Step By Step Buying Guide
1. Choose Unwin Estates to assist you with buying a property in Northern Cyprus
With our knowledge, experience and connections throughout the industry, we will be able to guide you through the buying process and find you a property that suits you.
Unwin Estates will help you avoid making mistakes and point you in the right direction up until they day of key-handover.
2. View a Selection of Properties
What is more exciting then looking for your new dream home! Whether it’s a permanent residence, exciting family holiday home, or an investment for a future income It is an exciting time for everyone involved.
As your estate agent and guide for your new adventure in North Cyprus we will always recommend that you go see as many houses as you can that are within your scope… As estate agents our job is not to sell you a house but to help you make the right decision for your lifestyle, needs and wants.
3. Putting in an Offer
Once we have found the perfect home it is time to put your serious caps on and start talking price. We all love a good bargain, and that sweet spot is different for every single property and every single person.
As an estate agent it is our legal and ethical responsibility to put every offer forward whether it is a silly or a competitive.
However, as your assistant and guide to the North Cyprus property market it is OUR DUTY to advise you on where this sweet spot is, This sweet spot is the optimum cost/benefit trade off.
We will help you unveil the benefits these properties will offer you beyond price, size and number of bedrooms… Because there is more to it than that, it may be a good area for children, or a good area for social people or even a good area for someone that likes their peace and quiet and all of these factors do come into whether a particular property is worth more or less to you even though it may not be blatantly obvious.. But that is why we are here for you!
4. Paying a Holding Deposit
Once your offer has been accepted a deposit should be paid, the sum of the deposit is 10%. In order to allow for a swifter payment to secure your desired property, we will accept a £2000 reservation payment then the balance within 10 working days.
This will enable Unwin Estates to suspend the property until the sale completes. Once complete, you take the keys to your Northern Cyprus DREAM home.
5. Arranging Finance
If you need to finance the purchase, speak to your bank then go and compare the rates and loan time with other banks and finance companies, and there are lots to choose from.
If you are making a cash purchase, ask your bank about overseas transfers and the cost involved, ask your lawyer if they have a UK account that you can transfer it to this may give you quite a saving.
6. Arranging Building’s Insurance
As a home owner it is your responsibility to insure the property and the contents from the completion date, and there are lots of companies now, ask your bank, ask your friends, and go and speak to a few of the smaller companies.
Ask if the pool is covered and what for, check that your property is covered if you are out of the country for a period of time. And remember these companies want your business.
7. Instruct a Solicitor
Once you have successfully secured the property of your choice, you need to instruct a solicitor to start drawing up a Contract of Sale to safe guard your interests and apply for your purchase permit (applies for non-nationals).
TRNC identity card holder are not obliged to apply for a purchase permit and the necessary procedures will still be carried out by your solicitor.
The conveyancing procedure is designed to ensure that your interests are protected throughout the whole transaction.
Unwin Estates have a close-working relationship with numerous solicitors and we will be more than happy to point you in the right direction in setting you up.
You can also send all of your funds for the purchase of the property to your solicitor to hold on to until the completion of the sale.
8. Exchange & Completion Day
As you approach crunch day, your solicitor will have prepared a contract, that will have been accepted by the sellers side.
You will then sign the contract, or your lawyer will on your behalf via a Power of Attorney, and funds will then be transferred and the keys will be yours.
On the day of possession, the lawyers will register the contract at the land registry department for your security. Next stop… Unwin Estates to collect keys and a congratulatory photo with the team!
