Land Registry

jamie012002


Joined: 13/12/2007
Posts: 223

Message Posted:
26/02/2008 19:44

Hi



Sorry id this is going over old ground, but I am lost in all this. Have received the below email from my solicitor today, does this mean I have got to go and have a POA stamped in London ??



Any advice on this ??



Cheers



Jamie



Dear Client,

We would like to acquaint you with the new law “The Real Estate Agent Registration and Transaction Law’ which came into effect early January 2008. The new law makes it compulsory to register “Sale Agreements” with the land office. Failing to do so, will render the agreements invalid. Once declared, the 3% transfer charge and 5% VAT at the time o f the transfer of title, shall be calculated on the contract price.



The sale agreements have to be deposited and/or lodged with the Land Registry Office under

section 21(d) of “The Real Estate Agent Registration and Transaction Law’ by 8th April 2008.



THE DEPOSITION OF THE AGREEMENT OF SALE WITH THE LAND REGISTRY OFFICE MERELY PREVENTS THE LAND OWNER FROM TRANSFERRING THE OWNERSHIP TO A THIRD PARTY OR IMPEDING THE TITLE OF THE LAND IN ANYWAY UNTIL THE TITLE OF THAT PROPERTY IS REGISTERED INTO THE PURCHASERS NAME.



The Purchaser can register the Agreement of Sale with the land registry office personally or through his/her representative who has a power of attorney (POA). The land office requires certain wording to be included in the POA and the POA to be signed before a notary public and certified at TRNC office in London (the fees is £12 payable by postal order to be made to TRNC Consolidate Fund). The POA that you had sent must be changed accordingly. If you wish to appoint us for this purpose we shall send you the new version of the POA and the instructions to carry out the required certification. For those who reside out of London or the UK, they need to contact the TRNC office in London for further instructions. The number is 02076311920, Consular Section.



If you wish to appoint us to register your contract with the land office under the current rules and regulations, please advise us so that we shall inform you the registration fee payable to the Land Registry office together with the overall cost. Our legal fee for assisting you to lodge your contract with the Land Registry office is £200Stg.



The procedure& fees and taxes involved:

1- Contracts must be declared to the tax office and 0.5% of the sale price must be paid as stamp duty. THIS MUST BE DONE BEFORE 30/3/2008 (subject to the declaration of the Ministry of Finance on 22/2/2008). AFTER 1/4/2008 THE AMOUNT PAYABLE WILL BE 1.5% OF THE SALE PRICE.

2- The sale agreements have to be deposited and/or lodged with the Land Registry Office under section 21(d) of “The Real Estate Agent Registration and Transaction Law’ by 8th April 2008.

3- The contracts can be deposited to the land office personally or by a representative who has a POA that contains certain wording and which is certified by TRNC office.

4- The base rate for registration of the contract with the land office is aprox. £40.

5- Our fees are £200.



Please be advised urgently so that I shall act accordingly.

rtddci


Joined: 29/12/2007
Posts: 842

Message Posted:
26/02/2008 19:50

Please look at the thread 'New Legislative Law'

Martin

orangekazzie



Joined: 31/07/2007
Posts: 1091

Message Posted:
26/02/2008 20:32

http://www.cyprus44.com/forums/1332.asp

Notsoboredhw


Joined: 15/03/2007
Posts: 1254

Message Posted:
26/02/2008 21:01

As far as I am aware (and I phoned the Consulate) if you cannot get to London you have to have POA witnessed by a Notary Public once this is done you then send it by post to the Consulate where they stamp it and send it back to you. You will then need to send this document to whoever you have given Power of Attorney to.



If you can get to London to the Consulate you wont need to go to a Notary hence saving you between £50 and £80.



You only need a Notary to witness if you are too far away from London or its inconvenient.



By the way the Consulate charge £12 per name but not more than £24 if there are three people or more. You need a photocopy of your passport too.



I hope I have got it right but I did telephone the Consulate and this was what the lady said to me. We are going there on Tuesday as I am definitely not paying a Notary £50 to watch myself and hubby sign one piece of paper!