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Cyprus Eastern Forum Index » Ask Nigel A Question » Transfer fee costs
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Transfer fee costs 
Post: #1   PostPosted: Wed Apr 25, 2018 3:13 pm Reply with quote
palmtree
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hi Nigel.once I have deeds is there a charge by the land registery to transfer a property into say a niece or nephews name .regards palmtree
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Re: Transfer fee costs 
Post: #2   PostPosted: Wed Apr 25, 2018 4:06 pm Reply with quote
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palmtree wrote:
hi Nigel.once I have deeds is there a charge by the land registery to transfer a property into say a niece or nephews name .regards palmtree


will you be selling it or giving it. It won't make a difference to the transfer fees, of which will be 'peanuts' as they will be considered 3rd degree relatives, but if you give it, they will be liable for the full CGT upon sale, where as your purchase cost would be deducted from the sale amount.

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Post: #3   PostPosted: Wed Apr 25, 2018 4:32 pm Reply with quote
palmtree
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Hi Pan.Thank you for your reply..We are considering gifting it.But I suppose we may have to think again as the cgt element I didnít realise.In years to come if the property goes up in value that would be a lot of euros. Thank you again best wishes Palmtree.
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Post: #4   PostPosted: Wed Apr 25, 2018 4:47 pm Reply with quote
nhowarth
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Hi palmtree

As Pan has said the transfer fee will be peanuts - to be precise 0.4% of the property's 1980 value.

But there is the downside of them having to pay Capital Gains Tax on the full price price when they sell it.

If you do decide to gift it, I suggest you do it before you pop your clogs as you (or rather your estate) will not have to pay extortionate lawyers fees for administering your estate. (You can have an agreement drawn up whereby you can remain in the property until your clogs are popped.)

Regards,

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Post: #5   PostPosted: Wed Apr 25, 2018 4:50 pm Reply with quote
nhowarth
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Hi Palmtree

I was composing my reply when you posted. Even though your niece/nephew will have to pay CGT if they decide to sell, it's still a nice present.

Regards,

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Post: #6   PostPosted: Wed Apr 25, 2018 5:18 pm Reply with quote
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nhowarth wrote:
Hi palmtree

As Pan has said the transfer fee will be peanuts - to be precise 0.4% of the property's 1980 value.

But there is the downside of them having to pay Capital Gains Tax on the full price price when they sell it.

If you do decide to gift it, I suggest you do it before you pop your clogs as you (or rather your estate) will not have to pay extortionate lawyers fees for administering your estate. (You can have an agreement drawn up whereby you can remain in the property until your clogs are popped.)

Regards,


The agreement is actually an application at the land registry for the life interest. You should also retain the usufruct as well and this gets noted on the title deed so they cannot sell unless you either pass or agree to have the interest removed.

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Post: #7   PostPosted: Wed Apr 25, 2018 5:59 pm Reply with quote
palmtree
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Thank you Nigel. yes you are correct itís still a very nice gift.Good idea to have us be able to live in it till we pop clogs.Wish I had a gift like that coming.! Name and address will be supplied for any donations !!!!!.regards Palmtree.
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Post: #8   PostPosted: Wed Apr 25, 2018 6:03 pm Reply with quote
palmtree
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Pan .Thank you another good idea .im more settled now on this issue so will probably end up taking your and Nigelís welcome advice cheers. palmtree.
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Post: #9   PostPosted: Wed Apr 25, 2018 6:09 pm Reply with quote
palmtree
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Pan or Nigel. What would happen if my niece got into debt could the house be taken by creditors even though it may have she canít sell it without my say so .Just a thought ?.palmtree
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Post: #10   PostPosted: Wed Apr 25, 2018 8:15 pm Reply with quote
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palmtree wrote:
Pan or Nigel. What would happen if my niece got into debt could the house be taken by creditors even though it may have she canít sell it without my say so .Just a thought ?.palmtree


They could take it, i.e.. repossess it, but it'll be at a lower value and you will always have the rights to it (they cannot possess it from you) and they won't get it until you pass or agree to hand it over. Do remember, a life interest has value!

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Post: #11   PostPosted: Thu Apr 26, 2018 8:53 am Reply with quote
palmtree
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Cheers pan. Again great advice .thank you .palmtree
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Post: #12   PostPosted: Fri Apr 27, 2018 8:03 am Reply with quote
nhowarth
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Hi palmtree

I made a bit of a boo boo - apologies.

If you gift the property to your niece, nephew or anyone else their Capital Gains Tax liability will be calculated on the sale price - the price you paid or the 1980 value of the property (whichever is greater) when they sell.

Regards,

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Post: #13   PostPosted: Fri Apr 27, 2018 8:36 am Reply with quote
palmtree
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Hi Nigel .That is excellent news Many thanks.kind regards Palmtree.
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Post: #14   PostPosted: Wed Feb 27, 2019 4:42 pm Reply with quote
Milschoice04
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Hi Nigel....

Very informative post...

As a matter of interest...
Is it possible to transfer... or gift... a property without Title Deeds please?


Mils

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Post: #15   PostPosted: Wed Feb 27, 2019 8:45 pm Reply with quote
nhowarth
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Hi Mils

Yes - you can gift your interest in the property. But two transfers will be necessary:

1) Transfer the property from the vendor to you.
2) Transfer the property from you to person to whom you gift it.

Regards

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Post: #16   PostPosted: Thu Feb 28, 2019 10:15 pm Reply with quote
Milschoice04
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nhowarth wrote:
Hi Mils

Yes - you can gift your interest in the property. But two transfers will be necessary:

1) Transfer the property from the vendor to you.
2) Transfer the property from you to person to whom you gift it.

Regards




Thank you very much Nigel....

Regards
Mils

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Transfer fee costs 
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