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urgent help needed property transfer

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jazzaktai


Joined: 14/04/2009
Posts: 136

Message Posted:
22/05/2009 12:20

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Message 1 of 15 in Discussion

a freind of mine is presently at girne court with his builder and lawyer finalising the purchase of his house all taxes have been paid lovely yes no he has just been told that because the euro has weakend in the last five days he will now have to use an estate agent and pay an xtra 3%to them his house contract price was 180000 sterling what has the euro got to do with it??????advise greatly appreciated



kibrissibel


Joined: 18/02/2008
Posts: 562

Message Posted:
22/05/2009 12:53

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Message 2 of 15 in Discussion

Hi who is demanding this extra money? Lawyer, builder etc? And who are they? The euro has nothing do do with the costs involved. The Land registry will work out the transfer tax in lira on the day using the exchange rate of the day or the date of the contract, whichever is the highest. You do not have to use an estate agent to buy/sell nor pay them 3% commission.



crystalagent


Joined: 03/09/2007
Posts: 39

Message Posted:
22/05/2009 14:52

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Message 3 of 15 in Discussion

Dear Jazzaktai,



The law is saying that if a property is valued above 200,000, then it should go with an agent. As far as I understand from your friend's issue, the 180,000 was a bit less then 200,000 so the process doesn't need an agent.



However, when the rates has changed ON THE DAT OF EXCHANGE, the price goes more than the limit and now they have to use an agent.



If you want a tip, tell your friend to wait untill the rates come down. Obviously its a bit risky if the rates goes up. However, if it falls down, then he doesn't need to pay the agent costs.



On the other hand, if the rates still stands high and he needs to use an agent, tell your friend that as a registered agent, I can do it for him for less then 3%.



Regards,

Crystalagent



joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
22/05/2009 14:58

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Message 4 of 15 in Discussion

Why not ask the vendor to reduce the price on the contract to ensure it falls within the 200,000 euro amount and do the rest in cash. Bloody rediculous state of affairs. Why should an agent get handed 3% on a plate for doing nothing?



jazzaktai


Joined: 14/04/2009
Posts: 136

Message Posted:
22/05/2009 15:19

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Message 5 of 15 in Discussion

can anybody explain wh the law says if it iss above 200000 euro are we in the euro did he pay for the property in euros no and no is this even legal my freind has waited 5 years to get to this point and gets kicked in the teeth again are there any decent advocates in this bloody place



jazzaktai


Joined: 14/04/2009
Posts: 136

Message Posted:
22/05/2009 15:24

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Message 6 of 15 in Discussion

message 4 no thats not possible he paid the 180000 3 years ago



Molly


Joined: 30/08/2008
Posts: 299

Message Posted:
22/05/2009 15:39

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Message 7 of 15 in Discussion

Jazzaktai



Apparently, this is correct. Another ludicrous law!



Your friend should make some enquiries, I'm sure there are agents who would do it for less.



jazzaktai


Joined: 14/04/2009
Posts: 136

Message Posted:
22/05/2009 15:48

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Message 8 of 15 in Discussion

crystal agent can yu explain as an agent exactly what work is involved as an agent and why you are needed as an agent for somebody to get what is rightfully theres ie KOGans you wont be driving him round to look at properties because he knows were it is its been in the same place for 5 years 5000 seems a bit strong for a signature



crystalagent


Joined: 03/09/2007
Posts: 39

Message Posted:
22/05/2009 17:01

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Message 9 of 15 in Discussion

Jazzaktai,



You are 100% right. As an agent, we have got nothing to do with that kind of a sale because, like you said, we haven't showed the property or complete the sale.



But because of the lots of dodgy agents and developers, the government needs registered agents to complete the sale. By doing this, its proven that the sale has gone through a registered agent, not the ones who is completing the sale 'in the name of a friend'!!!



And the other thing, we are paying tax from the commission we get and obviously the governmet getting their shares from this.



When this law came in to force, ALL properties needed to be gone through the agents. But because of the complaints from the developers, they ammended it and limited only for the properties above 200,000.



Regards,

Crystalagent



kibrissibel


Joined: 18/02/2008
Posts: 562

Message Posted:
22/05/2009 17:03

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Message 10 of 15 in Discussion

As far as I am aware, the estate agents law which came into force Jan 2008 was not retrospective, hence it being a recommendation that contracts prior to this date were registered at land regisrty, rather than a requirement. My interpretation therefore is that the requirement for an estate agent on sales of property over 200,000 euros is on new contracts since Jan 2008 and is therefore accounted for in the sales price.



Molly


Joined: 30/08/2008
Posts: 299

Message Posted:
22/05/2009 17:53

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Message 11 of 15 in Discussion

Good point Sibel - I'll investigate.



Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
22/05/2009 18:27

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Message 12 of 15 in Discussion

Suggest you pay 20k less for the house and 20k for the fixtures and fittings.

Total price due is the same but you will only need to pay the VAT etc etc on the House / Villa price...not on the fixtures and fittings price....you could bring this down even more by paying for the pool seperately....all within the contract.



jazzaktai


Joined: 14/04/2009
Posts: 136

Message Posted:
22/05/2009 19:58

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Message 13 of 15 in Discussion

stewart just to confirm my freind bought his house offplan 5 years ago this is not a new sale he registered it with land registry last year as we all did when we found out we had to he has come back to get his deeds payed his vat to the builder and gone to the court this morning to pay his transfer fee with his builder and advocate to be told that he has to now get an agent or he cant pay his transfer fee i think if this is correct andthe euro drops to where it should be say 1.5 to the pound anybody who has bought a house for say 135000 will also need to pay 3% to an agent just to receive their deeds i just want to cofirm if this is the law because it seems there will be a lot of us in a similar situation in the coming months



Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
22/05/2009 20:09

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Message 14 of 15 in Discussion

I know that the law came into effect in Jan 2008 about buying through agents...not before.



I am not 100% certain about your case but it does not seem correct.



It would be better to ask another solicitor....I use Naomi Memhet



Perhaps IF, this ended up being the case, I suspect not, but if it did, you could get an agent to do it for you at .5% if there was a few of you in a simular position?



jazzaktai


Joined: 14/04/2009
Posts: 136

Message Posted:
24/05/2009 09:46

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Message 15 of 15 in Discussion

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