy Steps
• Should I Get A UK or Cypriot Mortgage?
• Getting A Mortgage In Southern Cyprus
• Other Things To Consider Before Buying In Southern Cyprus
Buying Overseas Property and Mortgages
Read enough? Just want a quote? To get your best mortgage quote quickly and easily we can put you in contact with a recommended mortgage adviser. It's free, completely confidential and there's no obligation at all. Simply fill out the form below
Browse over 200 Free Mortgage TipsYour Complete Guide to UK Mortgages Find Out How to Win the Race to Buy Your Home - Home Buyers Guide Learn How to Save ££s by Remortgaging Read the Insider Info on Home Insurance Site Help |
 |  |  |  |
|
©Moneysorter Ltd. Office registered in England, Company Number: 3891081, VAT reg no 769 7245 74 Data Protection Register number Z4835056 Consumer Credit Licence 509896. This website is Approved by Cradon Investments Ltd Authorised and Regulated by the Financial Services Authority FSA No: 300505 |