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Marilyn


Joined: 29/08/2008
Posts: 52

Message Posted:
07/11/2011 00:36

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Message 1 of 68 in Discussion

Most members of the forum will be aware that the Transfer Fee for expatriates or non TRNC nationals has been raised to 6% from 1 November 2011.

Leslie Hardy provides an introduction to the subject of property taxes at

http://www.youtube.com/watch?v=zXXGsQLUqdQ

Also of interest is the fact that the Tax Office is regularly basing the Transfer Fee and Stopaj on their own valuation, and this can be some 25% more than the stated Contract Price. Four bedroom villas are prime targets for this valuation uplift.



BIllie Boo


Joined: 21/09/2008
Posts: 25

Message Posted:
07/11/2011 09:50

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Message 2 of 68 in Discussion

Hi Marilyn

I have watched the video. The reason why the Tax Office ignores the price in contracts is because lots of people have 2 contracts. An official one together with what my lawyer wrote as an addendum. The official contract was about 20K less than the full price



neylandboy1


Joined: 27/02/2009
Posts: 12

Message Posted:
07/11/2011 10:31

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Message 3 of 68 in Discussion

Its all about biting the hand that feeds you and is discrimination at its highest level, I really dont think they want us here!!! NB1



ginty


Joined: 11/03/2009
Posts: 228

Message Posted:
07/11/2011 10:46

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Message 4 of 68 in Discussion

does in come into force in november for properties bought after that date or for all properties that have not got there kocan yet



cypbb


Joined: 23/09/2011
Posts: 61

Message Posted:
07/11/2011 11:18

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Message 5 of 68 in Discussion

What this chap from Wellington Estates does not say, is that the KDV and Stopage is not payable if you purchase from a vendor that has already has the deeds in their names...



magicart


Joined: 05/10/2008
Posts: 985

Message Posted:
07/11/2011 16:23

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Message 6 of 68 in Discussion

Think it about time we all raised the white flag!!



ozankoys


Joined: 20/06/2008
Posts: 905

Message Posted:
07/11/2011 16:30

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Message 7 of 68 in Discussion

Stoppaj is always payable on transfer and is the legal responsibility of the seller, however KDV (VAT) is only payable once. It has already come into force and is applied to any transfers irrespective of date of sale.



wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
07/11/2011 16:45

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Message 8 of 68 in Discussion

Interestingly Leslie Hardy says that registration and payment of The Stamp Duty, effectively registers a



charge over the property. Does that charge have legal precedence, at that point in time?



wyn



BIllie Boo


Joined: 21/09/2008
Posts: 25

Message Posted:
07/11/2011 18:30

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Message 9 of 68 in Discussion

Hi, I have asked about your queries -

Msg 4

If you have not received your Title Deed as yet, then the new regime applies to you.

Msg5

Yes, if the vendor is not a company or a 'professional person', then neither KDV nor Stopaj are charged

Msg8

Registration of a contract does give some protection to a purchaser. The owner cannot mortgage the land nor sell it to anyone else. However, there is confusion as to precedence in matters relating to debts of an owner in the TRNC courts



wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
07/11/2011 18:42

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Message 10 of 68 in Discussion

Billie Boo,



Thank you for your response. Very informative.



If there is a charge which effectively blocks remortgaging how can the tItle be attacked. Would not a "memorandum" in respect of the builders debts, rank after a first charge, but as a second charge, with

the former taking precedent?



This is not a further request to you Billie Boo but a point for debate amongst any interested parties.



Thank you again.



wynyardman



pollymarples


Joined: 08/08/2010
Posts: 1778

Message Posted:
07/11/2011 19:10

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Message 11 of 68 in Discussion

To be absolutely correct the fee has not increased, it has had its once only disocunt removed. That said it is stupidity of the highest order and based solely on the idea that we foreigners bought cheaply, hence the discount remains for Turkish Cypriots, so yes it is racist and a violation of human rights.



If you have registered your contract then you have the first call (first creditor) if a memorandum comes in behind your contract, they are second charge (2nd creditor). That would not stop the 2nd creditor forcing the sale of your home to realise his money, however you would be first in line and paid the contract price from the sale, the 2nd creditor would take the residue of the proceeds of the sale, if there were any. Better to register your Contract and put a charge on your own property for a sensible amount to discourage any futher charges or memorandums being place on your property. Ideally of course PTP should be granted and you take title immediately.



wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
07/11/2011 19:33

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Message 12 of 68 in Discussion

Thank you pollymarples. Very helpful.



wyn



cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
07/11/2011 20:44

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Message 13 of 68 in Discussion

Polly i'm sure that if you wish to put a charge on your property you need the vendors permission to do so.



natalie


Joined: 03/05/2009
Posts: 323

Message Posted:
07/11/2011 21:08

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Message 14 of 68 in Discussion

My question,forgive me if it appears naive, how does this increase in property tax help local TC's by increasing it for non TC's? Surely, none of us would have been concerned too much if they had decreased the 3% property to say 2% for Tc's? That would have surely helped them.



wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
07/11/2011 21:10

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Message 15 of 68 in Discussion

Natalie,



It is blatant discrimination.



wyn.



Deniz1


Joined: 28/07/2009
Posts: 3829

Message Posted:
08/11/2011 08:15

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Message 16 of 68 in Discussion

Who has the guts time and money to complain to the Human Rights Commission? Would they do anything ?



scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
08/11/2011 09:40

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Message 17 of 68 in Discussion

re msg 9





quote

Msg5

Yes, if the vendor is not a company or a 'professional person', then neither KDV nor Stopaj are charged

unquote.



For the avoidance of doubt.

Stopaj is what the builder would normally pay, assuming that he's a 'professional' as they determine this here in taxation rules. A builder would be classed as professional if he built more than 3 houses a year (unless this has changed). So Stopaj is what we all mean when we talk about the tax a builder should pay before deeds are transferred to the buyer. Of course builders frequently blackmail their buyers into paying this in return for transferring deeds.



This has nothing to do with the 3% increasing to 6%. This is the buyers charge for getting the deeds & is payable by any buyer for any property, new build or resale.This is not Stopaj tax.

I hope this makes things clearer.



Marilyn


Joined: 29/08/2008
Posts: 52

Message Posted:
08/11/2011 11:53

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Message 18 of 68 in Discussion

Thank you all for making relevant and informative comments on the matter.

Re msg 11

I have discussed this with Leslie Hardy and we are both unsure as to the precise amount of protection which the registration of a contract of sale gives to a buyer. I am told that the Kulaksiz 5 contracts of sale were not registered before the builder took out a mortgage/s on the site, but I am not aware of any cases where a bank or mortgage holder has sought foreclosure on a site with a significant number of contracts of sale that were registered prior to the mortgage agreement. Perhaps other forum members could help me on this ?



wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
08/11/2011 14:38

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Message 19 of 68 in Discussion

Great Marilyn,



Thank you for your further comments. What we are trying to get to the bottom of , is there a known situation

where a memorandum (in respect of the builders debts0 has been taken out AFTER REGISTRATION and

an application to take the property to auction. Has this been tested in Court? If so Higher or Lower Court?



Did the buyer (who had paid 100% of his contract) get fully recompensed prior to the memorandum holder?



What would be a Courts view to a request to take the property to auction, if there was unlikely to be sufficient

funds realised to cover both legal charges.? I realise much of this is hypothetical but I am anxious to know

how far down this process The TRNC legal system, has progressed.



Hopefully a Cyprus 44 member can help?



wynyardman



judyr


Joined: 07/07/2009
Posts: 956

Message Posted:
08/11/2011 14:43

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Message 20 of 68 in Discussion

Does anyone think that there might be a chance of the government relenting and we will see a return to the discounted 3%. Perhaps if everybody holds back on their transfers they might have a change of heart because they will want this revenue? Has there been anything like this before?



pollymarples


Joined: 08/08/2010
Posts: 1778

Message Posted:
08/11/2011 15:55

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Message 21 of 68 in Discussion

Of course cooper you do, but if you do it when you are purchasing then you will find they are very accomodating, after all, you are are only further securing something you have already paid for and refusal by them would imply they are not trustworthy. After all if PTP WASN'T SUCH A PAIN, you would be transferring title immediately, doesn't hurt to let them know, you do not intend to be screwed.



Marilyn, look at Tutuska, memorandums are causing their problems. Marilyin, you are right about K5 but since they are the first to be having evictions and facing further evcitions, not a good example. There are properties with registerd Contract and memorandums put in after, time will take care of the scenario you are dsecribing, unless the govt stops it happening.



Wynyard, my former Advocate told me that as soons as 3 months after Contracts were registered she was in court and witnessed the Judge allowing a memorandum to be put in behind a registered Contract/ She was shocked.



pollymarples


Joined: 08/08/2010
Posts: 1778

Message Posted:
08/11/2011 15:58

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Message 22 of 68 in Discussion

JUst because it has not yet happened, does not mean it will not happen. We at K5 thought it wouldn't happen.

If you put a memorandum in behind a Contract, clearly you mean to act on it, why esle would you do it, it will have cost a lot of money in stamp duty and legal fees. HISS WONT HELP.



Marilyn


Joined: 29/08/2008
Posts: 52

Message Posted:
08/11/2011 17:10

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Message 23 of 68 in Discussion

Msg 21

I have read a little about Tutuska, but it is not clear to me whether the purchasers registered their contracts of sale before the memoranda in favour of Mr Tutuska's creditors were placed on the site. Are you able to give us this information please ?



cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
08/11/2011 17:26

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Message 24 of 68 in Discussion

Polly i agree fully with what you say in your first paragraph in msg 21. Its the only sure way to safeguard yourself when buying of plan.



Molly


Joined: 30/08/2008
Posts: 299

Message Posted:
08/11/2011 17:45

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Message 25 of 68 in Discussion

Msg 8



A Memorandum takes precedence. The registration of a contract is simply that; is gives you no protection if a mortgage was obtained prior to your property purchase and contract registration. It gives you no protection should the landowner/vendor be taken to court by a 3rd party.



A charge is the only worthwhile protection but the landowner/vendor must give their consent and must be held by TC or Kimlik card holder.



McSteviet



Joined: 11/05/2007
Posts: 1089

Message Posted:
08/11/2011 17:56

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Message 26 of 68 in Discussion

When we all had to queue up at the Tapu office to register our contracts before the deadline 2 years or so ago, it didn't stop the Tapu office telling people that there were no mortgages or charges on their houses, when infact there were.



Who's kidding who?



Mc



MrsSnakes



Joined: 19/12/2008
Posts: 1100

Message Posted:
08/11/2011 18:54

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Message 27 of 68 in Discussion

"There is nothing to worry about in terms of permission to purchase" he says...yeah right! He forgot to mention Pre 74.........!!!!!!!!!!!!!!!!!!!!!!!



joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
08/11/2011 20:03

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Message 28 of 68 in Discussion

Msg 25 - Molly are you saying that only a TC or kimlik card holder can hold a charge over property?



wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
08/11/2011 20:08

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Message 29 of 68 in Discussion

Molly Msg 25,



Thanks for the information. Has anyone told Mr Leslie Hardie of Wellington Properties as he is lecturing on the subject, and advising to the contrary.



wynyardman



Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
08/11/2011 21:42

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Message 30 of 68 in Discussion

Wyn I feel your question may be answered on the next Tutuska court hearing. This is what the builders advocate, a recently retired TRNC Judge said:



Advocate Emin Okur, a retired Judge, freely admitted that the fault was entirely with his client, that the purchasers had done nothing wrong. However he went on to say that Bariş Apartments would have to be sold to satsify the debts secured by the memorandums as there was no solution.



The hearing ended with an adjournment, Judge Sertbay giving Tustuska yet more time to come up with a solution.



The next hearing for this case is 16th November 2011. I await, as I'm sure you do, the outcome from this case, when the builder announces yet again, that he has no money to clear his memorandums or pay compensation to his victims.



wynyardman



Joined: 15/12/2007
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Message Posted:
08/11/2011 22:01

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Message 31 of 68 in Discussion

Bradus,



Were memoranda raised after the contracts had been registered? From your comments I assume so.





What in your opinion would happen if an application was made to court, to put a property to auction, if there



was insufficient money raised to cover the primary registered owners debt, let alone the memorandum debt.



wyn



Ste65


Joined: 23/03/2009
Posts: 106

Message Posted:
09/11/2011 00:09

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Message 32 of 68 in Discussion

My Grandad used to have a saying... 'Never trust a foreigner'



We used to laugh and say he was being daft. Maybe he wasn't so daft after all.



At least you have some recourse in courts in Britain and a legal system designed to protect people.



Cyprus is just a banana republic run by thieves and corrupt lazy people. Builders, bankers, lawyers and politicians - All liars and just after one thing from people.. M O N E Y



pollymarples


Joined: 08/08/2010
Posts: 1778

Message Posted:
09/11/2011 06:53

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Message 33 of 68 in Discussion

Wynyardman I was in 2 different courts with two different Tutuska victms when the Judges made the comment bradus referred to, I reported in one article on the two cases as they both took place on the same day. I was gobsmacked that the Judges could not do anything other than send them away for a month to try to find a solution, failing that they would put more memorandums on the property. THat is what will happen because since that day TUTUSKA HAS BEEN PUT IN PRISON, on another money related charge. I hope he rots there. These are Turkish Cypriots and Turkish victims and I think with no Contract registered so they will walk away with nothing.



I will try to find the link and put it on here.



pollymarples


Joined: 08/08/2010
Posts: 1778

Message Posted:
09/11/2011 07:06

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Message 34 of 68 in Discussion

http://northcyprusfreepress.com/2011/10/06/baris-apartments-trnc-court-case-yet-again-the-guilty-get-away-with-deliberate-fraud/



next hearing for my friends case is 16th Nov,



pollymarples


Joined: 08/08/2010
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Message Posted:
09/11/2011 07:11

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Message 35 of 68 in Discussion

What makes Tutuska case pretty unique s there is one man who was double sold to who has the of title of an apartment (shared KOcan) but does not have the apartment, it is the apratment my friends's mum lives in. Confused. yes me too.



Tutuska is a walking disaster, they should keep him in jail.



wynyardman



Joined: 15/12/2007
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Message Posted:
09/11/2011 09:08

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Message 36 of 68 in Discussion

pollymarples,



Thank you for your information. Interesting times eh!



So much grief for innocent people. Shameful.



wyn



pollymarples


Joined: 08/08/2010
Posts: 1778

Message Posted:
09/11/2011 09:24

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Message 37 of 68 in Discussion

I have just finished an article and sent it to NCFP. The Roc have abolished transfer fees on new properties and reduced tansfer fees to 50% on other property transactions to try to boost the property market. No racism, it applies to all human beings.



As you say Wyn, interesting times.



Texas


Joined: 22/09/2009
Posts: 634

Message Posted:
09/11/2011 09:26

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Message 38 of 68 in Discussion

Back to the subject.



Any estimates as to how much extra revenue will be raised? The Government must have sat down and calculated this! Asked experts, consulted International economists, etc.



Then deduct what they will lose. For example a few less sales being transferred. Therefore a big windfall for the revenue!



Then ignore the fact that they will upset a group of foreigners and hey presto, they can pay the pensions for another month.



What happens next month? A tax on painted houses? A tax on cars with glass windscreens? How about a tax if the sun comes out. All of course on those without citizenship.



I await Yorgozlu's promising news. Will it be citizenship, or abandonment of P2P?



PS. How many fortunate Yabanci's are in a position (financially and technically (P2P granted, builder alive and willing to pay his share, final approval and parcelisation granted, pavements completed, etc, etc, etc, etc, etc, etc, etc)) to transfer title?



pollymarples


Joined: 08/08/2010
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Message Posted:
09/11/2011 09:35

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Message 39 of 68 in Discussion

Title can now be granted on individual plots, whether the house in finished or not under the new 2010 law/

Of course not a lot of use if no PTP, or mortgage, memorandum on the plot/site.



pollymarples


Joined: 08/08/2010
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Message Posted:
09/11/2011 10:11

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Message 40 of 68 in Discussion

http://northcyprusfreepress.com/2011/11/09/the-roc-shows-the-trnc-how-to-boost-the-cyprus-property-market/



Molly


Joined: 30/08/2008
Posts: 299

Message Posted:
09/11/2011 11:08

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Message 41 of 68 in Discussion

Msg 28 - yes. When the charge is registered at the DLO it should be accompanied by an Agreement for Additional Conditions in which it is made clear the TC is only the Trustee and the Purchaser is the "Owner" etc.





Msg 39 - only if the plots have been separated/parcelised otherwise still only a shared title deed. In the current climate a share is still better than nothing.



There are so many simple solutions but only if you have the will and integrity.



BIllie Boo


Joined: 21/09/2008
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Message Posted:
09/11/2011 13:25

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Message 42 of 68 in Discussion

So, have we clarified whether there has been any attempts to auction sites where the purchasers had registered their properties prior to a mortgage or charge being placed on the site ?

And, if so, what happened to the proceeds ?



judyr


Joined: 07/07/2009
Posts: 956

Message Posted:
09/11/2011 16:16

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Message 43 of 68 in Discussion

Does anyone think that there may be a chance of the 3% discount in the transfer tax being reintroduced? Has anything like this been brought in before and then reversed?



wanderer


Joined: 05/02/2009
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Message Posted:
09/11/2011 16:40

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Message 44 of 68 in Discussion

During 2009 from the early part of the year the 3% was halved until the year end then back to 3%at the start of 2010

My vendor would not complete until 2010 and then charged me his stopaj

A bird in the hand comes to mind Also a former judge was quoted by the HhBPG as saying whatever it cost get your kojan



kaiserphil


Joined: 14/12/2008
Posts: 1096

Message Posted:
09/11/2011 16:50

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Message 45 of 68 in Discussion

Yes Judy, a few years ago KDV was increased from 5% to 15% out of the blue.

It eventually reverted to 5%, supposedly after protest by people such as Agents and Developers/builders.



pollymarples


Joined: 08/08/2010
Posts: 1778

Message Posted:
09/11/2011 17:06

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Message 46 of 68 in Discussion

Molly I do know of an instance where the Contract was registered and then the British person at the same time put a mortgage /charge on the land for an additional amount, with the vendors agreement ( ie purchaser said the sale would not go ahead without it) but nevertheless it is in place to doubly secures the buyers position whilst waiting for PTP This was December 2009 and the buyer is still waiting for PTP but not so anxiously.



judyr


Joined: 07/07/2009
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Message Posted:
09/11/2011 17:12

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Message 47 of 68 in Discussion

So..... there is a chance that it may reduce again? My property is a resale and the Kocan already exists both with the land and the house on the deed, albeit in the owners name, so presumable not such of a risk if I decide to wait?



pollymarples


Joined: 08/08/2010
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Message Posted:
09/11/2011 17:17

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Message 48 of 68 in Discussion

Molly I am not a legal expert but whilst talking to someone who is, I was told the new Irtifa Kocan (2010) could be given to one plot on a site even if the rest ddi not want to take title on a shared Kocan and the villa need not be completed either as long as all parties were willing and the purchaser had the PTP, is this untrue?



judyr


Joined: 07/07/2009
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Message Posted:
09/11/2011 17:27

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Message 49 of 68 in Discussion

re my message 47. What does it actually mean if I delay taking title. If the Kocan already has the house and land on it and is in my vendors name and I have a contract confirming this, am I safe to wait?



wanderer


Joined: 05/02/2009
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Message Posted:
09/11/2011 17:38

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Message 50 of 68 in Discussion

If your vendor has debt and someone gets a second charge on the property you are in they can force a sale .

Also the vendor or their heirs if the vendor dies may not be as willing to do the transfer in a years time



pollymarples


Joined: 08/08/2010
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Message Posted:
09/11/2011 18:32

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Message 51 of 68 in Discussion

judyr If I were in your position I would bite the bullet and transfer asap, but you do risk overpaying if in the future the fee comes down, it is a personal decision and you are the only one that can make it. Sorry if I stating the obvious. Everything wanderer says is fact, you would be taking a risk.



Whether it has happened before or not is irrelevent, there is always a first time ask K5.



judyr


Joined: 07/07/2009
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Message Posted:
09/11/2011 18:59

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Message 52 of 68 in Discussion

So in reality anyone can be at risk in the time it takes from contract to PTP, up to 3 years in some cases, is that correct?

The irony of all this was that all the paperwork was ready in June with the tax calculated @3% but we had to wait until the solicitor had contacted the vendor concerning the stopaj tax - the land has trees! It is this delay that has resulted in the 6% now being due from us because this situation was not resolved until mid-October, literally at the time the new tax was introduced. If the issue with the stopaj had been resolved just a few weeks sooner then we would have only paid the 3% and that is what hurts. It was beyond our control. Not only is it a huge additional sum to have to find and it will take some time to save it. I can only hope that in the interim that the government has a change of heart!



wanderer


Joined: 05/02/2009
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Message Posted:
09/11/2011 19:04

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Message 53 of 68 in Discussion

judyr

friends & wife had strong words with me to do the deal as I was for digging in over the stopag

They pointed out its still on the vendor on the day for him to agree the transfer and if he dies there is probate for how long and hope his heirs are solvent and willing to do a transfer without a payment

Look on the positive side the taxes are worked out at the exchange rate of when the contract was signed stamped so probably 2.20 to 2.4 tl to the

At the moment you are getting 2.80 + to the a saving good luck



BIllie Boo


Joined: 21/09/2008
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Message Posted:
10/11/2011 10:50

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Message 54 of 68 in Discussion

Yes, the time lag between exchanging contracts and getting the title deeds transferred into your own name is scary. As has been said, the Vendor holds the deeds in his name until the purchaser has PTP. Vendors do die, and then his/her heirs may not be eager to transfer deeds to a purchaser. You are still not safe if the Vendor is a TRNC company as companies can cease trading or go bankrupt. Registration of the contract within 21 days at 0.5% is a good investment, but is not a cast iron guarantee.



gallowgate


Joined: 08/06/2009
Posts: 164

Message Posted:
10/11/2011 11:01

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Message 55 of 68 in Discussion

Judyr

We were in the same position as you but decided to pay the 6% and at least we now have peace of mind. It is a big shock to pay the extra but we do feel so much better knowing that the place is ours now. It did occur to us to wait and see what happens but as the builder had paid his taxes we decided to go for it. In saying that you do not actually receive the Kocan at this stage, you are given a receipt for the transfer tax, it can take several months (so we are told) before the Kocan is amended.



stellasstar1



Joined: 02/07/2008
Posts: 1519

Message Posted:
10/11/2011 11:09

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Message 56 of 68 in Discussion

Re message 53, unfortunately, the rule about the rate used changed a while ago, and is now the current days rate when you go into to pay your KDV ana Purchase Tax, not the rate when the contract was taken out. They also use the current value of the property, not what is necessarily on your contract. I know this is correct, as I have just done mine and questioned the solicitor about it, although I have to say I did know this was changed a couple of years ago.



dvdjohn


Joined: 27/10/2011
Posts: 128

Message Posted:
10/11/2011 11:22

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Message 57 of 68 in Discussion

As stated before, the 6% was reduced to 3% to encourage people to pay there taxes, this included Turkish Cypriots.



Most expats are quite willing to pay as soon as they can to receive there kocan, but on the other hand Turkish Cypriots don't pay there taxes if it can be helped or electric ect.



It seems as the expats are now paying and the Turkish Cypriots are still waiting their time the Government has kept the tax at 3% to try and encourage the locals to pay up.



This has been done by the Government before giving a thought to the out cry that will and has happened.



Just another Wednesday meeting of ministers finding something to change.



Watch out for the local FA as the goal post could move.



pollymarples


Joined: 08/08/2010
Posts: 1778

Message Posted:
10/11/2011 11:25

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Message 58 of 68 in Discussion

In that case we should all be paying tax on less than the Contract price since values have fallen. Bet you don't though. Not to mention that if PTP's were not so protracted, the difference between the Contract pirce and the market price would not have changed.



BIllie Boo


Joined: 21/09/2008
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Message Posted:
10/11/2011 13:00

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Message 59 of 68 in Discussion

Judyr

Even though you may pay or have paid the Transfer Fee at the new value of 6%, the deed will not be issued until all the taxes have been cleared, and this includes the Stopaj tax which the builder normally pays.



cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
10/11/2011 13:55

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Message 60 of 68 in Discussion

Judyr gallowgate msg55 offers wise words when he says bite the bullet because who knows what the powers that be will do next? They may revert it back to 3% or they may increase it to 9%!



He is also correct in stating that at the time of transfer the land registry issue you with a official receipt as proof of transfer until such time you receive your kocan.



Billie Boo msg59 the land registry will not transfer title until all taxes have been paid, including the stopaj tax.



Molly


Joined: 30/08/2008
Posts: 299

Message Posted:
10/11/2011 16:46

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Message 61 of 68 in Discussion

PM - msg 48



I understand your point but no Vendor will transfer title deeds unless the whole amount has been paid and who in their right mind would pay up front for a property that has not been completed. That amendment was a waste of time for foreigners but I think we are all getting the message loud and clear!



pollymarples


Joined: 08/08/2010
Posts: 1778

Message Posted:
10/11/2011 17:58

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Message 62 of 68 in Discussion

Sad to say Molly, I know some people who have done just that, but still have no title deeds.



BIllie Boo


Joined: 21/09/2008
Posts: 25

Message Posted:
12/11/2011 23:12

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Message 63 of 68 in Discussion

re Msg 48

What is a Irtifa Kocan ?

Is it a shared title deed ?

The 'standard' title deed is for a house and the land it stands on, and surely this is the type of title deed which is the most valuable to have ?



BIllie Boo


Joined: 21/09/2008
Posts: 25

Message Posted:
14/11/2011 14:52

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Message 64 of 68 in Discussion

Hi folks - any comments on msg63 please ?



judyr


Joined: 07/07/2009
Posts: 956

Message Posted:
23/11/2011 09:56

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Message 65 of 68 in Discussion

Any further updates on whether the 6% is going to be reviewed after all the opposition?



gallowgate


Joined: 08/06/2009
Posts: 164

Message Posted:
23/11/2011 11:26

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Message 66 of 68 in Discussion

JudyR I think its most unlikely that any changes will be made in the short term. Guess you have to just either take the plunge and pay it or run the risk of not having your Kocan. There are many purchasers who would love to be in the position of paying an extra 3% to obtain their Kocan.



judyr


Joined: 07/07/2009
Posts: 956

Message Posted:
23/11/2011 11:50

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Message 67 of 68 in Discussion

Problem is I don't have the extra 5k at the moment but the Kocan already exists with a UK citizen as deeds holder.



joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
23/11/2011 16:23

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Message 68 of 68 in Discussion

judyr my friend has been told today that all the advocates are meeting this month to discuss the issue so things may change. Their advice to her was to wait and see what happens. She paid her advocate for the tax earlier this year but the vendor required power of attorney so it got held up.



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