Title deeds

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Billyboy
Posts: 28
Joined: Wed Oct 21, 2015 3:58 pm

Title deeds

Postby Billyboy » Fri Jun 09, 2017 8:18 am

Hi all
I've just been told that the title deeds are available on my property that I purchased in November 2015. If anyone has any stories/advice etc regarding title deeds, I'd be very interested.
Thanks

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Mavikiz
Posts: 118
Joined: Sun Jul 17, 2016 1:22 pm

Re: Title deeds

Postby Mavikiz » Sat Jun 10, 2017 12:29 am

First I suggest you instruct a reliable solicitor. You will require a police report from your country of origin if you are not a Cypriot or resident of Cyprus.
If you are British you apply here https://www.acro.police.uk/Police_Certi ... nline.aspx the cost is £45 and it takes approximately 10 working days.

Your solicitor will make an application for Permission to Purchase (or P2P) which is submitted to the Council of Ministers who will check with the military and the immigration authorities, provided that these are positive i.e. the property is not overlooking a military installation and you are not a convicted criminal on the run; the permission will be granted. This process takes approximately six months. ( that time line is not set in stone after all it is North Cyprus ! :D )

Once your purchase permission has been granted your lawyer will fill out the necessary North Cyprus Land Registry Valuation Forms, work out and notify you of taxes payable and finally transfer the property into your name.. The taxes are calculated based on the Northern Cyprus Land Registry Valuation and are currently at the following rates:
Land Registry Transfer Fee - 6% (however, every purchaser has a once in a lifetime option to reduce this fee from 6% to 3%. At the time of transfer you will be asked whether you wish to use your option and if so you only pay 3%).

You might be eligible for VAT - 5% This is only payable if the vendor is classed as a professional developer, construction company or a private individual that has sold more than three properties.
Its worth noting that if you are buying a property that is already registered in a foreign nationals name then is it unlikely you will pay VAT.

Once the taxes are paid the title deeds will then be registered in your name. If you have left your solicitor a power of attorney all of this can be dealt with without you being required to travel to the TRNC. Your lawyer will collect and keep the title deeds for you until you are ready to collect them.

I think thats everything , but if I have missed something out I am sure someone will let me know :D
Last edited by Mavikiz on Sun Jun 11, 2017 9:25 am, edited 1 time in total.

Billyboy
Posts: 28
Joined: Wed Oct 21, 2015 3:58 pm

Re: Title deeds

Postby Billyboy » Sat Jun 10, 2017 9:16 am

Thanks Mavikiz
That's really helpful information.
Bill

CatalkoyChris
Posts: 26
Joined: Wed Apr 11, 2012 9:02 am

Re: Title deeds

Postby CatalkoyChris » Wed Jun 14, 2017 2:45 pm

If you follow Mavikiz's instructions (or the solicitor does) I don't see why purchasers cannot have their deeds in good time.

I got mine within two years.

But I have heard that some people effectively never get theirs...

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Mavikiz
Posts: 118
Joined: Sun Jul 17, 2016 1:22 pm

Re: Title deeds

Postby Mavikiz » Wed Jun 14, 2017 9:28 pm

CatalkoyChris wrote

" I don't see why purchasers cannot have their deeds in good time.

I got mine within two years.

But I have heard that some people effectively never get theirs.."

There must be hundreds or thousands of properties that do not have the full title deed. Many people only have a "shared kocan".(shared title deed)
This is due to the fact that a shared title deed is often the only title deed available to a purchaser. There are unfortunately many instances where property development, both residential and commercial, has taken place without planning permission, building permits, architectural plans etc. In these circumstances, it would be expensive if not impossible to rectify these problems, Because of these issues, it is not possible for an application for individual title deeds to be entertained. The requirements for the issue of a shared title deed are less stringent, and this is why this option is available.
The 'shared' aspect of the title deed refers to the fact that you own a share of the freehold of the whole site, such share corresponding to the area of the site that your property occupies. Once you receive a shared title deed, eventually, when the separate individual title deeds are issued, for your plot it can be registered in your name. Unfortunately a lot of builders/developers for a variety of reasons do not or cannot issue the final title deed (kocan)
When we were looking for our home, we saw lots of properties that did not have the final title deed and some had been built for several years.
We were adamant that we would not buy a property without the final title deed /kocan.
Last edited by Mavikiz on Thu Jun 15, 2017 2:38 am, edited 1 time in total.

Gram
Posts: 47
Joined: Sat Feb 21, 2015 2:21 am

Re: Title deeds

Postby Gram » Wed Jun 14, 2017 10:03 pm

From what I've read, I've been lucky - we bought our place (already built/owned) in Summer 2015, got our kocan late Spring 2016, and now parcelisation (individual kocans) for all the owners on our site is well in progress!
All of the sale and acquisition of the kocan was down to our notar; she knows the right people and is an "irresistable force" - no such thing as an immovable object (or person) when she's around! :lol:

Joto
Posts: 2
Joined: Thu Jun 15, 2017 1:44 pm

Re: Title deeds

Postby Joto » Thu Jun 15, 2017 1:52 pm

Gram who is your notar please.
Thanks

Joto
Posts: 2
Joined: Thu Jun 15, 2017 1:44 pm

Re: Title deeds

Postby Joto » Fri Jun 30, 2017 8:03 am

What happened to Gram

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Mavikiz
Posts: 118
Joined: Sun Jul 17, 2016 1:22 pm

Re: Title deeds

Postby Mavikiz » Sat Jul 01, 2017 8:04 pm

Jotto try sending Gram a private message. If you receive a response please let us all know

Gram
Posts: 47
Joined: Sat Feb 21, 2015 2:21 am

Re: Title deeds

Postby Gram » Wed Jul 12, 2017 9:22 pm

Hi,
sorry for the delay in replying; been rather busy with other matters the last few weeks!
Anyway, my Noter - she's the "sort of" legal specialist for (and also friend of) the family (in TRNC) of a friend. She's done stuff for many years including property business, but this was the first time it had involved foreigners (us), so there were one or two things that she was not quite so used to - nevertheless, she soon got to grasps with it.
Her name is Ayşen Fatma Çavuş, address Şahin Konağı Sokak No. 7 Gönyeli Lefkoşa, Tel: 0533 841 90 74 - 0548 841 90 74 - 0392 223 77 87

Gram


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