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North Cyprus Properties
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North Cyprus Properties Sale
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Buyer's Guide
Purchasing in North Cyprus After the division of the island, in 1974, North Cyprus developed its own rules and legal system which has been constituted by the Turkish Cypriots. In relation to purchasing a land or house, the first issue that has to be clarified, is the kind of the title deed the property possesses. There are different kinds of deeds under the North Cyprus legal system, the property alternatives with different deed types are as follow: a) British or other foreign ownership pre- 1974 b) Turkish Cypriot owned pre- 1974 c) Greek Cypriot owned pre- 1974: Given to Turkish Cypriots due to their lands left in South Cyprus or awarded to Turkish Cypriots by Turkish Republic of Northern Cyprus (TRNC) government. Based on 1983 TRNC Constitution, all the deeds rectified and named as TRNC deeds and are freely transferable to foreigners d) Leasehold - owned by the Government who will grant long-term leases of 49 years (Information correct at time of site development, we advise buyers to check with their solicitors for any recent amendments) Freehold – Foreign Title Deeds This is property owned by European residents, (e.g. British, German, Dutch). The title deed is internationally recognised. There are a number of checks to be carried out by the council of ministers, which means the sale will take approx. 3-12 months to complete. Freehold – Turkish Title Deeds This is property Turkish Cypriot owned prior to 1974. There are a number of checks to be carried out by the council of ministers, which means the sale will take approx. 3-12 months to complete. TRNC Title Deeds This property was previously Greek Cypriot owned prior to 1974. Again there are number of checks to be carried out by the council of ministers, which means the sale will take 3-12 months to complete. TRNC Title deeds are considered to be safe to purchase. Leasehold title Deeds The Government owns this property. Long-term leases are granted for 49 years. An excellent example of the manner in which this scheme has been operated can be seen in Karmi Village, which is a credit to the Minister of Tourism and his staff. You can apply directly or via a solicitor to the Ministry of Tourism to transfer the lease. The process for buying a Freehold Property is as follows: Decide which property is right for you and agree a price. Contract is drawn up by your appointed solicitor who will then with proceed the terms of sale ie Agreed price, timescale and any other special conditions that may be involved. All relevant paperwork to be signed by both parties (Vendor and Purchaser). Purchaser pays %10 deposit. A purchase permit is applied for by your solicitor from the Council of Ministers, this takes approximately 6-9 months. Once the purchase permit is received the remaining balance is due from the purchaser. When the purchaser has paid the balance the vendor signs the Title Deed into the name of the purchaser and the sale is now officially completed. The process for buying a Leasehold Property is as follows: The purchase of leasehold property is generally the same as buying a Freehold with the only difference being that you must apply either directly or via solicitor to the Ministry of Tourism, who will grant the lease, instead of applying to the Ministry of Interior, which is the procedure for the purchase of a Freehold property. At the time of the application being submitted a deposit of 10% must be paid and held on behalf of the Vendor. Once the application has been accepted a time that is suitable to both Vendor and Purchaser is agreed upon and completion can proceed with the lease being transferred into the name of the new buyer. How much will it coast me? Application for purchase permit and solicitor legal costs are approximately £1,200. Stamp Duty which is levied by Land Registry is 3% Note: All above prices are subject to change. New property purchase Cost Guide In addition to purchase price of actual property, other costs you are likely to incur are as follows: Solicitor’s fee, £1,000. Deposit, 10-25% of purchase price (in most cases) followed by stage payment-dependent development. Stamp Duty, 3% Council Tax, 0.1% VAT, 5% Approximate for electricity and water connection, £200 - £600 Water charges can vary considerably, depending on size and location of property, and whether usage is general or excessive for pool and irrigation system etc. but a standard charge (i.e. exceeding allocation) £10 bi-monthly. Note: electricity – payable monthly – average standard £25 summer, £50 winter. For More information email: info@cypriothomes.com |
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