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Cyprus Eastern Forum Index » Ask Nigel A Question » Payment to land registry for title deeds
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Payment to land registry for title deeds 
Post: #1   PostPosted: Thu Sep 28, 2017 8:44 am Reply with quote
paul and deb
Joined: 14 Feb 2006
Posts: 278
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Location: Essex/santorini project derinia

 
Hi guys
Have a question we have a mortgage on our property and in the process of getting the td.
Paid all our IMPt up to date and she told I to the bank with all signed forms you need and was told I had to pay another 3% 3000 for the title. Is this correct ?
Thanks for helping
Paul
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Post: #2   PostPosted: Thu Sep 28, 2017 12:43 pm Reply with quote
Steve - SJD
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Hi Paul & Deb,

A little confused with your wording but will try and help - though Nigel
will probably be clearer on this.

Will try and explain what I think it means - when you purchase a property
without TD's with the aid of a bank you are getting a housing loan not a
mortgage.

If you have a housing loan then when the TD is to be transferred in to the
purchasers name, the home loan is converted to a mortgage an
encumberance is added (the mortgage) and the Land Registry will charge
1% of the loan amount on top of the transfer fee.

I am not sure from your post what the 3% is for or who is charging it.

Cheers

Steve
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Post: #3   PostPosted: Thu Sep 28, 2017 3:27 pm Reply with quote
shuggybear
Joined: 05 Dec 2008
Posts: 811
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Steve - SJD wrote:
Hi Paul & Deb,

A little confused with your wording but will try and help - though Nigel
will probably be clearer on this.

Will try and explain what I think it means - when you purchase a property
without TD's with the aid of a bank you are getting a housing loan not a
mortgage.

If you have a housing loan then when the TD is to be transferred in to the
purchasers name, the home loan is converted to a mortgage an
encumberance is added (the mortgage) and the Land Registry will charge
1% of the loan amount on top of the transfer fee.

I am not sure from your post what the 3% is for or who is charging it.

Cheers

Steve
dont pay any extra they have tried it on with people with no mortgage and they wanted cash no cheques or cards ???????
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Post: #4   PostPosted: Fri Sep 29, 2017 3:32 am Reply with quote
paul and deb
Joined: 14 Feb 2006
Posts: 278
Pictures: 0
Location: Essex/santorini project derinia

 
Hi Guys
Thanks for the help will let you know how it goes.
Paul
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Post: #5   PostPosted: Sun Oct 08, 2017 5:33 am Reply with quote
nhowarth
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Joined: 30 Aug 2005
Posts: 4573
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Location: Erimi, Limassol

 
Hi Paul

I suspect this additional charge has to do with your loan.

When the Land Registry issues your deeds it imposes a 1% charge on the amount shown on your loan agreement to convert your loan to a mortgage, which it then registers as a claim against the property.

Regards,

_________________
Nigel Howarth
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Post: #6   PostPosted: Sun Oct 08, 2017 7:33 am Reply with quote
paul and deb
Joined: 14 Feb 2006
Posts: 278
Pictures: 0
Location: Essex/santorini project derinia

 
Hi Nigel
Thanks for the info, just seems like I have to hand over money every time I come over to Cyprus.
Thanks
Paul
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Post: #7   PostPosted: Sun Oct 08, 2017 9:03 am Reply with quote
roses11
Joined: 08 Nov 2006
Posts: 489
Pictures: 18
Location: Liopetri

 
We have a mortgage, but somehow managed to obtain our title deeds without the bank!
They called us some months later to ask us to visit the bank with our title deeds to pay the 3%.
So far we have declined.
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Post: #8   PostPosted: Sun Oct 08, 2017 10:44 am Reply with quote
nhowarth
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Joined: 30 Aug 2005
Posts: 4573
Pictures: 9
Location: Erimi, Limassol

 
paul and deb wrote:
just seems like I have to hand over money every time I come over to Cyprus.


Yep - you even have to pay for luggage trolleys at the airports!

Cheers,

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Nigel Howarth
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Post: #9   PostPosted: Sun Oct 08, 2017 10:46 am Reply with quote
nhowarth
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Joined: 30 Aug 2005
Posts: 4573
Pictures: 9
Location: Erimi, Limassol

 
roses11 wrote:
They called us some months later to ask us to visit the bank with our title deeds to pay the 3%.
.

The figure should be 1% - please see section 'C Mortgages' on the document at
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.

Regards,

_________________
Nigel Howarth
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Payment to land registry for title deeds 
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