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Cyprus Eastern Forum Index » Ask Nigel A Question » A FEE OF €2530
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A FEE OF €2530 
Post: #1   PostPosted: Fri Aug 30, 2019 5:13 pm Reply with quote
glass101
Joined: 21 Aug 2006
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Location: Liopetri

 
WE HAVE BEEN FOR OUR TD TODAY BUT LEFT WITH OUT THEM AS WE WAS ASKED TO PAY €2530 CAN WE DISPUTE THIS FEE,
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Post: #2   PostPosted: Fri Aug 30, 2019 10:04 pm Reply with quote
Jacs
Joined: 12 Aug 2007
Posts: 2740
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Location: Swansea/Kapparis

 
The transfer fee is worked out on the value of your property. (not the purchase price.
Also depend how many names property was purchased in or will be on deeds.
First 85,000 it's 3%
then goes up to 5%

If deeds will be in 2 persons names the value is shared between the 2.
When calculated divide in half as 50% reduction is still on.

If value is 200,000 2 owners then fees would be 3,291 each total 6.582
Then divide that by 2 as 50% off at present would take it to 3,291 total.

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Re: A FEE OF €2530 
Post: #3   PostPosted: Sat Aug 31, 2019 6:49 am Reply with quote
FSB Properties
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glass101 wrote:
WE HAVE BEEN FOR OUR TD TODAY BUT LEFT WITH OUT THEM AS WE WAS ASKED TO PAY €2530 CAN WE DISPUTE THIS FEE,


In answer to your question, yes you can, but first you pay to transfer and immediately make an objection at the same time. This will then be evaluated and if found to be incorrect, they will return any excess. However, if they feel you got off lightly, they may also increase the amount.

The amount you specify cannot be disputed here as no one knows, the value of your property, nor how many persons it is on and even if you paid vat or not.

HTH

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Re: A FEE OF €2530 
Post: #4   PostPosted: Sat Aug 31, 2019 7:03 am Reply with quote
Blossom
Joined: 07 May 2015
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FSB Properties wrote:
glass101 wrote:
WE HAVE BEEN FOR OUR TD TODAY BUT LEFT WITH OUT THEM AS WE WAS ASKED TO PAY €2530 CAN WE DISPUTE THIS FEE,


In answer to your question, yes you can, but first you pay to transfer and immediately make an objection at the same time. This will then be evaluated and if found to be incorrect, they will return any excess. However, if they feel you got off lightly, they may also increase the amount.

The amount you specify cannot be disputed here as no one knows, the value of your property, nor how many persons it is on and even if you paid vat or not.

HTH


On a side note Pan, if an owner refuses to pay, what are the consequences, what happens in the future if they want to sell the property, are thy made to pay it before any transfer can happen?


Last edited by Blossom on Sat Aug 31, 2019 7:57 am; edited 1 time in total

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Post: #5   PostPosted: Sat Aug 31, 2019 7:49 am Reply with quote
nhowarth
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Yes - you can object but as FSB has said you must pay the Property Transfer Fees & make an objection immediately.

You can check to see what you think you should have paid by using the online Department of Lands & Surveys Transfer Fee calculator.

I wrote an article about this problem explaning why it happens and how to deal with it - Land Registry & Property Transfer Fees.

If a purchaser refuses to pay, nothing will happen UNLESS they applied for the deeds using the trapped buyers' law. In this case the property will be transferred to their name and the a charge will be lodged against their property amounting to 150% of the Property Transfer Fees or they will be asked to pay this amount.

Regards,

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Re: A FEE OF €2530 
Post: #6   PostPosted: Sat Aug 31, 2019 9:01 am Reply with quote
FSB Properties
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Blossom wrote:
FSB Properties wrote:
glass101 wrote:
WE HAVE BEEN FOR OUR TD TODAY BUT LEFT WITH OUT THEM AS WE WAS ASKED TO PAY €2530 CAN WE DISPUTE THIS FEE,


In answer to your question, yes you can, but first you pay to transfer and immediately make an objection at the same time. This will then be evaluated and if found to be incorrect, they will return any excess. However, if they feel you got off lightly, they may also increase the amount.

The amount you specify cannot be disputed here as no one knows, the value of your property, nor how many persons it is on and even if you paid vat or not.

HTH


On a side note Pan, if an owner refuses to pay, what are the consequences, what happens in the future if they want to sell the property, are thy made to pay it before any transfer can happen?


Depends, if the title is already in their names then yes they do. If the title is in the developers name then an assignment contract is needed and the new buyer will pay the TFs, but then who is going to pay the registration charge for the assignment contract???

To me, If I had paid 100k + for a property, why wouldn't I pay another 2.5k to secure my initial investment. I just don't get it.

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Re: A FEE OF €2530 
Post: #7   PostPosted: Sat Aug 31, 2019 9:23 am Reply with quote
Blossom
Joined: 07 May 2015
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FSB Properties wrote:
Blossom wrote:
FSB Properties wrote:
glass101 wrote:
WE HAVE BEEN FOR OUR TD TODAY BUT LEFT WITH OUT THEM AS WE WAS ASKED TO PAY €2530 CAN WE DISPUTE THIS FEE,


In answer to your question, yes you can, but first you pay to transfer and immediately make an objection at the same time. This will then be evaluated and if found to be incorrect, they will return any excess. However, if they feel you got off lightly, they may also increase the amount.

The amount you specify cannot be disputed here as no one knows, the value of your property, nor how many persons it is on and even if you paid vat or not.

HTH


On a side note Pan, if an owner refuses to pay, what are the consequences, what happens in the future if they want to sell the property, are thy made to pay it before any transfer can happen?


Depends, if the title is already in their names then yes they do. If the title is in the developers name then an assignment contract is needed and the new buyer will pay the TFs, but then who is going to pay the registration charge for the assignment contract???

To me, If I had paid 100k + for a property, why wouldn't I pay another 2.5k to secure my initial investment. I just don't get it.

Thanks for the reply.

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Post: #8   PostPosted: Sat Aug 31, 2019 11:22 am Reply with quote
CyprusForMe
Joined: 09 May 2007
Posts: 1749
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Location: Having escaped the near-death experience of Sofia Bulgaria, happily living in Frenaros

 
How does one contest the valuation? How immediate is immediately?

I paid for my transfer 2 weeks ago. They valued my property at about 20,000 more than what I paid for it in 2008. I find the valuation insane. They said it was based on the other houses in the area. I asked about contesting it and they said I could but did not tell me how - I actually got the impression, perhaps wrongly, that I had to do it before paying the transfer fess and that would hold up the transfer even more. So I caved and paid. Is it too late to contest?

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Post: #9   PostPosted: Sat Aug 31, 2019 12:01 pm Reply with quote
Steve - SJD
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CyprusForMe - it's not too late.

If you object to the value set by the LR then you should pay but are:

"entitled to ask the Director for an on-the-spot local inspection of the
purchased property so that to prepare and present an evaluation report.

The Law further provides that the evaluation of the property must be
made and completed by the Director within 3 months from the date of the
transfer of the property. The evaluation report of the property must be
notified to the purchaser who has the right, if he is not satisfied, to file an
appeal before the Court in accordance with the provisions of article 80 of
the Law, Cap. 224.

The Director, in the case of an objection by the purchaser, must proceed
with evaluating the market value of the property, at the date it was
purchased and notify the purchaser accordingly.

The purchaser, if he disagrees with the evaluation, has the right to appeal
before the Court against the decision of the Director. Therefore, when the
purchaser makes an objection and a local enquiry takes place for
evaluation purposes, and after it is completed there is still a difference
between the evaluation and the temporary estimate made during the
transfer, either the extra transfer fees are returned to the purchaser or if
there are additional transfer fees payable they are claimed to be paid."*

* Details from George Coucounis, Lawyer

So basically you have to lodge an appeal with the Director of the Land
Registry giving all relevant details and information and ask for a local
inspection and revaluation - bearing in mind that the value could go up as
well as down.

HTH

Cheers

Steve
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Post: #10   PostPosted: Sat Aug 31, 2019 1:43 pm Reply with quote
mick turner
Joined: 13 Jan 2008
Posts: 509
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Location: northampton & ayia thekla

 
I posted on here a nearly a couple of years ago, as we were overcharged, we appealed and got our overcharge back. The process worked for us. Cheers
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Post: #11   PostPosted: Thu Sep 05, 2019 7:08 pm Reply with quote
TriadaTrio
Joined: 31 Aug 2005
Posts: 66
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Hi Nigel

I hope you are keeping well.

I’m confused...! According to all previous discussions, “ The Land Registry assesses the 1980 values of properties when it issues their Title Deeds using its historical data (which is not available to the public)”. The Solicitor originally confirmed this.

To now be expected to stump up more than the sum calculated on the original purchase price, when the delay is directly down to the developer and Land Registry can’t be right?

Please help me to understand; When did this change to being based on the property’s current valuation? It may not be that people don’t want their deeds, rather that they can’t now afford them! The original price of the Title Deeds may have been factored into the overall budget for many purchasers especially as deeds were expected within 4 years of the date of handover not in excess of 15! Circumstances will have changed for many of us during this time.
Thanks
Triadatrio
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Post: #12   PostPosted: Fri Sep 06, 2019 7:15 am Reply with quote
nhowarth
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TriadaTrio wrote:
When did this change to being based on the property’s current valuation?


It hasn't changed. The Land Registry's valuation is based on its assessment of the property's market value at its date of purchase (which is the date the contract to purchase the property was deposited at the Land Registry.)

If the contract was not deposited at the LR, the property's market value will be assessed on the date the transfer takes place unless the purchaser can provide information confirming the date the property was purchased (utility bills can be used.)

I have heard of only one case where the LR mistakenly calculated the market value at the date of transfer. (This was by someone on this forum who managed to sort the issue out with the LR director.)

Regards,

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Post: #13   PostPosted: Fri Sep 06, 2019 9:04 am Reply with quote
mick turner
Joined: 13 Jan 2008
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Location: northampton & ayia thekla

 
Yes Nigel that was me. The director sorted it out and we got our money back.
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A FEE OF €2530 
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