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 client’s feedback to ensure we always offer good value for money. We typically work on a fixed fee basis, so that from the outset you know what the fees will be for your transaction.
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:
Residential Sale
Our fees cover all the work required to complete sale of your home in Cyprus.
The fees for a typical sale of property in Cyprus are;
- Our fees – 1.5% of the purchase price subject to a minimum of £3,000 plus VAT
- Notary fees – Cyprus doesn’t use the Notarial system so there are no Notary fees.
- Land Registry fees – These are normally paid by the purchaser
- If you sell a property for more than you bought it for and it is not you main home then you will have to pay Capital Gains Tax on the increase. In Cyprus this is taxed at 20% of the gain. If you are not a resident in Cyprus then you will also have to declare that gain in the country where you are resident but should be able to offset the tax paid in Cyprus against the tax due in that country if there is a suitable Double Taxation Treaty.
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 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.
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 giving initial advised based on the information you have provided
- Drafting contracts of sale and any other necessary documents and reviewing these with you
- Sending the contacts of sale to the buyer’s solicitor and dealing with any enquires they have
- Providing advice on all documents and information received
- Finalising the contract and sending to you for signature
- Agreeing a completion date (the date from which the buyer will legally own the property)
- Exchanging contracts and notify you that this has happened
- Completing the purchase