Not A Member Yet? See All The Features Of The Forum By Clicking Here To Register For FREE! Or Members Login Below:

Cyprus Eastern Forum Index Cyprus Eastern Forum Index
Offering Free Help, Advice, Tips & Support for those buying or living in:
Paralimni - Protaras - Pernera - Kapparis - Agia Napa - Larnaca - Oroklini - Pervolia - Kiti - Xylofagou
Vrysoulles - Frenaros - Dherynia - Sotira - Agia Thekla - Liopetri - Ormidia & surrounding areas...

 
Main Homepage Cyprus Eastern Forum Index Register Directory Memberlist Search

Ads By Forum Sponsors  

    
Cyprus Eastern Forum Index » Legal Questions & Issues » Procedure for transferring property from joint to sole name
Post new topic  Reply to topic   View previous topic : View next topic 
Procedure for transferring property from joint to sole name 
Post: #1   PostPosted: Sat Nov 25, 2017 12:47 pm Reply with quote
marietmarshall
Joined: 31 Oct 2013
Posts: 13
Pictures: 0
Location: Kapparis, Cyprus

 
My friend owned a property with his wife. They both made wills leaving their share to the other. His wife has now died. What does he need to do to transfer sole ownership to himself? How long does it take and approximately how much should it cost. He wants to get his affairs in order for his kids. Thanks for any help.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel


Hide These Ads? Register for Free or Login

 
Post: #2   PostPosted: Sat Nov 25, 2017 1:28 pm Reply with quote
trevnhil
Joined: 30 Aug 2005
Posts: 2295
Pictures: 0
Location: Polemi. Paphos area

 
An interesting question, and one in which I am interested in the answer..
I believe the deceased's estate will have to go to probate, which could well take over a year to sort out..

Trev..
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
Re: Procedure for transferring property from joint to sole  
Post: #3   PostPosted: Sat Nov 25, 2017 2:01 pm Reply with quote
2diffs
Joined: 19 Feb 2009
Posts: 2328
Pictures: 0
Location: Dheryneia

 
marietmarshall wrote:
My friend owned a property with his wife. They both made wills leaving their share to the other. His wife has now died. What does he need to do to transfer sole ownership to himself? How long does it take and approximately how much should it cost. He wants to get his affairs in order for his kids. Thanks for any help.

Has he applied for probate? if so the transfer can be completed after her estate has been distributed.
Without probate the deeds cannot be transferred to the joint party without her signature.

_________________
Due to the economic situation, the light at the end of the tunnel has been replaced with a searchlight so now we can't see where they are taking us.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #4   PostPosted: Sat Nov 25, 2017 3:45 pm Reply with quote
marietmarshall
Joined: 31 Oct 2013
Posts: 13
Pictures: 0
Location: Kapparis, Cyprus

 
Thanks for your help. I'll let you know if I find out anything more.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #5   PostPosted: Sun Nov 26, 2017 8:27 am Reply with quote
mo roberts
Joined: 09 Apr 2009
Posts: 96
Pictures: 0
Location: paralimni/ireland

 
My husband died some time ago and last year I decided to get my affairs in order and similarly we had left everything to each other. Firstly I had to get forms signed by our children saying they had no interest in the property and then it went to probate. The cost is normally a percentage of the value of the estate, in my case the current value of the apartment is around 60,000 and it cost me 1500 plus vat and took about six months. Regards Mo.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #6   PostPosted: Sun Nov 26, 2017 9:02 am Reply with quote
trevnhil
Joined: 30 Aug 2005
Posts: 2295
Pictures: 0
Location: Polemi. Paphos area

 
Wow.. I would have thought our property to be in the 250,000 to 350,000 bracket.
But there seems little that you can do except hope that whoever dies first realises what is happening and gifts their share to the other partner..

Trev..
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #7   PostPosted: Sun Nov 26, 2017 9:39 am Reply with quote
scottie
Joined: 01 Feb 2012
Posts: 7184
Pictures: 0
Location: kapparis

 
trevnhil wrote:
Wow.. I would have thought our property to be in the 250,000 to 350,000 bracket.
But there seems little that you can do except hope that whoever dies first realises what is happening and gifts their share to the other partner..

Trev..


Not sure you can do that here Trev. The kids have to disclaim first , you can't disinherit them . I may be wrong and things may have changed but it's how it used to be .
Personal Photo Album View user's profile Cyprus News,Weather & Travel
 
Post: #8   PostPosted: Sun Nov 26, 2017 10:11 am Reply with quote
marietmarshall
Joined: 31 Oct 2013
Posts: 13
Pictures: 0
Location: Kapparis, Cyprus

 
Again many thanks for all your help. I did not realise how complicated it was.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel


Hide These Ads? Register for Free or Login

 
Post: #9   PostPosted: Sun Nov 26, 2017 11:29 am Reply with quote
trevnhil
Joined: 30 Aug 2005
Posts: 2295
Pictures: 0
Location: Polemi. Paphos area

 
scottie wrote:
trevnhil wrote:
Wow.. I would have thought our property to be in the 250,000 to 350,000 bracket.
But there seems little that you can do except hope that whoever dies first realises what is happening and gifts their share to the other partner..

Trev..


Not sure you can do that here Trev. The kids have to disclaim first , you can't disinherit them . I may be wrong and things may have changed but it's how it used to be .


Hmm, I can see you point Scottie...
A couple of years ago, our property was in three shares. Me, my wife, and my wife's father who was 90 and in poor health. My wife's father gifted his share to my wife his daughter. Maybe he had a form to sign that she was his only child, I don't know..

Trev..
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #10   PostPosted: Sun Nov 26, 2017 2:51 pm Reply with quote
FSB Properties
Forum Sponsor
Forum Sponsor
Joined: 12 Jul 2012
Posts: 1448
Pictures: 0
Location: Ammochostos

 
trevnhil wrote:
scottie wrote:
trevnhil wrote:
Wow.. I would have thought our property to be in the 250,000 to 350,000 bracket.
But there seems little that you can do except hope that whoever dies first realises what is happening and gifts their share to the other partner..

Trev..


Not sure you can do that here Trev. The kids have to disclaim first , you can't disinherit them . I may be wrong and things may have changed but it's how it used to be .


Hmm, I can see you point Scottie...
A couple of years ago, our property was in three shares. Me, my wife, and my wife's father who was 90 and in poor health. My wife's father gifted his share to my wife his daughter. Maybe he had a form to sign that she was his only child, I don't know..

Trev..


No need for the form, for as long as he was alive he could gift it as he wished.

_________________
FSB Properties Ltd - 99093213
Registered and licensed Real Estate Company
Co.Reg.No. 795, Lic. No. 250/E
Member of the AIPP.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #11   PostPosted: Sun Nov 26, 2017 5:05 pm Reply with quote
scottie
Joined: 01 Feb 2012
Posts: 7184
Pictures: 0
Location: kapparis

 
FSB Properties wrote:
trevnhil wrote:
scottie wrote:
trevnhil wrote:
Wow.. I would have thought our property to be in the 250,000 to 350,000 bracket.
But there seems little that you can do except hope that whoever dies first realises what is happening and gifts their share to the other partner..

Trev..


Not sure you can do that here Trev. The kids have to disclaim first , you can't disinherit them . I may be wrong and things may have changed but it's how it used to be .


Hmm, I can see you point Scottie...
A couple of years ago, our property was in three shares. Me, my wife, and my wife's father who was 90 and in poor health. My wife's father gifted his share to my wife his daughter. Maybe he had a form to sign that she was his only child, I don't know..

Trev..


No need for the form, for as long as he was alive he could gift it as he wished.


That's interesting . However it does not really help if the person does not know he /she is dying . I believe that in a joint property the children still have to be involved . As a matter of fact the same law applies in Scotland. I have often questioned as to whether it is/was a good law and came down on the side of yes. How often do we hear of people remarrying and any inheritance ending up in the pockets of the new partners family eventually ?
Personal Photo Album View user's profile Cyprus News,Weather & Travel
 
Post: #12   PostPosted: Sun Nov 26, 2017 5:49 pm Reply with quote
FSB Properties
Forum Sponsor
Forum Sponsor
Joined: 12 Jul 2012
Posts: 1448
Pictures: 0
Location: Ammochostos

 
scottie wrote:
FSB Properties wrote:
trevnhil wrote:
scottie wrote:
trevnhil wrote:
Wow.. I would have thought our property to be in the 250,000 to 350,000 bracket.
But there seems little that you can do except hope that whoever dies first realises what is happening and gifts their share to the other partner..

Trev..


Not sure you can do that here Trev. The kids have to disclaim first , you can't disinherit them . I may be wrong and things may have changed but it's how it used to be .


Hmm, I can see you point Scottie...
A couple of years ago, our property was in three shares. Me, my wife, and my wife's father who was 90 and in poor health. My wife's father gifted his share to my wife his daughter. Maybe he had a form to sign that she was his only child, I don't know..

Trev..


No need for the form, for as long as he was alive he could gift it as he wished.


That's interesting . However it does not really help if the person does not know he /she is dying . I believe that in a joint property the children still have to be involved . As a matter of fact the same law applies in Scotland. I have often questioned as to whether it is/was a good law and came down on the side of yes. How often do we hear of people remarrying and any inheritance ending up in the pockets of the new partners family eventually ?


Scottie, you cannot disinherit the children once you pass, but when alive you are free to dispose of your property as you see fit.

Trev, in your case, you fear should be if one of you were to go suddenly (God forbid), then you have to deal with it. It also depends on your relationship with your kids since they then have a claim on the property.
If one of you were terminally ill (again God forbid) then there may be time to transfer before the affected person passes.

Another reason why most (if not all) Cypriot families pass on their property to the children well before they go (assuming all things being equal and dying is only from old age).

_________________
FSB Properties Ltd - 99093213
Registered and licensed Real Estate Company
Co.Reg.No. 795, Lic. No. 250/E
Member of the AIPP.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
Re: Procedure for transferring property from joint to sole  
Post: #13   PostPosted: Sun Nov 26, 2017 7:09 pm Reply with quote
scottie
Joined: 01 Feb 2012
Posts: 7184
Pictures: 0
Location: kapparis

 
marietmarshall wrote:
My friend owned a property with his wife. They both made wills leaving their share to the other. His wife has now died. What does he need to do to transfer sole ownership to himself? How long does it take and approximately how much should it cost. He wants to get his affairs in order for his kids. Thanks for any help.


FSB I was simply trying to answer this the original post. It got complicated further into the thread . I think another contributor who sadly lost her husband gave the answer to the specific question Very Happy
Personal Photo Album View user's profile Cyprus News,Weather & Travel
 
Post: #14   PostPosted: Sun Nov 26, 2017 10:51 pm Reply with quote
Lindy
Joined: 30 Oct 2007
Posts: 887
Pictures: 0

 
Re- transferring your property to your spouse, particularly if one of you is suffering from a life-limiting illness. Sounds like a very good idea.

However, consider this possibility. Your spouse is terminally ill. You both agree to transfer the property to your name. Then, out of the blue, YOU predecease your spouse. That would leave the terminally ill person, without a home. It's a legal minefield isn't it? I certainly don't have the answer. Perhaps someone does?
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #15   PostPosted: Mon Nov 27, 2017 5:18 am Reply with quote
trevnhil
Joined: 30 Aug 2005
Posts: 2295
Pictures: 0
Location: Polemi. Paphos area

 
It doesn't or shouldn't necessarily leave them without a home.. Hopefully they would have a will, each passing on to the other their property..
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel



Join Us Today! Register for Free or Login

 
Post: #16   PostPosted: Mon Nov 27, 2017 7:18 am Reply with quote
FSB Properties
Forum Sponsor
Forum Sponsor
Joined: 12 Jul 2012
Posts: 1448
Pictures: 0
Location: Ammochostos

 
Lindy wrote:
Re- transferring your property to your spouse, particularly if one of you is suffering from a life-limiting illness. Sounds like a very good idea.

However, consider this possibility. Your spouse is terminally ill. You both agree to transfer the property to your name. Then, out of the blue, YOU predecease your spouse. That would leave the terminally ill person, without a home. It's a legal minefield isn't it? I certainly don't have the answer. Perhaps someone does?


First of all, I make the assumption that we have title deeds here, you can transfer your share to you spouse and adding a note to the title stating you have a life interest in the property meaning, you have the right to live there until death. This would mean you are not without a home.

If it were a contract of sale then an addition agreement could be drawn up attached to the contract stating very much the same, although it would be a more expensive way of doing this.

And yes, by having a will would solve such issues.

_________________
FSB Properties Ltd - 99093213
Registered and licensed Real Estate Company
Co.Reg.No. 795, Lic. No. 250/E
Member of the AIPP.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #17   PostPosted: Tue Apr 03, 2018 6:19 pm Reply with quote
SensibleBob
Joined: 07 Sep 2005
Posts: 1657
Pictures: 0
Location: Avgorou

 
In the context of getting probate when one partner dies and the property transfer to the survivor are probate fees calculated on the full value of a property or half? In the same vane what valuation is acceptable for probate/ I/e/Purchase price,current independent value or can solicitors insist on their value.

Enquiring for a friend some of you can guess who due to the circumstances of the husbands death. In this respect the solicitors are insisting the moped on which he died( and is a write off) be included in the estate! They also want it insuring in the survivors name even though she does not want to use it. Something smells rotten here so suggestions please.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #18   PostPosted: Wed Apr 04, 2018 6:43 am Reply with quote
clive of payia
Joined: 08 Apr 2006
Posts: 337
Pictures: 0

 
Isn't the difference in how your Will is written. Ours are both done to be Probated under English law where your wishes our carried out by the lawyer. I believe obtaining written permission from the children is Greek law.

You takes your choice.

_________________
Clive of Payia
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
scooter 
Post: #19   PostPosted: Wed Apr 04, 2018 9:32 am Reply with quote
mo roberts
Joined: 09 Apr 2009
Posts: 96
Pictures: 0
Location: paralimni/ireland

 
I don't know if this is relevant to your problem but my husbands scooter was stolen sometime before his death and about two years later I had a phone call from the police to say that the scooter had been found. I had to go to Dherynia police station for an interview and was told I had to take the scooter, I refused saying it was not mine, they were quite insistent that I would take it but I was adamant it was nothing to do with me, eventually they accepted this and I signed something to say I did not want the scooter. Good luck with this. Regards Mo.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #20   PostPosted: Thu Apr 05, 2018 3:24 am Reply with quote
shuggybear
Joined: 05 Dec 2008
Posts: 841
Pictures: 0

 
FSB Properties wrote:
Lindy wrote:
Re- transferring your property to your spouse, particularly if one of you is suffering from a life-limiting illness. Sounds like a very good idea.

However, consider this possibility. Your spouse is terminally ill. You both agree to transfer the property to your name. Then, out of the blue, YOU predecease your spouse. That would leave the terminally ill person, without a home. It's a legal minefield isn't it? I certainly don't have the answer. Perhaps someone does?


First of all, I make the assumption that we have title deeds here, you can transfer your share to you spouse and adding a note to the title stating you have a life interest in the property meaning, you have the right to live there until death. This would mean you are not without a home.

If it were a contract of sale then an addition agreement could be drawn up attached to the contract stating very much the same, although it would be a more expensive way of doing this.

And yes, by having a will would solve such issues.
. We have mirror wills and a codicl to be governed by uk law is this the best way to go tku
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
Procedure for transferring property from joint to sole name 
  Cyprus Eastern Forum Index » Legal Questions & Issues
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
  


All times are GMT  
Page 1 of 1  



  
  
 Post new topic  Reply to topic   
Search Tags: #Procedure #transferring #property #joint



 Facebook Page    Facebook Group    Our Channel    Cyprus eBay Search    Shopping To Cyprus    Contact Admin   SmartFeed RSS Feed



BUYING PROPERTY IN CYPRUS? PLEASE ENSURE THAT YOU SEEK INDEPENDENT LEGAL ADVICE FIRST.
Cyprus forum covering Kapparis, Protaras, Pernera, Agia Napa, Agia Thekla, Paralimni, Larnaca, Oroklini, Pervolia & surrounding areas
Please note that the views expressed on this forum are those of the author and may not reflect the views of the management.
* Problems Logging In? Click To Contact Us | Powered by phpBB © phpBB Group Design Style: VTrushkin | View Lo-Fi Version