At a time where money really matters, we always strive to provide a quality service at a fair price. We will keep you up-to-date with all of the relevant information so you can make informed decisions and have complete confidence that every detail has been properly taken care of.
Pricing
The fees involved in any transaction, and particularly in a foreign jurisdiction, are important to understand and we therefore review our fees on a regular basis, considering clients’ feedback so we can make sure we always offer the best value for your money.
We typically work on a fixed fee basis, ensuring that you know what the fees will be for your transaction from the outset. If, during the transaction, there is a new development, we will discuss the change in fees with you and agree a way forward.
Our fees are set out as:
Cyprus Residential Property
Our fees cover all the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Taxes, Notary Fees and so on.
The fees for a typical resale purchase in Cyprus are;
- Our fees – 1.5% of the purchase price subject to a minimum of £3,000 plus VAT
- Notary fees – In many countries they use the Notarial system to transfer property but they don’t use this system in Cyprus and therefore there are no Notary fees.
- Land Registry fees – Land Registry fees in Cyprus are by way of a series of bands. Up to €85,430 this is payable at 3%. From €85,430 to €170,860 payable at 5%. Above €170,860 payable at 8%
- Stamp Duty in Cyprus is also calculated by way of a series of bands. For the first €5,000 there is no Stamp Duty payable. From €5,000 to €170,000 Stamp Duty is at €1.50 per €1,000 and fro values over €170,000 it is at €2 per €1,000 up to a maximum of €20,000
The fees for a typical off plan purchase in Cyprus are;
- Our fees – 1.5% of the purchase price subject to a minimum of £3,000 plus VAT
- Notary fees – In many countries they use the Notarial system to transfer property but they don’t use this system in Cyprus and therefore there are no Notary fees.
- Land Registry fees – Land Registry fees in Cyprus are by way of a series of bands. Up to €85,430 this is payable at 3%. From €85,430 to €170,860 payable at 5%. Above €170,860 payable at 8%
- On an off plan property in Cyprus VAT is applicable on the value of the property. Sometimes this is quoted within the purchase price and sometimes it isn't so you should check what the situation is with the developer as this can make a large difference to how much you pay for the property. The rate of VAT is at 5% for the first 200 square meters of the property and then at 19% of the amount above that.
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
These fees may be subject to change if further information relating to your property becomes available, for example, if you require additional searches.
The estimated Grand Total of the transaction is typically around 10% to 12% of the value of the property but this will depend on location of the property, and what you are buying.
Exclusions
We do not undertake tax advice.
Our fees are fixed, however there may be factors which would typically increase the cost of the fees estimated above. Where there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.
Factors that may lead to an increase in cost include:
- If a legal title is defective or part of the property is unregistered
- If you discover building regulations or planning permission has not been obtained
- If crucial documents, we have previously requested from you have not been provided to us
- If you require completion within 6 weeks of instructing us
- If you require simultaneous exchange and completion
Time Scales
For any transaction, the timescales are subject to change depending on when your offer is accepted and factors involved such as:
- Number of parties involved
- Whether the seller is using a lawyer or trying to do it themselves
- The attitude and co-operation of the sellers
- Whether you have a mortgage in place
- Whether you are buying a new build property
- Whether there are any legal defects in the property
Because foreigners have to apply to the Council of Ministers for permission to buy the process can take 4 to 8 months to complete. A typical new build will take around 2 years and is dictated by how quickly the developer can build the property. However, if any of the above apply, or there are other factors we need to take into consideration, it may increase the time by a further 4-6 weeks and additional charges may occur. We will discuss this with you at the earliest opportunity so you always have a clear picture of how long things are likely to take.
Key Milestones
With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows:
- Taking your instructions and give initial advice based on the information you have provided
- Receiving and advising on contract documents
- Undertaking searches
- Obtaining further planning documentation if required
- Making any necessary enquiries of the seller’s solicitor
- Providing advice on all documents and information received
- Finalising contracts and sending to you for signature
- Agreeing a completion date (the date from which you will legally own the property)
- Exchanging contracts and notifying you that this has happened
- Completing the purchase
- Dealing with payment of Stamp Duty
- Completing and submitting an application for registration at the Land Registry