June 15, 2024

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Purchasing Northern Cyprus Property – A Guide to the Key Stages

There are many reasons why people choose to buy a property in Northern Cyprus. Whether they are attracted by the glorious year-round sunshine, the stunning beaches, the historical setting or the warm and welcoming residents, Northern Cyprus has something to offer them all. Added to this is the fact that not only do the vast majority of the local people speak English, but many of the legal documents are also in English, making the whole buying process considerably easier.

Making a Deposit

After the buyers have chosen a property, either as a private residence or as an investment property, the first stage is to make sure that it is taken off the market by making a deposit. For buyers who are in Northern Cyprus already, credit card or cash payments are accepted, but for buyers arranging the deposit from the UK, a wire transfer is the best way to pay. Buyers should expect to pay approximately 10 per cent of the total price of the property when making the deposit, before going on to get their purchase permit.

Getting a Solicitor

A purchase permit is a necessity for anyone involved in buying Northern Cyprus property who is not a national of the country. The process of acquiring the purchase permit can take up to a year, and for peace of mind and to make the process easier, most people choose to hire a local solicitor to help them.

When choosing a solicitor, many people prefer one who is fluent in English, and luckily such professionals are not hard to find. The solicitor will then provide help and support throughout the whole procedure, and many people choose to grant them Power of Attorney in order to process details of the sale when they are not in the country themselves.

The Contract

When the contract arrives, this should be checked thoroughly before signing, as if not buyers can sometimes experience problems further down the line. The solicitor will help in offering advice and going over the essential points, including payment dates, the property details, the specifications and the title deeds, and once this is done then the sale can get moving.

Final Payment

Once the purchase permit has come through, the final payment can be made on the property. Buyers can pay this in cash, by credit card or by money transfer, but as soon as it has been confirmed the title deeds should be signed into the buyers name. This is the final stage in the process, and all there is left to do after this is move into the property.

Mortgage Issues

People who want to buy a property in Northern Cyprus should be aware of the mortgage issues involved before they start the buying process. It should be made clear that UK banks will not provide customers with a mortgage for a property in Northern Cyprus, and as such other means will often need to be sought.

The most popular route for most buyers from the UK is to re-mortgage their current property and use the equity to buy the new property. This guarantees a certain degree of protection for buyers as their mortgage is protected under UK law.

However, for buyers where this is not a possibility, it is sometimes possible to get hold of a mortgage from the actual developer. If this is a possibility, many developers offer long-term mortgages of up to 70% of the property price, but potential buyers are advised to tread carefully and to check any details thoroughly before signing up for such a deal.

A Note on Surveying

As with any property, it is essential that the potential buyers have the property professionally surveyed before signing any contracts or paying a deposit. Even new buildings can reveal problems, and it should never be taken for granted that everything will be OK.

Luckily, it is not difficult to get hold of a surveyor when buying Northern Cyprus property, and they are able to do their job and inform customers of any updates while they are still in the UK. On top of this, many surveyors can also act as overseers of the development if it is in the construction stage, offering customers yet more peace of mind.