At a time where money really matters, we always strive 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:
Greek Residential Property
Our fees cover all the work required to complete the purchase of your new home in Greece, 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 Greece are;
- Our fees – 1% of the purchase price subject to a minimum of £2,5000 plus VAT for properties within the Athens peninsula and on the mainland. For properties outside the Athens Peninsula or on the Islands the prices will vary.
- Notary fees – Usually between 0.8% and 1% of the value of the property plus VAT at 24%. This will depend on the Notary, the price of the property and the complexity of the case (i.e. how many pages the Deed is)
- Land Registry fees – Typically 0.7% of the higher of either the agreed purchase price or the official tax value
- Transfer tax - 3.3% of the higher of either the agreed purchase price or the official tax value
The fees for a typical off plan purchase in Greece are;
- Our fees – In case of building(s) under construction, kindly note that we consider it more appropriate to provide you with an estimate of the hours which most likely will need to be consumed for each project. More specifically, we estimate that at least 10 to 15 hours will be spent during the construction phase up until delivery of the property to the buyer.
However, please note that this is just an indication and that our fees will have to be considered on a case by case basis.
- Notary fees – Usually between 0.8% and 1% of the value of the property plus VAT at 24%. This will depend on the Notary, the price of the property and the complexity of the case (i.e. how many pages the Deed is)
- Land Registry fees – Typically 0.7% of the higher of either the agreed purchase price or the official tax value
- On a new (off plan) property in Greece you have to pay the Greek equivalent of VAT on the value of the property if the property was sold for the first time and the building permit was issued after 1st January 2006. The rate of VAT is 24%.
- Often a Civil Engineer is to certifying the building’s compliance with respective building permits and eventual construction restrictions etc. The relevant cost is approximately €300 and €500 depending on the property, plus V.A.T. 24%. Normally, this cost is borne by the seller.
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 7% to 11% 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
A typical transaction will take approximately 2-3 months to complete for a resale property. On a new build property the length of time will depend on how long the property will take to build, which will be typically 2 years. . 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