when do i pay 5% vat

jamie63


Joined: 24/03/2008
Posts: 38

Message Posted:
24/03/2008 17:15

can anyone tell me at what stage do i pay vat and land registry fee and also how much they cost . thanks

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
24/03/2008 18:07

Hi jamie63,



We paid our VAT when we signed our contract in 2006 as our developer insisted on this. Some people say don't pay untill you get your title deeds but I think there is a new rule now where most people are being asked for it on signing of contract. The fee for registering your property is 45ytl but you will need to pay your stamp duty first which is 0.5% of the purchase price. Hope this helps. How long have you had your property?



Avril

Bob / Anne


Joined: 01/11/2007
Posts: 39

Message Posted:
24/03/2008 18:20

Hi Avril

We had to pay 395.5 YTL to register our apartment with the Land Register Office, this had something to do with the way the site developers parcelled of the land that TBV is on.

However I'm glad we did it for peace of mind.



Bob.

orangekazzie



Joined: 31/07/2007
Posts: 1091

Message Posted:
24/03/2008 18:25

Hi,

I always get confused over the Stamp Duty and Tax.

Which is the one where you have a one off choice of either pay 3% or 5%. If you plan to hold onto the property and not trade up then its best to pay the 3%. If on the other hand you plan to move around then its best to pay the 5% first time and then choose the 3% on the more expensive property.

Karen

jamie63


Joined: 24/03/2008
Posts: 38

Message Posted:
24/03/2008 18:36

thanks for all your replies i have only been buying my apartment for about a month

jamie63


Joined: 24/03/2008
Posts: 38

Message Posted:
24/03/2008 18:52

have i misunderstood somewhere along the line i thought the land register fee was 3% of the purchase price can someone tell me the price in english pounds please

Bob / Anne


Joined: 01/11/2007
Posts: 39

Message Posted:
24/03/2008 19:00

Hi Jamie63

The Land register fee to register your property is 44YTL, this cannot be paid in English pounds, If you are living on a complex, then this depends on how the site developers parcelled off the land. We had to pay 395.5YTL on our apartment at TBV, I have talked to some of the other owners on site, who have payed the same.

Bob.

jamie63


Joined: 24/03/2008
Posts: 38

Message Posted:
24/03/2008 19:17

bob i know you are being very helpful but i am very new to this and wanted to know how much roughly in our money is 395.5 YTL also what does TBV mean hope im not being a pain but i will be learning more from all your answers thanks

Bob / Anne


Joined: 01/11/2007
Posts: 39

Message Posted:
24/03/2008 19:41

James

395.5YTL ia approx £166.

TBV = Turtle Bay Village, which is a new complex with 411 apartments at Esentepe.



Cheers

Bob.

jamie63


Joined: 24/03/2008
Posts: 38

Message Posted:
24/03/2008 19:50

thats great Bob thanks im buying on the caesar resort near bogaz.

Bob / Anne


Joined: 01/11/2007
Posts: 39

Message Posted:
24/03/2008 20:03

I dont know the Caesar resort Jamie, we drove to Bozaz last week when we were over at N. Cyprus. It looks a great place with some nice restaurants/bars.



Congrats on your purchase, hope everything works out.

Cheers

Bob.

greenman


Joined: 16/02/2008
Posts: 526

Message Posted:
24/03/2008 20:19

This 'HBPG Buyers Guide was printed in Cyprus Today March 22-28 2008 and kindly copied by Hans Doleman (Dutch Crusader) here: http://trncvillaowners.phpbb3now.com/viewtopic.php?f=4&t=2516



greenman