To Buy or Not to buy Leasehold..any info

Quizmaster


Joined: 06/09/2009
Posts: 54

Message Posted:
08/06/2010 10:43

Looking at some properties in Karaman and Karmi.



Would be interested to hear from those of you that have. Are you glad you did?



Is it ''safer'' and what are the extra costs involved compared to a freehold sale.



Thanks.

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
08/06/2010 13:08

totally safe.The place is owned and under the stewardship of the TRNC govt,remember, you personally are not buying the property

The TRNC guardians will have to pay IPC compensation ,not you,which might be why its quite expensive.

You are buying the use of that property for up to approx 25 years. An extra cost will be the rent,but if you have looked you will see that.

If worked out per year, the lease , say £50k divided by 25 plus another £800 per year rent,works out to £2.8K per year. At the end of which you have nothing to show or pass on. The same amount put in the bank would pay for a rental for a nice place, plus leave a bit left over and you still have the £50k. I guess you could say ,the extra cost you ask about, is the £50k.

The other down side is what are you likely to get for a lease you decide to sell on ,say halfway through.



Its very 'english' and according to a friend ,clannish.

If like him fitting in doesnt bother you,then its a lovely place to stay.

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
08/06/2010 14:35

another downside is that, although I love the place and almost bought a lease 8 years ago, in the Winter you have very little sun.

Quizmaster


Joined: 06/09/2009
Posts: 54

Message Posted:
08/06/2010 14:57

Thanks for the info.



Girne29..Thats exactly the onfo I wanted.



Malsancak..Can I ask, did you opt to rent. Understand if you would rather not answer on here.



Thanks



QM