North Cyprus Tourist Board - help on registering property and kdv payment
North Cyprus
North Cyprus > North Cyprus Forum > help on registering property and kdv payment

help on registering property and kdv payment

North Cyprus Forums Homepage

Join Cyprus44 Board | Already a member? Login

Popular Posts - List of popular topics discussed on our board.

You must be a member and logged in, to post replies and new topics.

» North Cyprus Property Development Reviews

» Property Buying Guide to North Cyprus



Living on Mars


Joined: 29/02/2008
Posts: 54

Message Posted:
29/02/2008 16:04

Join or Login to Reply
Message 1 of 5 in Discussion

Hi everyone.

This is my first posting, I am really impreseed with how popular this site is to others that I have seen. I have been reading all your comments, can anyone simplify the process for me to get me through all the redtape on registering our villa. We bought the property in July 2004, our solicitor is making all sorts of demands of payment. We know that our land has been used by by the bulider as guarantee for the bank. We are told by our solicitor that we must still register the property to secure it. But in so doing we have to accept that the land has been 'mortgaged'. We understand that by registering the property, the problem of the mortgage will be raised with the Land Office. Can we register the land ourselves?, and what is this POA all about? We are having to make a special trip out to the TRNC in the few weeks to resolve the issues. Please help ..... time is running out.



kibrissibel


Joined: 18/02/2008
Posts: 562

Message Posted:
29/02/2008 16:30

Join or Login to Reply
Message 2 of 5 in Discussion

Have a look on this link - there is a lot of info on this board re this subject http://trncvillaowners.phpbb3now.com/index.php



Briefly though: You can do a search at LRO to find out how much the mortgage is for. If you register your contract with them it will stop the builder re-mortgaging for any more. This must be done by 08/04/08. At the end of the day, before you can get your titles deeds you will still need to stamp your contract at the tax office, even if you decide not to register them at LRO. At the moment until 31/03/08 you will only have to pay 0.5% of the contract value at tax office. After this date you will have to pay 1.5%. You can register it yourself and get it stamped at tax office. At the mo LRO are asking for all contracts in English to be translated into Turkish before they will accept them, although there is a possibility this will be rescinded (but who knows!)



Sibel



Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
29/02/2008 20:34

Join or Login to Reply
Message 3 of 5 in Discussion

Pay the stamp duty whilst the amnesty is still on. You will then only have to pay 0.5%. Seek legal advice from another solicitor regarding the mortgaging of the land. (Is the builder Santa Fe?) I would not recommend you stay with the same advocate. But choose another one carefully. I am not sure what you mean by saying that if you register the contract you have to accept that the land has been mortgaged. Why on earth would you accept this? If the builder goes bust the bank will take your land. E-mail the PCO and also HBPG seek advice as to whether you should get the contract stamped. Find out exactly what the consequences of not registering it will be and what the consequences of stamping it with the builders mortgage in place will be.Please don't accept this employing another advocate will be expensive but the alternative is that you could loose much more money and your villa. Sorry that I can't give you exact information on what action to take but it requires someone with much more knowledge and experience than me. Keep posted and I'm sure you'll get some good advice.

Kind Regards

Sue



Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
29/02/2008 20:43

Join or Login to Reply
Message 4 of 5 in Discussion

By the way if you are looking for a solicitor please take a look on the solicitors recommendations on this forum. A gentleman called Ismet who posts underthe name of Elko is recommending a solicitor. I would certainly be encouraged to act upon his recommendation as he is someone who posts frequently on Cyprus forums and certainly seems to know his stuff and is incredibly helpful.

Worth checking out.



Living on Mars


Joined: 29/02/2008
Posts: 54

Message Posted:
29/02/2008 21:44

Join or Login to Reply
Message 5 of 5 in Discussion

Thanks Sibel

We are planning to make the trip to get the property sorted. Who can carry out the translation of the contract?? Also the moment our builders are requesting that we must pay the KDV to them ???? They have quoted us 5% of 50% of the original contracted sale price. We do not trust our builders as they have mortgaged the land. I presume that we can pay the KDV to Tax Office directly once we have the contract registered....is this right ???? Sorry to keep asking, I am just shocked that all this has only just been brought to our attention ...sad case of head in the sand syndrome ....hoping that it will all go away!



North Cyprus Forums Homepage

Join Cyprus44 Forums | Already a member? Login

You must be a member and logged in, to post replies and new topics.