Registering property having paid stamp duty

stusimpson


Joined: 06/08/2007
Posts: 178

Message Posted:
10/03/2008 02:23

Forgive my thickness but I paid my .5% stamp duty on thalassa back in july last year,I was all set to hand over the £350 quid to Naomi Mehmet to register my contract after receiving a phone call from them 10 days ago.But now kensington who are building the resort say I don't need to do that as my contract was signed last year.

But I see from the HBPG website that although its not compulsory its recommended?? Why?? whats everyone else in similar situation doing?



Whats the downside to not registering,surely its in black and white that its not a problem.Has anyone handed over the stinging £350 and now wants it back?



Cheers stu

Bowman


Joined: 02/05/2007
Posts: 256

Message Posted:
10/03/2008 07:16

Hi Stu,



Who did you pay your 0.5% stamp duty to last year? If it was your solicitor, then they should have lodged your contract around that time, otherwise there would be no point in paying them. If you do not register your contract by 31st March, the stamp duty will rise to 1.5%. Seems to me that Kensington have got it totally wrong, stamp duty HAS to be paid and the govt here have set up an amnesty therby saving purchasers money. I paid the stamp duty on my Turle Bay and will do likewise with Thalassa when I finally decide to purchase there (it depends on who they are going to use as a builder!)



Cheers, Sean.

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
10/03/2008 07:40

Stu,

Please read carefully and I can assure you I know what I am talking about.

1. If you paid 0.5% stamp duty (presumably to your advocate) then it is mot likely that he/she has stamped it as it shoul have been done. This was the correct thing to do.



2. Your advocate Naomi Mehmet is asking for £350 in order for somebody from her office to walk accross the street to the District Land Registry Office DLRO to have your contract registered. The actual fees payable at the DLRO is 44.50 YTL plus 13.50 YTL for each additional parcel if the plot is made up of several parcels.



3. Instead of your advocate you can get anybody to do the registration provided they have a Power of Attorney from you to do so.



4. It is not compulsory to have your contract registerred but I advise you too very strongly to have it registered. This has become possible with the new law only as from 2nd January 2008. Thus it is wrong to complain why your advocade did not do it before this time. If you register, the land owner cannot sell the same property to anybody else or have a mortgage put on it if there is not one already on it. If you do not register and you fall out with your bu,lder, he can sell it to anybody else and you can only sue him for compensation and then raun and run and run after him to get the compensation if you can.



I hope this is all crystal clear for you and other readers of this forum.

ismet

millzer


Joined: 12/04/2007
Posts: 978

Message Posted:
10/03/2008 09:37

Message 2 is INCORRECT information! If you have already paid your stamp duty then you do NOT have to pay it again! The 31/3 deadline is for those that HAVEN'T paid stamp duty as yet, and will go up from the 0.5 % to 1.5% if you don't pay by then.



The deadline for registering your contract is a different thing and deadline is (i believe) 7th April 08

stusimpson


Joined: 06/08/2007
Posts: 178

Message Posted:
10/03/2008 11:31

Ok thanks folks ,yes its the deadline to register the contract that i was bothered about,my solicitor received my 0.5% stamp duty last july.Seems that I'd better get my contract registered prior to the 7th then,better start looking what i need to take with me as travelling out there very soon.



Stu

Bowman


Joined: 02/05/2007
Posts: 256

Message Posted:
10/03/2008 17:28

Millzer, message 2 is not incorect. Stu may very well have paid the 0.5% to his solicitor, but this money may not have been paid to the tax office. Hence my information/advice. I did not advocate paying twice, just giving valid information.

orangekazzie



Joined: 31/07/2007
Posts: 1091

Message Posted:
10/03/2008 18:35

remember when paying at the tax office they only accept cash and each note has to be perfect, they will not accept any torn, sellotaped or heavily creased notes so take some extra with you just in case.

pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
10/03/2008 19:33

Stamp duty has to be paid in ytl otherwise they log the number of each note.

Tatarin


Joined: 28/01/2008
Posts: 9

Message Posted:
10/03/2008 20:59

Hi everybody



I am advised that Land Registration Office has halted contracts' registration. The guys are pondering in which language to get contracts for registeration: in English or in Turkish.

millzer


Joined: 12/04/2007
Posts: 978

Message Posted:
10/03/2008 23:17

Bowman. Message 6.



You are right to point out whether his solicitor had actually paid the stamp to the tax office on his behalf, but that was not what you actually said!!



You said in message 2. ''Who did you pay your 0.5% stamp duty to last year? If it was your solicitor, then they should have lodged your contract around that time''



You didn't make any mention about whether his solicitor had PAID the stamp duty! you just that his sol' should have LODGED the contract!! Lodged the contract with whom? There wasn't a requirement at the time to lodge the contract with anyone!



You also said, ''If you do not register your contract by 31st March, the stamp duty will rise to 1.5%''. This IS incorect information!!



It is the stamp duty that you must pay by 31st March or it'll rise to 1.5%, not registering your contract!! At the moment registering your contract can be done by 7th April, but if it isn't, there is no further penalty.



As I said.....Incorrect information.

Bowman


Joined: 02/05/2007
Posts: 256

Message Posted:
11/03/2008 04:41

Hi Millzer,



The requirement to pay stamp duty and have it lodged/registered/stamped at the Tax Office is not new at all. MOST solicitors have been negligent in their duties and have not registered contracts nor advised their clients that they will save 1% if contracts are lodged within 21 days of signing, this has always been the case. So I was correct to mention that in message 2.



In fact there will be a lot of people whom have received kocans over the last 5 years who have in fact paid 1.5% when if their solicitor had done their job correcly in the first place it should have been 0.5%. When you pay the stamp duty, your contracts are REGISTERED with the Tax Office, this has to be done by March 31st.



You subsequently then REGISTER your contract at the District Lands Office where you pay your 45YTL. Registering/lodging your contract here, gives the purchaser protection against a developer/landowner taking a mortgage out on the property. It also negates the need for a "charge" to be placed by the purchaser to protect his/her rights.



All correct.........semantics..............semantics

stusimpson


Joined: 06/08/2007
Posts: 178

Message Posted:
11/03/2008 12:38

Phew thanks guys glad we're all clear about that then!!



Stu

millzer


Joined: 12/04/2007
Posts: 978

Message Posted:
11/03/2008 21:48

Guess it's down to semantics Stu, lol.

kewen


Joined: 03/08/2007
Posts: 59

Message Posted:
16/03/2008 19:10

Hi Bowman

Is there any time schedule for registering the contract with the district lands office after the stamp duty/contract registered is done at the tax office?

pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
16/03/2008 20:01

Hi Kewen,

As i understand it old contracts have until the 8th of april to register after which time you will not will be able to register, however there is no penalty for not registering, but obviously you would n,t have the protection registering affords. New contracts currently should be registered within three months following signing.

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
16/03/2008 20:50

IMPORTANT

Msg. 15



Pilgrim,

New contracts have to be registered within 21 days, not 3 months. Accvording to the law the Estate Agent has to do it but if he does not it is the Buyer who is going to suffer. Thus my advise is for the Buyer to do the registration or even better, stipulate that the deposit will be paid when the contract is registered free of any incumberences. You may gie the mfoney to the advocatge to be handed over to the Vendor on this condition.

ismet

rtddci


Joined: 29/12/2007
Posts: 842

Message Posted:
16/03/2008 21:02

The government is now going on to the next 'squeeze them' stage by requiring that 5% KDV is paid on taking posession and not when title deeds given.

Martin

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
16/03/2008 21:43

For my comments on KDV please see Msg. no. 7 at http://www.cyprus44.com/forums/1796.asp

ismet

pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
16/03/2008 22:49

thanks elko, misinformed.

Geoff1131


Joined: 12/07/2007
Posts: 276

Message Posted:
17/03/2008 17:18

Hi all, just seen on another forum that the registration deadline has been extended to the end af April due to the number of applicants, not sure if its correct so please dont shoot the messenger.

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
17/03/2008 18:46

I feel sorry for all those people who have rushed only to be told now on an office wall of all places that there has been an extenstion , still maybe there is hope for an extenstion on stamp duty .

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
17/03/2008 21:32

A word of caution here. There may be trouble ahead if you pass the 7th April deadline. Please see my post at http://trncvillaowners.phpbb3now.com/viewtopic.php?f=4&t=2407&p=16296#p16296

ismet

jmg171


Joined: 19/05/2007
Posts: 183

Message Posted:
17/03/2008 23:04

Ismet,

I had confirmation from my solicitor this afternoon that the deadline is extended to the 30th April.

jmg

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
17/03/2008 23:24

There is no doubt about the extention but my doubt is about its legal validity.

ismet

rtddci


Joined: 29/12/2007
Posts: 842

Message Posted:
18/03/2008 00:27

Any news on whether the stamp duty deadline has been extended as well?

Martin