- Reservation Process
Once you have decided which property and location you want to purchase, you will pay a reservation fee of £ 2.000 payable as non- refundable if you cancel the purchase. You will have the opportunity to reserve the property for 30 days in return of a reservation document.
The down payment is paid to the lawyer`s client funds account and then the lawyer will pay the deposit to Intelligent Living on your behalf. Once the reservation fee is paid, Intelligent Living removes the property from the market. - Lawyers Fees
In Northern Cyprus to ensure that you are buying in a safe way all real estate sale should take place through lawyers. The lawyers fee is £1000.The lawyer assits you through the entire purchase process and takes care of the formalites such as purchase contracts,
payments, registration, purchase permits and title deeds. We recommend that you give your lawyer a power of attorney so that she can complete the purchase for you when you are not in Cyprus i.e to sign the contracts and to take care of the above formalities - In Northern Cyprus to ensure that you are buying in a safe way all real estate sale should take place through lawyers.The lawyer`s fee is £1000. The lawyer assists you through the entire purchase process and takes care of the formalities such as purchase contracts, payments, registration, purchase permits and title deeds. We recommend that you give your lawyer a power of attorney so that she can complete the purchase for you when you are not in Cyprus i.e to sign the contracts and to take care of the above formalities. Purchase agreement
The next step in the process is to sign the purchase agreement. This will be done within 30 days of payment of the reservation fee.
When the contract is signed by both parties, the amount agreed upon in the purchase agreement must be paid.
The first part of the purchase price must be paid together with the contractual stamp fee of 0.5% + 6%
Title Deed Transfer fee (%50 of %12 in total) . All sums must be paid into the lawyer`s client funds
account.
Plus, water outer infrastructure and meter supply as well as electricity transformer fee for brand new property: £ 1500
- Purchase Permit
Your lawyer will apply for your purchase permit to North Cyprus legal authorities as soon as your sales contract is signed and you supply them with a criminal record from your home country (needs to be a stamped original). - Completion and Delivery of Your Keys
The date for the delivery of your modular house will be written in your sales/purchase contract. Please do not worry if you will not be present to take your keys, we can always present your completed modular house keys to your legal representative who acts on your behalf. Upon key hand over to you or your representative the last step will be to take your title deed. - Last Step- Title Deed Transfer
As soon as your purchase permit is issued and provided that you have paid your purchase price in full, we will proceed to transfer you the title deed of your modular house plot. Your lawyer will represent you at the land registry and you will not have to travel if you don’t wish to. Prior to title deed transfer your lawyer will calculate all the associated taxes and charges for you:
Now it is time to pay:
The title deed transfer fee which is 6% to the Land Registry and the 5 % VAT to us – all these based on the assessed value of the plot.
We will pay for our own income/capital gains tax simultaneously.
When this is paid, the title deed is transferred to you.
- Other additional costs to be expected once you are ready to move in.
- Electricity meter account opening deposit for brand new property: £ 120 (-/+)
- Water meter account opening deposit for brand new property: £ 60 (-/+)
- Annual property tax: 0.50 GBP per square meter of your plot per year
- Community fee £ 75/month – includes garbage handling, landscape of common areas, pool service for the public pool and streetlight
- Electrical, gas and water: Around £ 1500/ year for all three of them