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Buying property in North Cyprus or Turkey is a fantastic way to ensure that you have regular access to the kind of lifestyle that you can only dream about at the kind of prices that we last saw in the UK around 30 years ago. There is a point to bear in mind when buying property in North Cyprus and that is each person is only allowed to buy one property each regardless of the size of land it sits in. If you wish to buy more than one property you will have to set up a company in order to do so. Please contact us directly if you wish to find out more information.
So, you have found your dream home and you can’t wait to reserve? Before you go any further there are a few things we need from you in order for you to proceed:
- 2 forms of identification will need to be supplied. These can be your driving licence, your identity card or your passport. Photocopies will be taken for our records
- Payment of a reservation deposit of £2,000.00 will reserve your property for the period of 28 days. In the event that you cancel your proposed purchase after the 28 day period we will retain 50% of the reservation deposit for administration charges
- A Confirmation of Reservation form will be completed and signed by you and signed by us. A copy of the Confirmation of Reservation form will be given to you, a copy to the developer and a copy will be retained by us for our records
- Contracts will then be drawn up by the Public Notary and the Developer, setting out the terms of sale, price, timescale, purchaser and vendor details and any special conditions, including the payment plan
- We would then ask you to pay an agreed deposit/first stage payment on or before the 28 day dead-line. The deposit/first stage payment is usually between 10-20% of the full purchase price of your property
- A purchase permit is necessary and costs vary between £750.00 - £1,500.00. This is obtained from the Council of Ministers following the permission of the Ministry of Interior Affairs to allow a foreigner to buy property. This process takes several months, at this point it is necessary for a solicitor to be instructed to finalise the legal issues. The cost for a solicitor is a approximately £1,000.00, as most legal charges are standard
- The remaining balance of funds for the property will be paid in stage payments which are detailed within the Contract
- Once the purchase permit has been issued the remaining balance is due from you, the customer – this is called Completion
- The vendor (developer) will then sign the title deed into the name of the purchaser, stamp duty of 6% of the property price will be paid and this process is known as Transfer of Title Deeds. VAT is also payable at 5% of the total purchase price of the property. It may take approximately 2 weeks to have the new title deeds in your name. On completion 1% of the purchase value of your property is payable to the government as a local authority tax
- The sale is then complete
- Other additional costs you can expect are: £500.00 charge to be connected to water and electricity utilities. This is standard for all new properties. To give you an idea of the general cost of taxes (electricity, water, telephone, rates); a family of four can expect to pay in the region of £200.00 per annum. A small charge called the Property Tax is also payable at £80.00 per annum
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