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Discussion Starter · #3 · (Edited)
Its interesting how the government cut its income sources. But ofc they have a lot others.....
But there are a great number of people who have not bought their title deeds because they cannot afford them. A cut of 50% will see many more buying them. So in the long run the cut in income won't be as much as 50%.
What I do foresee is that these changes will encourage more people to buy property in the future so some of the problems which the real estate market has experienced will be lessened.:)
 

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An important and sensible step which should have been taken a long time ago. It should eliminate at a stroke the past incompetent behaviour of the banks and shift the burden from buyers who have been at the mercy of dubious if not downright illegal actions.

But why on earth could they not reduce the fees before we paid ours a couple of weeks ago?

:eek:hwell:

Pete
 

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An interesting article with some progressive news. However some clarification is required re the 50% reduction of title transfer charges.
Does it mean that all property transfers (i.e. including the thousands of outstanding title deeds) up to 31st Dec 2016 will receive the discount or, if you actually PAY your transfer charges prior to then you will get the reduction?

If it's the former, then what happens to the charges on transfers that occur after 31st Dec 2016 and if it's the latter what happens if the land registry has not processed your title deeds prior to the deadline (as is the current case)?

Richard
 

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Discussion Starter · #9 ·
An interesting article with some progressive news. However some clarification is required re the 50% reduction of title transfer charges.
Does it mean that all property transfers (i.e. including the thousands of outstanding title deeds) up to 31st Dec 2016 will receive the discount or, if you actually PAY your transfer charges prior to then you will get the reduction?

If it's the former, then what happens to the charges on transfers that occur after 31st Dec 2016 and if it's the latter what happens if the land registry has not processed your title deeds prior to the deadline (as is the current case)?

Richard
That's a good question Richard:)
However if you have an AX number you should have your deeds well before the deadline, as we also expect to have.:)

Veronica
 

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From an article in the Cyprus Mail yesterday I believe the promotion of this 50% reduction in Transfer fees will relate only to future purchasers of property. People like myself who have been waiting 8 years to receive title deeds and pay transfer fees are not of any interest to the government. The developers have already had my money. The government have at last realised that they need to offer incentives to get some investment into the country. With potential investors being warned about the title deed fiasco they are taking their money elsewhere where they can receive their title deeds at point of purchase or are coming to Cyprus but renting long term instead. Property developers, banks solicitors etc. are feeling the pinch now and are lobbying the government to find a solution which helps them. The government rather than solve the title deed problem have instead decided to offer perks but only limited to the 'rich foreign nationals'.

The problem remains the same, non issue of title deeds at point of purchase. I would never advise people to buy now in Cyprus without title deeds. My own experience of buying in Cyprus has influenced my whole view on Cyprus and if I had my time again I would have rented somewhere for a year to test the waters.

As it is I am caught up in this title deed problem. My developer has the title deeds for my property but because of a mortgage on the land taken out by developer prior to me buying, the bank has put a memo on the title deed and so I can't arrange a transfer until the memo is removed. I paid for my property in full and received a waiver letter from the bank at the time of taking over the property and paying final instalment saying my plot was mortgage free but that hasn't stopped the same bank putting the memo on all ten plots on my complex.

The answer is always contact your solicitor which is always an expensive solution to a problem not of my making.
 

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From an article in the Cyprus Mail yesterday I believe the promotion of this 50% reduction in Transfer fees will relate only to future purchasers of property.

Not sure where you got this information from as it didn't come across as such in the article I read posted by Veronica which states, "“To encourage property transactions, transfer fees on all property transactions will be slashed to 50 per cent until December 31, 2016"

Whilst it says nothing about excluding retrospective transfers it fails to make the situation clear. I think its best to wait for further details before assuming the worst.
 

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Discussion Starter · #12 ·
Tynecastle, if you read the article I posted at the top of this thread you will see that regardless of whether your developer owes money on the land, you can now get your title deeds if you have paid at least 80%. It is now up to the banks to recover any money owing from the developers or their guarantors.

Also if you get things into place now so that your deeds are ready before Dec 2016 and are paid for by then you will get the 50% discount.
 

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Tynecastle, if you read the article I posted at the top of this thread you will see that regardless of whether your developer owes money on the land, you can now get your title deeds if you have paid at least 80%. It is now up to the banks to recover any money owing from the developers or their guarantors.

Also if you get things into place now so that your deeds are ready before Dec 2016 and are paid for by then you will get the 50% discount.
Thanks for this clarification Veronica.

Tynecastle, the point is that transfer fees are paid to the government not the developer. You may have paid the full price (or not) to your developer and in the past could not get your deeds due to an outstanding mortgage on the land.
As this bill de links ownership of the property from the original mortgage thats an issue for the developer not you, in fact it lets you off the hook so very good news as you can now get your deeds regardless of the status of any outstanding mortgage.
It's also good news for the government as it will allow many past purchasers, such as yourself, to now get their deeds at the 50% discounted rate.

As such it's a win/win for you and the government. The losers appear to be the developers who will now have to settle directly with the banks regardless of what they have done with your money and not involve you at all.

Personally I find comfort in that the government is trying to sort the country out. If things are taking a long time don't blame the President, take a look at the opposition politicians, supported by the unions, who are doing all they can to block this sort of improvement which threatens their status quo.
 

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Tynecastle, if you read the article I posted at the top of this thread you will see that regardless of whether your developer owes money on the land, you can now get your title deeds if you have paid at least 80%. It is now up to the banks to recover any money owing from the developers or their guarantors.

Also if you get things into place now so that your deeds are ready before Dec 2016 and are paid for by then you will get the 50% discount.
I can't imagine that they will pay back already paid transfer fees, if that is what you mean. It will not in any way boost investments
 

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I can't imagine that they will pay back already paid transfer fees, if that is what you mean. It will not in any way boost investments
I don't for one minute think there will be any refund of transfer monies already paid, totally wishful thinking!
If you have paid for your deeds already then its tough but there you are. (Sorry Pete!)
 

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This article in the Cyprus mail is very good news for those who are struggling to get their title deeds.

Cabinet approves title deeds bill (updated) - Cyprus Mail Cyprus Mail

Also we have been reliably informed that a draft law has gone before parliament to cut the cost of transfer the deeds by 50%. Its expected to passed this week.:)
Hi, I am confused by the whole thing!! We have bought our house outright but as not all the houses on the development have been bought we can't get outr title dees. It makes you feel very vulnerable. The developer says that it is not an issue but it really is!!! Christine
 

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Hi, I am confused by the whole thing!! We have bought our house outright but as not all the houses on the development have been bought we can't get outr title dees. It makes you feel very vulnerable. The developer says that it is not an issue but it really is!!! Christine
That is how it has always been which suggests you may not have done enough research into the problems of title deeds before you bought.

If your developer does not sell all the houses the Land Registry cannot issue the deeds. It is a ridiculous situation and one which hopefully the Government should address and rectify.

Pete
 

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Discussion Starter · #19 ·
I can't imagine that they will pay back already paid transfer fees, if that is what you mean. It will not in any way boost investments
Anders I don't know where what I said could be construed as saying that people who have already paid will get 50% back. :confused::confused:
 
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