London and Cyprus Homes

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North Cyprus Property Buying Process

1. Decide which London and Cyprus properties you wish to buy.

2. Agree  price, required specification and a payment plan.

3. You will be asked to pay a non returnable reservation deposit to reserve the property of normally £1500.

4. If you have not already done so you should have appointed a Lawyer in North Cyprus to do your conveyencing and represent you in all legal matters. We do not recommend a particular law firm but we do have a list of those we have used previously and have been impressed by their services. Please ask if you require a copy.

5. Your Lawyer in North Cyprus will check the deeds and make all searches on your behalf.

6. Your Lawyer will also make an application to the Council of Ministers for the purchase permit to be handled on your property purchase whilst you are out of the country. Please be aware that this process can take up to 3 years to be processed by the government but this does not slow any of the other processes or affect your rights in any way.

7. Your lawyer will then draw or check the contract of sale to be signed by yourself and the Vendor.

8. Normally you will then be given 14 days from the date of signing the contract to pay a more substantial deposit, normally around  15- 20% of the purchase price.

9. The contract of sale will stipulate the payment plan for your property and will establish a completion date.

10. On the day of completion your appointed solicitor will require the remainder of the funds for your properties in North Cyprus, together with payment of stamp duty and land registry fees to be made available to the vendor.

11. Allow in your costings for 5% of the purchase price to be paid in respect of VAT upon hand over of the property and another 0.5% land registry fee payable within 21 days of signing the contract.

12. Finally there is stamp duty to be paid. This is at 6% of the value put on the property by the land registry. But on the first property bought it is reduced to 3%. Stamp duty is payable when title is obtained and is not therefore an immediate cost. Foreigners may only hold title to one property unless properties are purchased by a company. Setting up a company in the TRNC requires one to have a local person on the board of directors.