Buyers Guide

Freehold

When purchasing a property or doing property investment in Northern Cyprus there are certain regulations and restrictions that must be adhered to, to enable you to take the title deed (known locally as a Koçan - pronounced Ko-ch-an) to be transferred into your name. These include checks carried out by the Ministry of Interior and like much of the North Cyprus bureaucracy this inevitably means delays! The transfer of title may take 9-18 months to fully complete, this however will not affect you being able to take possession of your property in Northern Cyprus.

The procedure for buying freehold is as follows

• Select property, with the help of the Unwin estate agents and agree price.
• Contract to be drawn up by a solicitor based in Northern Cyprus, to include price, timescale, payment terms and specification.
• Both vendor and purchaser to sign.
• Purchaser provides deposit (the amount will vary from one property to another)
• Solicitor applies to Council of Ministers on your behalf for purchase permit (this is your permission to buy in Northern Cyprus)
• Final balance payable ( new build properties will be in stage payments spread over the duration of the construction. In most cases a 5% K.D.V. (V.A.T.) will be levied on the property. )
• Once purchase permit has been received vendor transfers title into purchasers name.
• Purchaser pays 6% stamp duty and 1% of the stamp duty charge is paid to the local Authority/Belediye. (You may use the right to be exempt from 3% of the duty on one purchase)
• Sale complete.

• Select property with the help of the Unwin Estates, North Cyprus real estate agentand agree price.
• Contract to be drawn up by solicitor based in Northern Cyprus, agreeing terms and conditions.
• Both vendor and purchaser sign
• Vendor applies to Tourism Office to transfer lease.
• Purchaser applies to take over lease.
• Once purchaser application is approved, 10% deposit transferred.
• On completion, remaining balance paid to vendor and lease transferred.
• Sale completed

Please note, legal fees will be charged at a standard rate of £1000 for Freehold and £300 for leasehold. Stamp duty for leasehold will also be a set registration fee of £500. For more information go to Law/Solicitors.