Expat Forum For People Moving Overseas And Living Abroad banner

1 - 9 of 9 Posts

·
Registered
Joined
·
84 Posts
Discussion Starter · #1 ·
Sorry to ask what may be obvious to many of you but....
We have purchased a villa, with title deeds, and all going through steadily. We are buying in joint names. If we include 2 of our children onto the contract/title, do we each get the percentage applied, thereby saving us on transfer fees? Thank you.
 

·
Registered
Joined
·
2,205 Posts
Not obvious at all. I would have thought the definitive answer would come from your solicitor who is handling the purchase.

Pete
 

·
Registered
Joined
·
84 Posts
Discussion Starter · #4 ·
Thank you

We have used the calculator and it appears we can save several thousand - particularly if they value it at original price - so we now need to book flights for the kids! Thank you for your responses.
 
G

·
We have used the calculator and it appears we can save several thousand - particularly if they value it at original price - so we now need to book flights for the kids! Thank you for your responses.
The downside can come later. Four owners perhaps not always keep together. Can seem easy in beginning but there are many, many examples on the opposite.

So think it through. Life is not only about money.

Anders
 

·
Registered
Joined
·
84 Posts
Discussion Starter · #6 ·
So true

That's very true Anders and where money is concerned it often has unexpected results. However, these are our children, we love and trust them, and if it all did go wrong they are very welcome to the house - they will get it eventually anyway!
Hopefully we, as well as them, will enjoy many happy times in Cyprus.
 

·
Registered
Joined
·
307 Posts
Interesting point but I tend to agree with Anders on this one.

I ran my own numbers through the calculator for both 2 and 4 persons for interest sake, the result was only a reduction of a couple of thousand (clearly depends on the value of your property).
Makes me think it's maybe worth spending the extra and keep to two names.

You never know what the future may bring and I personally think it's better to keep things as simple as you can. Also, Cyprus inheritance laws are quite different to the UK's too.

Best wishes with whatever you decide to do though.
 
G

·
Interesting point but I tend to agree with Anders on this one.

I ran my own numbers through the calculator for both 2 and 4 persons for interest sake, the result was only a reduction of a couple of thousand (clearly depends on the value of your property).
Makes me think it's maybe worth spending the extra and keep to two names.

You never know what the future may bring and I personally think it's better to keep things as simple as you can. Also, Cyprus inheritance laws are quite different to the UK's too.

Best wishes with whatever you decide to do though.
Its a very good and important point. Be aware of Cyprus inheritance rules!

Anders
 

·
Registered
Joined
·
84 Posts
Discussion Starter · #9 ·
Going ahead

I read with interest Anders link to IPT/transfer fees and have followed advice from here about our situation. Because we are so tight on time and the contract is being finalised tomorrow, with the 2 children added on, we are taking advantage of the situation ourselves. We are saving money - particularly if the original price is what we are being charged on - but this may have other implications. Unfortunately, we have very little time to check all this out and we do not wish to delay further. Foolish maybe but the flights are booked, contract signing date fixed and we are ready to go. Thank you for you comments, wish us luck - one day we will be permanent residents like all the happy people on here!:)
 
1 - 9 of 9 Posts
Top