Good Afternoon Any News on Transfer of Title costs

skeeds2000


Joined: 18/10/2008
Posts: 112

Message Posted:
06/06/2010 13:12

Hi has anybody any news on the costs of the transfer of title deeds. I have heard that the solicitors are advising clients to hold back payments until the government-office-department make a decision on the 3% as around January i believe it was heavily discounted. I may have my figures wrong so look forward to those with knowledge replying

Any info welcomed thanks in advance for replies

skeeds2000


Joined: 18/10/2008
Posts: 112

Message Posted:
07/06/2010 11:42

back to top try once more any info please

Naas26


Joined: 23/04/2007
Posts: 128

Message Posted:
07/06/2010 16:23

Hi



I was by my solicitor to hold back payment as they have told me that it is hoped that they will reduce levels again. My solicitor is Izzy Okray where did you here it from.



Naas 26

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
07/06/2010 19:10

Given what has recently happened I would think that the best course of action is to get your title deeds as soon as possible. Whilst ever the developer has them they could take out a memorandum. I suppose it depends on just how much you trust your developer and advocate.

Stonehousepub


Joined: 21/05/2009
Posts: 755

Message Posted:
07/06/2010 22:25

Forget saving a few quid, count yourself fortunate that you are able to get title deeds, I personally would'nt hold back any longer.



Yes up until 31st December 2009 a 70% discount was on offer but there is no indication that the discount will be re-introduced.



My advice is pay and get your deeds because you never know whats will happen next....





Ozi

Lemtich



Joined: 15/02/2007
Posts: 1487

Message Posted:
07/06/2010 23:48

70% of 3% of most property prices is hardly a few quid, especially in these times of hardship. I'm sure the TRNC government would gain more much needed revenue if this concession was re-introduced.

Stonehousepub


Joined: 21/05/2009
Posts: 755

Message Posted:
08/06/2010 01:20

Hi Lemtich



Its 3% of the valuation figure which is in TL and has been for years, lets just assume that the discount was never introduced...



Yes I agree times are tuff and any saving is of great value but unfortunately it is not up to the TRNC goverment

most decisions involving tax etc have the green light from Ankara, in January the TRNC goverment proposed to extend the discount period but Ankara said no.



Its highly unlikely that Ankara will change their mind taking into consideration how quickly issues devolop and change in the TRNC I personally would advise people to pay the tax and get deeds.

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
08/06/2010 06:49

Stonehouse, I think they started using original purchase price as the starting point to prevent low estimates of value reducing their income. Generally this is in STG.

Stonehousepub


Joined: 21/05/2009
Posts: 755

Message Posted:
08/06/2010 22:34

Groucho im quite sure that its normally valued by the tapu office who normally come up with a lower TL valuation, unless ofcourse they have changed things in the last month or so.



you never know

Lemtich



Joined: 15/02/2007
Posts: 1487

Message Posted:
08/06/2010 23:36

Hi Ozi



Re Message 7



Which way does Ankara want to play this? Do they want to encourage foreign ownership or discourage it?



If negotiations are going nowhere, what's the motive behind not extending the concession?



Any ideas.



Lem

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
09/06/2010 00:09

They have started using the property sales price now.

Stonehousepub


Joined: 21/05/2009
Posts: 755

Message Posted:
09/06/2010 00:40

Lem, to be honest i am not sure, just know that the TRNC goverment did propose to extend the discount until June 2010 but when put forward to Turkey it was not allowed, its probably because greedy polititions are pocketing everything so maybe a slap on the wrist from Turkey was called for...



As we all know TRNC politics is controlled by Ankara our leaders are just puppets on a string, Ankara will always have the last word.



Bradus.. I was not aware that they now calculated tax on on property sales price....

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
09/06/2010 01:12

Stonehousepub



see



http://www.cyprus44.com/forums/6230.asp



Unless its all changed again!

Stonehousepub


Joined: 21/05/2009
Posts: 755

Message Posted:
09/06/2010 21:31

Strange.. my transfer of deeds was done end of April 2010, they valued property at 100000tl & charged me 3000tl tax (purchase price/contract price was 55k stg)



Very confusing

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
09/06/2010 22:32

Yes we paid property price re tax !! Dec 2009.

Jovial_John


Joined: 31/01/2009
Posts: 1024

Message Posted:
10/06/2010 09:03

They take the UK£ contract price of the property and then convert that to TL using the average exchange rate in the year that you exchanged contracts. These average exchange rates are published and your solicitor will have them. The charges are then calculated and charged in TL - but many solicitors ask you for the money in UK£ (which is fine if you have Sterling available and the solicitor is using a fair exchange rate today). Generally, however, it is better to convert UK£ to TL when there is a favourable exchange rate and then invest it in a 30 day account until it is required.

So 2 different buyers of the same property at the same price can pay different taxes depending on the date of purchase.