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 » Ask Nigel A Question » Title Deeds Transfer Fees Goto page Previous  1, 2
Post new topic  Reply to topic   View previous topic : View next topic 
 
Post: #21   PostPosted: Sat Dec 22, 2018 6:43 am Reply with quote
nhowarth
Forum Moderator
Forum Moderator
Joined: 30 Aug 2005
Posts: 4993
Pictures: 9
Location: Erimi, Limassol

 
Dear Whirlybird

Regarding the transfer fees - how much you will pay depends on whether you paid VAT on the purchase price of the property. If you paid VAT there will be no transfer fees to pay, but if you did not pay VAT the transfer fees will be reduced by 50% (plus you'll get a further 10% reduction if you applied for the deeds via the 'Trapped Buyers' law.

There are many cases where a developer has failed to complete the development - roads, pavements, green areas. The only way out of this situation is for you and others on your development to club together and pay for the work to be completed. There isn't another way to resolve the problem. But you can sue the developer for the money paid to complete the development, but that's only worthwhile if the developer is solvent.

Regards,

_________________
Nigel Howarth
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel


Hide These Ads? Register for Free or Login

Title Deeds Transfer Fees 
Post: #22   PostPosted: Sat Dec 22, 2018 10:39 am Reply with quote
Whirlybird Rtd
Joined: 10 Jun 2008
Posts: 148
Pictures: 0
Location: Famagusta District

 
Hello Nigel,
Thank you for your prompt response, as I say we paid for the tax originally then the developer told all of us to claim it back about a year later which we all done. So I take it that my wife and I will be in the 50% bracket?
Regarding asking the neighbours to chip in to have the work completed on the green area, no chance of that(allready sounded them out there.The partner of the other half of the developers died and the other is very ill (plus it's persumed he's fenced off what is left to his business sons. But he rents out 3 homes in the estate, under goodness knows name. Our lawyer Mr Mintis has been taking 3 - 7000 off anyone selling up saying that it's for title deeds and the green area (17000)roughly but ignores it. We seem to be in a catch 22 situation.
Regards,


Last edited by Whirlybird Rtd on Mon Dec 24, 2018 11:42 pm; edited 1 time in total
Personal Photo Album View user's profile Cyprus News,Weather & Travel
 
Post: #23   PostPosted: Sat Dec 22, 2018 5:26 pm Reply with quote
nhowarth
Forum Moderator
Forum Moderator
Joined: 30 Aug 2005
Posts: 4993
Pictures: 9
Location: Erimi, Limassol

 
Hello Whirlybird

I'm not sure what your Property Transfers Fees will be. You will have recovered most of the VAT you paid, but not all of it.

I suspect that when you bought you applied for the VAT grant. This was calculated by taking the area of the house/apartment, multiplied by the purchase price per m2 multiplied by Value Added Tax rate of 15/115 and multiplied by the 10/15 refund rate.

You may get away without paying the Property Transfers Fees as you did pay some VAT - if only a little.

But there's a more pressing problem. As the developer failed to complete the green area it's likely that the the planning department will issue a 'Certificate of Unauthorised Works" when it inspects the development. If certificate is issued, this will result in a prohibition being placed on the Title that will prevent the affected property being sold, transferred, mortgaged, etc.

The only way to overcome this problem is to pay for the work to be completed - and then sue the developer to recover the money spent.

Regards,

_________________
Nigel Howarth
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
Re: Title Deeds Transfer Fees 
Post: #24   PostPosted: Sat Dec 22, 2018 6:46 pm Reply with quote
FSB Properties
Forum Sponsor
Forum Sponsor
Joined: 12 Jul 2012
Posts: 1523
Pictures: 0
Location: Ammochostos

 
Whirlybird Rtd wrote:
Hello Nigel,
Thank you for your prompt response, as I say we paid for the tax originally then the developer told all of us to claim it back about a year later which we all done. So I take it that my wife and I will be in the 50% bracket?
Regarding asking the neighbours to chip in to have the work completed on the green area, no chance of that(allready sounded them out there.The partner of the other half of the developers died and the other is very ill (plus he's fenced off what is left to his business sons. But he rents out 3 homes in the estate, under goodness knows name. Our lawyer Mr Mintis has been taking 3 - 7000 off anyone selling up saying that it's for title deeds and the green area (17000)roughly but ignores it. We seem to be in a catch 22 situation.
Regards,


You paid vat, you will be exempt from any TF WHEN then become available.

I know the people you are talking about and there is no such doing regarding 'fencing off' anything. It is all under the company name.

Yes seems the lawyers have jumped on this band wagon of keeping monies behind, knowing that it could take years to sort out, but it doesn't stop them amassing sums of other peoples money to use in the mean time!!!

_________________
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
Title Deeds Transfer Fees 
  Cyprus Eastern Forum Index » Ask Nigel A Question
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 2 of 2  
Goto page Previous  1, 2


  
  
 Post new topic  Reply to topic   
Search Tags: #Title #Deeds #Transfer



 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