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Bowman


Joined: 02/05/2007
Posts: 256

Message Posted:
22/02/2008 11:11

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Message 1 of 64 in Discussion

Great news.... I have just been advised by my Estate Agent that the tax office has decided to charge 0.5% stamp duty on ALL contracts. This means that if your contract was signed prior to this year, you still only pay 0.5% stamp duty, and not the 1.5% or 0.7% that has previously been mentioned!



simbas



Joined: 16/07/2007
Posts: 5943

Message Posted:
22/02/2008 11:23

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Message 2 of 64 in Discussion

hi bowman , now that is good news for a lorra lorra people , i'm sure they will appreciate the update

regards simbas



Milou


Joined: 15/10/2007
Posts: 425

Message Posted:
22/02/2008 11:40

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Message 3 of 64 in Discussion

Hi Bowman



Thanks for letting all of us know - wel done!!!



Regards



Dusterbruce


Joined: 03/08/2007
Posts: 1125

Message Posted:
22/02/2008 11:50

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Message 4 of 64 in Discussion

Thanks for that.

Given me more ammunition for when I see my lawyer next week



Bowman


Joined: 02/05/2007
Posts: 256

Message Posted:
22/02/2008 12:01

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Message 5 of 64 in Discussion

I believe that this was passed yesterday!!! I bet there will be some unhappy people who have already paid 1.5% or 0.07%!!!!!!!!



irishvixen


Joined: 25/05/2007
Posts: 63

Message Posted:
22/02/2008 12:21

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Message 6 of 64 in Discussion

Does anyone know if there is a time limit to register so that you can pay 0.5% stamp duty fee on old contracts.



TimothyCadman


Joined: 13/12/2007
Posts: 1040

Message Posted:
22/02/2008 12:28

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Message 7 of 64 in Discussion

Of course these rules only apply if you do not have a shared or parcilised kocan. If you do you have no need to worry.



Bowman


Joined: 02/05/2007
Posts: 256

Message Posted:
22/02/2008 12:39

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Message 8 of 64 in Discussion

Contracts are to be lodged by March 31st.



Kibris


Joined: 07/11/2007
Posts: 372

Message Posted:
22/02/2008 13:41

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Message 9 of 64 in Discussion

Which Estate agent actually said this? according to the HBPG which was last updated today (22nd) there is no change to the governments decision.



jemjem


Joined: 27/05/2007
Posts: 42

Message Posted:
22/02/2008 14:03

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Message 10 of 64 in Discussion

help!!! can anyone tell us if we need a ptp to register and pay our 0.05% , we brought in 2005 and gave power of attorney to naomi memmet but have just learnt from bhw about the police check (ptp) yesterday, which does'nt give us enough time to get this before we go out on march the 12th. We have emailed naomi to ask if she has done this but as always we have not recieved a reply. bob and julie block 3 apart 1



Tiggy


Joined: 25/07/2007
Posts: 1994

Message Posted:
22/02/2008 14:14

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Message 11 of 64 in Discussion

Hello all, me again.



Last May 2007 we signed our contract in London and were handed a copy, our London / NC based solicitor checked it over and after a couple of small amendments he was happy with it and that was that. (did not expect to have to do anymore till completion)



We then as requested sent all info to start of the permission request etc. If I can remember properly we were told that buying off plan NO stamp duty was payable as you have only bought the land. And that on completion of building a property a small amount may be due.



My question is.....Is this correct or do we have to register by March etc and pay the 0.5% if this is the case and for piece of mind of knowing nothing can happen to our plot, then I would gladly pay up in March. (hope this makes sense)



As usual looking forward to your help.



Many regards,



Patrick.



P.s. Could contact solicitor, but may feel foolish if nothing has to be done.

(silly eh)



spook


Joined: 23/01/2008
Posts: 244

Message Posted:
22/02/2008 14:24

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Message 12 of 64 in Discussion

New post by "Elco" most reliable source that he has confirmed with Farmagusta Land Reg Office that there is an amenesty to 31st March at 0.05%



Bowman


Joined: 02/05/2007
Posts: 256

Message Posted:
22/02/2008 14:44

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Message 13 of 64 in Discussion

Donaghy and Beyler are my Agents. I sent 1.5% to pay my stamp duty and was surprised and happy to get a call from Verda in their office this morning telling me that it had changed to 0.5%. Doesnt get more official than that!!!



Kibris


Joined: 07/11/2007
Posts: 372

Message Posted:
22/02/2008 17:21

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Message 14 of 64 in Discussion

Just found this on Unwins Website...they seem to have had confirmation...looks officila enough...woo hoo...saved me a few bob!!!



Stamping your contract at the Tax Office enables you to register your electricity and water metres in your name. What's more it enables you to lodge your contracts at the District Land Office as well. Under the new Estate Agent Law, lodging contracts at the DLO is to safeguard you against the Vendor. As you all know it takes approximately 2 years for all foreigners permissions to be granted and hence obtain title deeds to the property that was purchased. During this 2-year period the deeds remain in the Vendors name. Now when you register and lodge your contract at the DLO (old contracts have been given until the 1st April, 2008) it protects and safeguards you from the Vendor, restricting them (Vendor) in attempting to sell your property to a 3rd party or implementing a charge or impediment on the property in question.







The procedure to register your contract must be done in the following order:



Take a copy of your ORIGINAL contract together with a copy of your passports to the Tax Office. Here you will pay the stamp duty over your contract sales price. A pink colour receipt will be given upon payment.

Once you have carried out the above, ensure to take a photocopy of both your stamped original contract and your receipt. Once you have done this you will need to take your original contract to the DLO (Within 21 days from the Stamp Duty date).

When going to the DLO you are obliged to have the following documents with you: 2 Application Forms (which are in Turkish and can be obtained from the DLO, your agent or lawyer), 44.50YTL, if the Vendor is not a registered company the Vendors ID/Passport copy, if the Vendor is a registered company then the Vendors Company Documents, Purchasers ID/Passport copy (name(s) registered on the contract) and the Original contract that has been stamped at the Tax Office.

Most of the above documents can be obtained from either your agent or from your lawyer.

If you are unable to visit the TRNC to carry out the above, you must give authorization (meaning Power of Attorney) to your Estate Agent or to your lawyer or to a friend who resides in the TRNC . If you have already left either person authorization there is no need for another POA to be issued.



wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
22/02/2008 18:13

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Message 15 of 64 in Discussion

Hi All,



Great news Well done everyone!



Just booked flights out this morning 372. Who is going to pay this?



Estate Agent , Lawyer, Builder? They should have either paid it within I month of signing the contract. or at the very least advised that it should be done. Shameful! but good news all the same. I guess a few Efes to celebrate when we get there.



Wynyardman



Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
24/02/2008 17:49

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Message 16 of 64 in Discussion

Can somebody tell me what happens if you do not pay it ? what is the worst that can happen ?



jacko


Joined: 20/11/2007
Posts: 193

Message Posted:
25/02/2008 14:28

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Message 17 of 64 in Discussion

Hi



can anyone tell me if i can get 0.5% refunded on this stamp duty as only 2 weeks ago i paid my solicitor 1% as requested

jack0



McSteviet



Joined: 11/05/2007
Posts: 1089

Message Posted:
25/02/2008 14:59

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Message 18 of 64 in Discussion

Jacko,



First thing is to find out if your solicitor has actually received the money from you. These things(depending how you sent it) can take upto 2 weeks to get there.



Secondly. if he has got it, has he paid the stamp duty yet? i.e. do you have a receipt. If not, tell him not to pay 1%, only 0.5% and then get him to give you the balance back.



MC



kyrenia007


Joined: 19/08/2007
Posts: 88

Message Posted:
25/02/2008 15:08

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Message 19 of 64 in Discussion

Hi,



We too received an email alerting us to the change in law. From what our solicitor has said this 0.005% charge of the total sale price has nothing to do with stamp duty for us at this stage (we are buying off plan) but simply a legal fee to register the contract of sale with the DLO. For this the fee is 44 YTL and 250.00 of solicitors fees. Is this what everyone else is understanding to be the case?



larry f


Joined: 29/01/2008
Posts: 116

Message Posted:
25/02/2008 15:32

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Message 20 of 64 in Discussion

Hi all,

This is a paragraph taken from our contract signed November last year. We are buying off plan.



"The purchasers shall also pay 180 advorem registration and stampage charge of this sale contract to the Inland Revenue via Henry Charles Estate Agency who shall also be under a duty to register this sale contract at Girne Title Deed registry as per under law number 38/2007 section 21 and 22 respectively"



I would like to hear your opinions and understanding on this clause, has anyone else come across this in their contract?



thanks

Larry



jacko


Joined: 20/11/2007
Posts: 193

Message Posted:
25/02/2008 15:50

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Message 21 of 64 in Discussion

tthanks for responding unfortunately my solicitor received monies and has had my contract stamped to this effect i received email confirming this as proof i just cannot believe in a space of 2 weeks this has happened so obviously would like to get reimbursed if possible of some of the saving.



jmg171


Joined: 19/05/2007
Posts: 183

Message Posted:
25/02/2008 21:41

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Message 22 of 64 in Discussion

Its strange!!! how your agent knew in Nov 07 that your contract was to be registered at the land registery when stamp duty was paid.? our solicitor is trying to tell us and every other client it was not law until jan 2008 ?? to register contracts.

It seems to me that estate agents know more about property laws than the solicitors ?????



elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
25/02/2008 21:55

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Message 23 of 64 in Discussion

The law about the Registration of Estate Agents was passed in March 2007 and approved by the President in April 2007. So it was law as early as that but its application began on 2nd January 2008 for the new contracts and 8th January 2008 for the old contracts and were given 3 months to get them registered i.e. old contracts can be registered until 7th April 2008.



Advocates tend to deal with all sorts of cases including civil disputes, divorce and criminal cases. Hence it is impossible to keep up with all the changes until they have cause to examine a specific issue.



It is normal that Estate Agents should know more about developments in Estate AGency law, hunters about hunting laws and so on, nothing unusual about this.

ismet



jmg171


Joined: 19/05/2007
Posts: 183

Message Posted:
25/02/2008 22:50

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Message 24 of 64 in Discussion

Ismet,

Thank you for the info, but my issue is we signed our contracts March 2007 and paid our stamp duty at 5% and fee's 1250 for the service.

We paid the stamp duty so ....Our contract should have been registered BY LAW.

We now like alot of folk have to pay a further 350 plus 20 for a copy of contract showing stamp duty paid for electric meter.

I am sickend with the greed !!! Yes ! I agree the new law is to protect the purchaser but I dont not believe for one minute our solicitor did not know law 38/2007 .They all work with eachother at some point



elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
25/02/2008 22:58

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Message 25 of 64 in Discussion

Jim,

I am afraid you missed the whole point.First of all STamp duty 0.5% and not 5%, a typo I presume. Secondly, registration became possible with the new law and for old contracts it started on 8th January 2008 as I explained above. So how can you accuse your advocate (not solicitor) for not registering your contract when it was not possible for him/her to do so? What I do not approve is the greediness of the advocates for asking exorbitant fees for a few minutes work.

ismet



jmg171


Joined: 19/05/2007
Posts: 183

Message Posted:
25/02/2008 23:32

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Message 26 of 64 in Discussion

Yes Ismet a typo.

I dont understand why it was not possible before 2008.

It was possible to collect the stamp duty on a property not even built .



w26kay



Joined: 14/10/2007
Posts: 479

Message Posted:
26/02/2008 02:42

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Message 27 of 64 in Discussion

Hi, jmg171. I agree. I know of someone who was asked for his stamp duty up front in 2006 by his lawyer. He paid along with the lawyers fee, and now has discovered his contract is unstamped. One wonders what happened to the money paid and also the interest on the money paid two years ago? As per usual no response from the lawyer when quizzed about this.



Kay.



elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
26/02/2008 09:36

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Message 28 of 64 in Discussion

Jim,

Please read my last message again. The registration started on 2nd January 2008. This is the new law and this is the start date. So please don't ask why he could not register before this date because he could not.



Kay,

Oh dear dear, did the lawyer do that, I don't believe you

This is the perfect case to lodge a complaint with the Baro if you can prove it.

ismet



Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
26/02/2008 12:56

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Message 29 of 64 in Discussion

Hi Elco .

Please could you give advice on message 16 .



jmg171


Joined: 19/05/2007
Posts: 183

Message Posted:
26/02/2008 13:38

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Message 30 of 64 in Discussion

Well Ismet,

Sorry if I rattled your cage!!

You seem to know alot about property law ??

Like lots of people on this forum and other forums we are pretty hacked off with the way we have been treated by our advocate !!

Yes! I understand contracts were not lodged with the DLO because alot of folk decided to wait to pay stamp duty when their PTP was approved and some were told stamp duty may be abolished and took the risk.

For all the folk who paid their stamp duty on signing the dotted line those contracts should have been registered



elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
26/02/2008 13:53

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Message 31 of 64 in Discussion

Pipie asked

"Can somebody tell me what happens if you do not pay it ? what is the worst that can happen ? "

If you do not register you do not get the extra protection that this law is affording you. If you register the owner of the land cannot sell it to anybody else or borrow money and show it as security. Therefore the vendor will not be able to hold you to ransome and ask for more money. He may refuse to give you the title deeds but he cannot sell it to anyone wlse, so at worst its a stalemate and probably you are living in the house.

If you do not register he can sell it or mortgage it and your only option is to sue the owner for compensation and usually that is not much use because he may not leave anything in his name. He may have a veru posh car under him but on paper it may belong to his wife etc. So registration is very important and everybody should take advantage of it.

ismet



elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
26/02/2008 13:55

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Message 32 of 64 in Discussion

For more indepth analysis please see http://trncvillaowners.phpbb3now.com/index.php

You can read everything without even being a member but we welcome eerybody to be members and its all free.

ismet



Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
26/02/2008 17:14

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Message 33 of 64 in Discussion

Hi Elco .

As we have purchased on a complex does it still mean that every apartment would need to register ?



elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
26/02/2008 18:37

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Message 34 of 64 in Discussion

Yes, each separate contract has to be registered in order to afford protection for that particular flat.

ismet



Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
26/02/2008 19:25

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Message 35 of 64 in Discussion

So the apartment above me and the one below and me in the middle all have to be registered ''okay ''is this a little strange if this is to protect us from the vendor taking out furthur loans etc on the land surely just one registration one the ground floor is needed ? thanks again for reply Elco .



elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
26/02/2008 20:02

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Message 36 of 64 in Discussion

It is not strange at all. Suppose there are 8 flats being build and let us say yours is no. 6. So you will have 1/8th share of the total land and flat no.6. Thus if you register, no.6 cannot be sold to anybody else and also your share of the land cannot be mortgaged. So you are protgected and if nobody else has registered, the other flats i.e. nos 1,2,3,4,5,7 and 8 can be sold to others. Furthermore 7/8th of the land can be mortgaged. I hope this makes sense.

ismet



Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
27/02/2008 00:23

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Message 37 of 64 in Discussion

Thankyou Elco .

Now can you tell me if those that have registered how soon would they know if there purchase has been re morgaged by the vendor ?



elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
27/02/2008 11:23

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Message 38 of 64 in Discussion

When they apply for registration they will know straight away whether there is a mortgage on the land or not.

ismet



jokers2theright


Joined: 18/02/2008
Posts: 174

Message Posted:
27/02/2008 12:16

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Message 39 of 64 in Discussion

RECENT NEWS...

İts reported that the District Office want contracts translated into Turkish thus another issue is raised who is going to pay translation costs....does it mean the contract needs resigning by the original parties (what if the builder/landowner refuses to sign and what if he has done a disappearing act).



jokers2theright


Joined: 18/02/2008
Posts: 174

Message Posted:
27/02/2008 12:29

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Message 40 of 64 in Discussion

İ am reposting this because my question was drowned in the New Legislation issues and no reply came back.



Complicated question



Date of Contracts 2004.



Purchasers learnt (after paying all contract payments) that landowner had debts on the land.



Injunctions placed at Court 2006 by the purchasers to prevent any sale of the land by the landower without purchasers knowledge (due to outstanding debt by the landower to the builder)



Contracts were and still are without Stamp Duty paid thus no stamp



2008 Court Ordered sale of land by auction.



Purchasers have applied for Stay of Execution.



However will Court recognise our contracts without duty being paid and whatsmore will we be allowed to pay now that its in the Courts anyway.



elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
27/02/2008 14:17

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Message 41 of 64 in Discussion

Of course you can submit your contracts in court in evidence but they will have to be stamped. Indeed some years back it was only the courts which insisted on documents being stamped.



However, a mortgage on the land will have priority over everything else i.e. if the vendor does not pay his debt as stated in the mortgage, the land may be sold and the person or company or bank that put the mortgage will have the priority. Once that is satisfied, the remaining money from the proceeds of the sale will be shared by all the rest. It is a real mess and this is exactly the reason why the new legistlation has been brought in.

ismet



Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
27/02/2008 16:07

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Message 42 of 64 in Discussion

Can I get my title deed if I do not register my sales contract?



If sales agreements was signed before the 1 January 2008, you can receive your title deed even if the sales agreement was not registered.



Can I get my title deed if I do not register my sales contract?



If sales agreements was signed before the 1 January 2008, you can receive your title deed even if the sales agreement was not registered.



Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
27/02/2008 16:09

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Message 43 of 64 in Discussion

Just copied message 42 from a forum it was from HPG



elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
27/02/2008 20:15

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Message 44 of 64 in Discussion

Msg. no.42 says, quote

"If sales agreements was signed before the 1 January 2008, you can receive your title deed even if the sales agreement was not registered. "



I think this message is misleading. Whether you register or not it does not affect the validity of the contract. Registration only affords some security to the buyer, that's all. I have seen many misleading or downright wrong information on the internet and some e.mails sent out by advocates. I go by the laws and not by what others say. Sorry to be so blunt.

ismet



Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
27/02/2008 22:04

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Message 45 of 64 in Discussion

This is the latest from HPG Elco .



elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
27/02/2008 22:30

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Message 46 of 64 in Discussion

I don't blame you Pipie for that but unfortunately HBPG website have their share of wrong or misleading information. Unfortunately they simply pass on information from the government offices or some law offices without the means of checking their validity.

ismet



pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
28/02/2008 00:36

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Message 47 of 64 in Discussion

Registration Monday 'D day' wish me luck



elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
28/02/2008 00:40

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Message 48 of 64 in Discussion

Good luck Pilgrim, have you got your translation ready?

ismet



larry f


Joined: 29/01/2008
Posts: 116

Message Posted:
28/02/2008 00:40

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Message 49 of 64 in Discussion

Hi Ismet,



Perhaps you could give me some advice,

Im still very confused about the registration issue. Are the contracts that have to be registered before 7 April contracts on property that is already finished? We bought off plan in Nov.2007 and signed a contract at the same time. Do we need to register our contract now? In message 20 above I copied a paragraph from my contract which I think states that for a fee of 180 our estate agent Henry Charles is liable to register and stamp our contract. Our contract states that this should be done when all building is complete and all money is paid . Does this refer to stamp duty? when is this usually paid? I have written to our solicitor about this and he referred me back to the estate agents, I wrote to them and they said I should ask my solicitor,

Sorry to wreck your head about this again but you seem very knowledgeable on this subject.

Larry



lavendergirl


Joined: 21/02/2008
Posts: 13

Message Posted:
28/02/2008 10:34

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Message 50 of 64 in Discussion

Larry

You can register any contract now. The property doesn't have to be complete. If you register before 31/03/08 the stamp duty fee is 0.5% after this the usual late penalties will be incurred which will mean you will have to pay 1.5%. If you don't stamp it and register it at Land registry office before 07/04/08 you will not have the extra protection of being able to ensure your builder does not mortgage/remortgage the land or sell it to someone else. In any event you will have to pay stamp duty before you can receive your Kocans.



larry f


Joined: 29/01/2008
Posts: 116

Message Posted:
28/02/2008 11:02

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Message 51 of 64 in Discussion

Thank you lavendergirl,

That makes it much clearer.



tatlisu



Joined: 04/01/2008
Posts: 38

Message Posted:
28/02/2008 15:06

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Message 52 of 64 in Discussion

Merhaba Ismet

Can you please help. I bought off plan in 2005 and and took handover may 2007. I have now forwarded my stamp payment to solicitor at 0.5%.

I need to go to LR in Famagusta. I have never had a copy of my contract so have asked my solicitor to e mail to me.

Can I just try and asl anyone to translate into Turkish or must it be done through a solicitor?

Tesekkurler Gail



elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
28/02/2008 15:20

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Message 53 of 64 in Discussion

Merhaba Gail,

Anyone can translate it but I presume it must be up to a minimum standard. Then the translator must say something about it to be a true translation of the original and sign it and have his signature certified. If the translator is in TRNC, he can sign it in the presence of a "Certifying Officer" often wrongly advertised as Noters. If signed in UK it has to be certified by the TRNC rep in London. That is another story and costs 12 in fees.

ismet



tatlisu



Joined: 04/01/2008
Posts: 38

Message Posted:
28/02/2008 17:58

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Message 54 of 64 in Discussion

Thanks ismet

What I was hoping was, i receive e mail from solicitor with contract.... forward this to friend by e mail in Tutkey to translate.... Then e mail me back.

Will this not be possible?

Regards Gail



nomad


Joined: 24/03/2008
Posts: 2

Message Posted:
25/03/2008 17:47

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Message 55 of 64 in Discussion

Dear Ismet,

Lets say I have no reason to doubt my vendors word that he will transfer the title deed to my name (purchase was approved by the council of ministers late last year), then do I still need to go through the registration of my contract with the District Land Office and pay all the related stamp duty?



Gijs



pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
25/03/2008 19:04

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Message 56 of 64 in Discussion

Stamp duty no problem, registering nightmare, firstly needed translation, secondly original of contract not stamped, back to finance office, finally contract in name of builders not landowners, actually same people,but not apparent on contract, back to solicitor to get amended, trying to register again next week.

I'll need the holiday!



rtddci


Joined: 29/12/2007
Posts: 842

Message Posted:
25/03/2008 19:18

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Message 57 of 64 in Discussion

I'm dashing over to NC on Friday in order to pay the stamp duty whilst it's still .5% on the very last day Mon 31st March. I imagine it will be total bedlam. Anyone have any tips that will help me when I go to pay i.e where is the tax office, parking, time to go etc etc?

Thanks

Martin



elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
25/03/2008 21:24

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Message 58 of 64 in Discussion

msg.55

Nomad,

If you feel very secure with your vendor then no need to regiser however do stamp your contract now at 0.5%, otherwise it will be 0.7% until 12th July 2008 if your contract was dated 2004 or earlier and 1.5% after that. If your contract is after 2004, then you will have to pay 1.5% after 31st March 2008.

ismet



McSteviet



Joined: 11/05/2007
Posts: 1089

Message Posted:
25/03/2008 22:20

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Message 59 of 64 in Discussion

Rtddci,



You are cutting it fine. I don't know where the Stamp Duty office is, but I'm sure you will get the answer tonight.



But my advice, if it's the last day.........get there early, early. If you are told the office opens at 8-30am, then get there at 6-30am and wait.



Make sure you are first in the queue or very close.



We did the same thing with the registering of the contracts. Left if till the last day before we flew home and though we had plenty of time to travel into Girne.



We left the hotel at 7-15am but took us an hour from Lapta and of course we were way down the queue. 33 infact when they only were accepting 30 in any one day. If it wasn't for a very kind lady who helped us out greatly, then we would have missed the deadline... bigtime.



So take my advice and get there real early...



MC



rtddci


Joined: 29/12/2007
Posts: 842

Message Posted:
26/03/2008 00:49

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Message 60 of 64 in Discussion

MC

Thanks. Sounds like I should be taking a sleeping bag and camp out the night before!

Martin



nomad


Joined: 24/03/2008
Posts: 2

Message Posted:
27/03/2008 16:19

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Message 61 of 64 in Discussion

Ismet,



thanks for your advice, I have transferred money to my lawyer but no gaurantees his office will be able to do this before close of business on Friday. My contract is from 2004, but he still claims it will be 1.5% thereafter and not the 0.7% you mention. Are you sure about the 0.7%?



thanks again,

nomad



elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
27/03/2008 20:34

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Message 62 of 64 in Discussion

re. msg. 61

Nomad,

Absolutely certain and I have checked this with the Stamp Commisioner in Famagusta. According to law 36/2005, paragraph 5(2), only 20% of the penalties will be paid. Thus Stamp duty 0.5% + 20% of 1.0% makes a total of 0.7%

This law was passed on 11th July 2005 and also covered contracts ending 31st December 2004. According to parag 6(1) this amnesty was for the duration of one year. However according to parag. 6(3) it could be extended and indeed it was extended until further notice. I asked the Stamp Commisioner only last week if there has been any new announcement in this respect and he confirmed that no new announcement was made. Hence it should be valid after 31st March 2008 and the commisioner agreed with me. However parag. 14 states that the law ends three years after its publication date. So the last day should be 10th July 2008 and not 12th July as I stated previously.

I rest my case.

ismet



katyjane


Joined: 04/06/2007
Posts: 2

Message Posted:
01/07/2008 17:48

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Message 63 of 64 in Discussion

Dear Ismet



I would like to have your view on a point of law which my advocate seems unable or unwilling to clarify for me.



This regards the law which came into effect on 8 January 2008 and which stated that all taxes to be paid on a house purchase would be calculated on the contract price of the house, not on an a valuation undertaken by the Land Registry office.



This has now been overturned in our case by the Land Registry as they insist that taxes must be paid on the current value of the property. We were in the pipeline for permission to buy for about 4 years and only got that permission at the beginning of this year.



hcbc4


Joined: 15/07/2008
Posts: 1

Message Posted:
15/07/2008 23:59

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Message 64 of 64 in Discussion

Hi Ismet



My name is Hilary new member as of today.



We have bought a place in Bacheli and have had our contracts stamped but have been told that we pay the tax when we have our Title deeds in approx 18 months does this mean we will pay.5% of the price of our property. Also are we right in paying it when we have title deeds. Things do not seem to be very clear.



Hilary



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