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 1, 2  Next
Post new topic  Reply to topic   View previous topic : View next topic 
Title Deeds Transfer Fees 
Post: #1   PostPosted: Thu Nov 22, 2018 9:40 pm Reply with quote
derickm
Joined: 09 Apr 2006
Posts: 146
Pictures: 0
Location: Burscough, Lancs.

 
A question for Nigel, and any other knowledgeable experts who would like to chip in, regarding the thorny subject of title deed transfer fees.

My understanding of the transfer fee system is that the fee is equivalent to stamp duty, and is payable on the actual amount paid for the property at the time of purchase, NOT on present valuation?

I am told that the regulation formula is roughly 1.5% of the purchase price?

There have been a number problems, some I note from comments on here, with LRO's calculating fees on what they perceive to be the current value of the property. Rather than have to go through the appeals process, I would prefer my Lawyer got it right, and argue the case from the outset.

I have been trying to calculate what our fees are likely be, given that we purchased in 2005 for 105k cyp, which I calculate to be roughly €179.400.

Taking into account dual ownership half share each, plus the 50% reduction, I estimate the transfer fees to be around €2800 in total?

I arrived at this figure using this formula:

http://portal.dls.moi.gov.cy/en-us/Pages/CalculateTransferFees.aspx

Do I give myself a pat on the back, or do I need to sit down and have a large scotch?

_________________
Only believe half of what you read in the newspapers, then only half of the half.
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: Fri Nov 23, 2018 6:55 am Reply with quote
nhowarth
Forum Moderator
Forum Moderator
Joined: 30 Aug 2005
Posts: 4992
Pictures: 9
Location: Erimi, Limassol

 
Hi Derick

The Land Registry calculates Property Transfer Fees on its assessment of the property's market value a its date of sale.

Assuming it agrees that the price you paid for the property (€179,403.15) is the same as its market value and you DID NOT PAY VAT, your transfer fees will be €2,785.35 in total.

If YOU PAID VAT your transfer fees will be zero.

Give yourself a pat on the back. Dancing

Regards,


Last edited by nhowarth on Fri Nov 23, 2018 11:22 am; edited 2 times in total

_________________
Nigel Howarth
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
Re: Title Deeds Transfer Fees 
Post: #3   PostPosted: Fri Nov 23, 2018 7:07 am Reply with quote
FSB Properties
Forum Sponsor
Forum Sponsor
Joined: 12 Jul 2012
Posts: 1518
Pictures: 0
Location: Ammochostos

 
derickm wrote:
A question for Nigel, and any other knowledgeable experts who would like to chip in, regarding the thorny subject of title deed transfer fees.

My understanding of the transfer fee system is that the fee is equivalent to stamp duty, and is payable on the actual amount paid for the property at the time of purchase, NOT on present valuation?

I am told that the regulation formula is roughly 1.5% of the purchase price?

There have been a number problems, some I note from comments on here, with LRO's calculating fees on what they perceive to be the current value of the property. Rather than have to go through the appeals process, I would prefer my Lawyer got it right, and argue the case from the outset.

I have been trying to calculate what our fees are likely be, given that we purchased in 2005 for 105k cyp, which I calculate to be roughly €179.400.

Taking into account dual ownership half share each, plus the 50% reduction, I estimate the transfer fees to be around €2800 in total?

I arrived at this figure using this formula:

http://portal.dls.moi.gov.cy/en-us/Pages/CalculateTransferFees.aspx

Do I give myself a pat on the back, or do I need to sit down and have a large scotch?


The amount Nigel gives would be the correct amount if you didn't pay vat.

If you did pay vat, then, it would be €0.

If you took took property in 2005, the likelihood is the permits were granted prior to May 2004 before the vat was imposed, therefore you most likely didn't pat the vat.

As for value, the value is taken at the time of purchase, not today, BUT, if the Director of the LRO deems that the value was higher at the time of purchase, he can impose a higher T.F payment.

_________________
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: Title Deeds Transfer Fees 
Post: #4   PostPosted: Fri Nov 23, 2018 11:23 am Reply with quote
nhowarth
Forum Moderator
Forum Moderator
Joined: 30 Aug 2005
Posts: 4992
Pictures: 9
Location: Erimi, Limassol

 
FSB Properties wrote:
The amount Nigel gives would be the correct amount if you didn't pay vat.

If you did pay vat, then, it would be €0.

If you took took property in 2005, the likelihood is the permits were granted prior to May 2004 before the vat was imposed, therefore you most likely didn't pat the vat.


Many thanks, I've corrected my reply to derick.

Regards,

_________________
Nigel Howarth
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #5   PostPosted: Sat Nov 24, 2018 10:22 am Reply with quote
derickm
Joined: 09 Apr 2006
Posts: 146
Pictures: 0
Location: Burscough, Lancs.

 
Many thanks Nigel, and FSB, for your comments and welcome advice.

VAT was not paid, so fees are payable.

From FSB:
As for value, the value is taken at the time of purchase, not today, BUT, if the Director of the LRO deems that the value was higher at the time of purchase, he can impose a higher T.F payment.

This is my main concern, and from recent information received, a situation which seems to be occurring all too regularly.

My Lawyer is due to meet with the LRO next week to complete the paperwork, and get a transfer fee assessment. Having applied originally under the trapped buyers law, following Nigel's Sept 2015 post and welcome advice, it has taken us over 3 years to get to this point.

Further update to follow.

_________________
Only believe half of what you read in the newspapers, then only half of the half.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #6   PostPosted: Sat Nov 24, 2018 12:48 pm Reply with quote
FSB Properties
Forum Sponsor
Forum Sponsor
Joined: 12 Jul 2012
Posts: 1518
Pictures: 0
Location: Ammochostos

 
derickm wrote:
Many thanks Nigel, and FSB, for your comments and welcome advice.

VAT was not paid, so fees are payable.

From FSB:
As for value, the value is taken at the time of purchase, not today, BUT, if the Director of the LRO deems that the value was higher at the time of purchase, he can impose a higher T.F payment.

This is my main concern, and from recent information received, a situation which seems to be occurring all too regularly.

My Lawyer is due to meet with the LRO next week to complete the paperwork, and get a transfer fee assessment. Having applied originally under the trapped buyers law, following Nigel's Sept 2015 post and welcome advice, it has taken us over 3 years to get to this point.

Further update to follow.


If you are getting the deeds under the trapped buyers law, you may also be eligible for a further 10% discount Smile

_________________
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: #7   PostPosted: Sun Nov 25, 2018 12:25 pm Reply with quote
derickm
Joined: 09 Apr 2006
Posts: 146
Pictures: 0
Location: Burscough, Lancs.

 
If you are getting the deeds under the trapped buyers law, you may also be eligible for a further 10% discount Smile


Thank you FSB, wasn't aware of that.

Do have any more details, or a site where I can find some?

_________________
Only believe half of what you read in the newspapers, then only half of the half.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #8   PostPosted: Sun Nov 25, 2018 3:57 pm Reply with quote
FSB Properties
Forum Sponsor
Forum Sponsor
Joined: 12 Jul 2012
Posts: 1518
Pictures: 0
Location: Ammochostos

 
«TRAPPED» BUYERS: AMENDING LAW 139(Ι)/2015: PART VIB OF LAW 9/65

In the case of «trapped buyers» they can choose to pay as transfer fees
The amount decreased by 10% or
The whole amount in 12 monthly instalments
In case of refusal of payment of the fees, these are increased by 50%

_________________
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


Hide These Ads? Register for Free or Login

 
Post: #9   PostPosted: Sun Nov 25, 2018 4:16 pm Reply with quote
nhowarth
Forum Moderator
Forum Moderator
Joined: 30 Aug 2005
Posts: 4992
Pictures: 9
Location: Erimi, Limassol

 
derickm wrote:
Do have any more details, or a site where I can find some?


Yes - it's on my site - Applying for Title Deeds in the section 'Transfer of Title Deed to buyer'.

Cheers,

_________________
Nigel Howarth
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #10   PostPosted: Sun Nov 25, 2018 4:28 pm Reply with quote
derickm
Joined: 09 Apr 2006
Posts: 146
Pictures: 0
Location: Burscough, Lancs.

 
FSB Properties wrote:
«TRAPPED» BUYERS: AMENDING LAW 139(Ι)/2015: PART VIB OF LAW 9/65

In the case of «trapped buyers» they can choose to pay as transfer fees
The amount decreased by 10% or
The whole amount in 12 monthly instalments
In case of refusal of payment of the fees, these are increased by 50%


Many thanks and spot on FSB. I have sent a copy of the below link to my Lawyer.

http://www.lawyersincyprus.com/article/amended-law-for-trapped-buyers

_________________
Only believe half of what you read in the newspapers, then only half of the half.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #11   PostPosted: Fri Dec 14, 2018 10:11 pm Reply with quote
derickm
Joined: 09 Apr 2006
Posts: 146
Pictures: 0
Location: Burscough, Lancs.

 
nhowarth wrote:
Hi Derick

The Land Registry calculates Property Transfer Fees on its assessment of the property's market value a its date of sale.

Assuming it agrees that the price you paid for the property (€179,403.15) is the same as its market value and you DID NOT PAY VAT, your transfer fees will be €2,785.35 in total.

If YOU PAID VAT your transfer fees will be zero.

Give yourself a pat on the back. Dancing

Regards,


UPDATE:

I have today received confirmation from my attorney that the property title deed has been transferred into our names.

The transfer fees amounted to €2516, only €10 above Nigel's estimate, which did not include the 10% trapped buyers reduction. Thanks again to FSB for that snippet of information.

Thankfully, It would seem that my concern regarding a possible huge uplift to the property valuation by the LRO was unfounded.

_________________
Only believe half of what you read in the newspapers, then only half of the half.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #12   PostPosted: Sat Dec 15, 2018 5:05 am Reply with quote
trevnhil
Joined: 30 Aug 2005
Posts: 2389
Pictures: 0
Location: Polemi. Paphos area

 
Just a quick question.. Is it the Buyer, or Seller, that pays the Title Deed transfer fee ?
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #13   PostPosted: Sat Dec 15, 2018 6:08 am Reply with quote
nhowarth
Forum Moderator
Forum Moderator
Joined: 30 Aug 2005
Posts: 4992
Pictures: 9
Location: Erimi, Limassol

 
Hi trev

It's the buyer who pays the Property Transfer Fees.

Regards,

_________________
Nigel Howarth
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #14   PostPosted: Sat Dec 15, 2018 6:27 am Reply with quote
trevnhil
Joined: 30 Aug 2005
Posts: 2389
Pictures: 0
Location: Polemi. Paphos area

 
Thank you very much Nigel ..

Trev..
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #15   PostPosted: Sat Dec 15, 2018 7:21 am Reply with quote
FSB Properties
Forum Sponsor
Forum Sponsor
Joined: 12 Jul 2012
Posts: 1518
Pictures: 0
Location: Ammochostos

 
derickm wrote:
nhowarth wrote:
Hi Derick

The Land Registry calculates Property Transfer Fees on its assessment of the property's market value a its date of sale.

Assuming it agrees that the price you paid for the property (€179,403.15) is the same as its market value and you DID NOT PAY VAT, your transfer fees will be €2,785.35 in total.

If YOU PAID VAT your transfer fees will be zero.

Give yourself a pat on the back. Dancing

Regards,





UPDATE:

I have today received confirmation from my attorney that the property title deed has been transferred into our names.

The transfer fees amounted to €2516, only €10 above Nigel's estimate, which did not include the 10% trapped buyers reduction. Thanks again to FSB for that snippet of information.

Thankfully, It would seem that my concern regarding a possible huge uplift to the property valuation by the LRO was unfounded.


The €10 was for the issuance of the paper copy! Smile

_________________
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



Join Us Today! Register for Free or Login

 
Post: #16   PostPosted: Sat Dec 15, 2018 10:06 am Reply with quote
trevnhil
Joined: 30 Aug 2005
Posts: 2389
Pictures: 0
Location: Polemi. Paphos area

 
Derickm, or anyone who can clarify.....

Re " I have today received confirmation from my attorney that the property title deed has been transferred into our names. "

This reads that one deed has two people's names on it.. I thought there would have to be 2 separate deeds.. ???

Trev..
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #17   PostPosted: Sat Dec 15, 2018 3:37 pm Reply with quote
nhowarth
Forum Moderator
Forum Moderator
Joined: 30 Aug 2005
Posts: 4992
Pictures: 9
Location: Erimi, Limassol

 
trevnhil wrote:
I thought there would have to be 2 separate deeds.. ???


My wife and I each have a deed showing that we own 50% of the property.

Regards,

_________________
Nigel Howarth
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #18   PostPosted: Sat Dec 15, 2018 7:41 pm Reply with quote
trevnhil
Joined: 30 Aug 2005
Posts: 2389
Pictures: 0
Location: Polemi. Paphos area

 
That is indeed what we have. A deed for each person. I wasn't aware of any other choice.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #19   PostPosted: Sat Dec 15, 2018 10:31 pm Reply with quote
derickm
Joined: 09 Apr 2006
Posts: 146
Pictures: 0
Location: Burscough, Lancs.

 
trevnhil wrote:
Derickm, or anyone who can clarify.....

Re " I have today received confirmation from my attorney that the property title deed has been transferred into our names. "

This reads that one deed has two people's names on it.. I thought there would have to be 2 separate deeds.. ???

Trev..


That was how the attorney worded her email, and something I will have to check now that I am aware that we should have one each.

Thank you for bringing it to my attention.

_________________
Only believe half of what you read in the newspapers, then only half of the half.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
Title Deeds Transfer Fees 
Post: #20   PostPosted: Sat Dec 22, 2018 12:22 am Reply with quote
Whirlybird Rtd
Joined: 10 Jun 2008
Posts: 148
Pictures: 0
Location: Famagusta District

 
Dear Nigel,
Regarding the transfer fees of the title deeds when you have paid the tax ( contract signed Nov. 2005) After a period of time we received our tax back as many more buyer's did as well. How do we stand now, paying or not required to pay anything.

Another query is, Our home plots are not yet separated yet, but Land Registry tells us that as the communal area is not completed because the developers are no longer trading ie 1 has died the other is very ill we have NO chance of getting them. Can this statement be true or is there a way to bypass the Land Registry to seek them.
Regards.
Personal Photo Album View user's profile 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 1 of 2  
Goto page 1, 2  Next


  
  
 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