Purchase procedure
- Prior to your arrival we will allocate to you an experienced customer service assistant, who will update you by fax, phone or
email and forward any property information you require, as well as assisting you with flights, accommodation, airport transfer and rent-a-car requirements as required.
- We employ only the most experienced property consultants to look after you when you arrive in North Cyprus to view properties - people who've lived and worked in the area for many years and know the real estate market inside out.
We will pick you up from your hotel or accommodation and will have a meeting in our office to discuss your expectation of a perfect home or profitable investment for you. Due to our knowledge of the local market, we will be able to guide you and select some ideal properties for you for viewing and will explain to you all legal aspects and taxes of buying a home or investment in North Cyprus.
Please note, that we only handle properties which are soundly-built to a high technical standard by top local builders and developers of proven ability, with the correct documents in place.
- In the following days we will take time to introduce this beautiful island to you. We will show you different locations and different constructions, so that you may get a ‘feel’ for prices and availability and to find the perfect place for you, which suits all your criteria.
- Once you found your property, a solicitor of your choice will search all necessary documents of the property, from the building permission to final approval, if the title deeds are available and if the land is free of any mortgage or court injunction. Please note if you decided to proceed to purchase a property or land, then we advise you to give the Power of Attorney to your solicitor so that they can act for you while you are away from Cyprus.
- In case the property of your choice is still under construction or even off-plan, we will take the time with you to meet the builder or architect to discuss the building process, payment plan, specification list and floor plans, completion time and guarantees on the development.
- We will assist you further in choosing your favourite materials, such as type of fitted kitchen, floors, bathroom and kitchen ceramics, colours, wardrobes, white goods and even furniture. All your choices will be part of the contract between you and the developer.
- For your guarantee, the solicitor will set up a strong purchase agreement with stage payments matched to the construction stage. Please note you will always pay AFTER the builder completes each construction stage. For delays in completion, there is usually a penalty fee for the builder, which will be held back from the final payment by your solicitor.
In case you purchase a resale home, we will prepare an inventory list which will also form part of the purchase contract.
- To prepare a contract can take between 2 to 5 days and can be translated into your language if needed for a small extra cost. Once you approve the contract it will be sent to the vendor for approval.
- In the meanwhile, your solicitor will send you a payment request letter, which will list all money which will be requested from you, including all taxes and government fees, solicitor fees and extras.
This is an example based on a property for £ 150.000:
- Stamp duty 0.5 %
- VAT 5%
- Disbursements – approx. 150 – 200 TL
- solictior’s fee ( between £ 1250 to £ 1400)
- Title transfer
February 2023 UPDATE
We have been informed by the Land Registry that there has been a change to the Land Registry transfer fees payable on the purchase of your property.
We previously advised you in our initial information guide and/or initial meeting that the Land Registry transfer fees would be payable at the time of transfer of title to the property into your name and that the rate would be 6% of the price stated in the Contract of Sale or the Land Registry valuation, whichever is higher. We also advised you that everyone has a once-in-a-lifetime option to reduce the Land Registry transfer fees down to 3%.
However, under a change to the regulations published in the Official Gazette on Friday 10th February 2023, for all new purchases, the rate will be now be 12% of the price stated in the Contract of Sale or the Land Registry valuation, whichever is higher. Half of the 12% (i.e. 6% of the Contract price/Land Registry valuation) will be paid on the registration of the Contract at the Land Registry. The remaining half will then be paid at the time of the transfer of title.
We understand that, if you decide to sell the property without taking title, you will not need to pay the remaining half of the Land Registry transfer fees. However, the half which has already been paid at the time of the registration of the Contract of Sale will not be refunded to you.
Please note for your safety, we recommend making all payments for your property through your solicitor, who will follow the construction stage and payments for you and will hold money back until the completion of your property and until all documents such as final approval and title deed are in place.
- Our team will follow the entire purchase procedure for you and will deal between you, the solicitor and the developer. You can contact us at any time for any questions and we will be happy to assist you.
- Once you are back home in your country, you will need to apply for a police criminal report, which can take a few days to receive. Please send the original document to your solicitor, best via any courier service such as DHL. This document is needed when your solicitor will apply for your permission to purchase, once the purchase contract has been signed.
Please note to receive the PERMISSION TO PURCHASE in North Cyprus can take between 8 -12 months. In this time you cannot transfer the title deed into your name, however as you are the registered owner of the property you can sell the property on at any time, even without transferring the title deeds into your name.
PERMISSION TO PURCHASE IN NORTH CYPRUS
There are only 3 reasons why your application can be refused:
• If you have any criminal record
• If you have any relations to Greece or the Greek Cypriot side
• If the property is touching a military area
- When your payments arrive in North Cyprus, you will need to send an e-mail to your solicitor and confirm in writing, that he/she is authorised to sign the purchase agreement on your behalf. Your solicitor will pay the stamp duty and will register your contract at the land registration office. This is a very safe way of purchasing, as a property cannot be sold twice as unfortunately happens in some other countries.
- We will arrange a day for possession with you and the vendor.
- In the following days we are more than helpful to assist you to adapt. Landmark Estates offers a FREE AFTER-SALES SERVICE, which usually involves:
• To transfer the water and electric meters into your name
• To open a bank account
• To register your children at school
• To find a gardener, pool maintenance
• To purchase furniture and household equipment
- For Residence visas for North Cyprus and Last will/ testament please contact your solicitor.
- Finally, you will enjoy your new way of life and the benefit of the weather, the sea, the friendly people and quality of time and beauty of North Cyprus!!! Please feel free to visit us at any time or to call us if you have any questions.