Cyprus Mail
Property

Property Questions

Should I pay ‘extra’ charge for deeds?

At long last our titles are being issued. We bought an apartment in a project where the units were sold at similar prices around €150,000. Yet now we went for transfer, the Lands Offices are charging us on €190,000. We are told that we can object and provide a duly reasoned valuation by a qualified valuer and the Lands Office will examine it.

What shall we do? Shall we go down the objection route?

Maria Kappa

 

This happens quite often. In this case you will be charged around €1,600. You have to compare this added cost to what it will cost you in terms of valuation fees (say €350/€400) and if you end up in court the legal fees. It is up to you to see if it is worth it, but I do appreciate your predicament since it happened to me and I opted to pay the unreasonable extra charge having waited for my own title issue for eight years. I had not the stamina and patience to dispute this extra charge, notwithstanding that I was 100% correct.

Regards,

AP Loizou

 

 

I understand that VAT will be introduced on 2/1/2018 which includes rentals for business purposes. Will this apply to residential rentals as well?

Joe Khan

 

This new law is most confusing and in the profession we are asking each other what has really charged. We are waiting for regulations and clarifications from the VAT department so the picture is still not 100% clear. Residential rentals are not included in the VAT category since is not a business. However students halls, villas to let etc where business is carried out will there be VAT charged? If this is the case and with the tenants not been able to claim it back, you appreciated the rental increase and a consequential overpricing of the “rents”. We will have to wait and see.

Regards,

AP Loizou

At long last our titles are being issued. We bought an apartment in a project where the units were sold at similar prices around €150,000. Yet now we went for transfer, the Lands Offices are charging us on €190,000. We are told that we can object and provide a duly reasoned valuation by a qualified valuer and the Lands Office will examine it.

What shall we do? Shall we go down the objection route?

Maria Kappa

 

This happens quite often. In this case you will be charged around €1,600. You have to compare this added cost to what it will cost you in terms of valuation fees (say €350/€400) and if you end up in court the legal fees. It is up to you to see if it is worth it, but I do appreciate your predicament since it happened to me and I opted to pay the unreasonable extra charge having waited for my own title issue for eight years. I had not the stamina and patience to dispute this extra charge, notwithstanding that I was 100% correct.

Regards,

AP Loizou

 

I understand that VAT will be introduced on 2/1/2018 which includes rentals for business purposes. Will this apply to residential rentals as well?

Joe Khan

This new law is most confusing and in the profession we are asking each other what has really charged. We are waiting for regulations and clarifications from the VAT department so the picture is still not 100% clear. Residential rentals are not included in the VAT category since is not a business. However students halls, villas to let etc where business is carried out will there be VAT charged? If this is the case and with the tenants not been able to claim it back, you appreciated the rental increase and a consequential overpricing of the “rents”. We will have to wait and see.

Regards,

AP Loizou



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