B25 wrote:GreekIslandGirl wrote:Anyway, bit of a long shot - buying an apartment in Cyprus?
For example, is there the same system with 999 year leases in Cyprus as in the UK?
NoI know you would have to pay a management fee but what sort of regulation is there over these to avoid them being raised?
There is no regulation to management fees per se. It depends what you mean by management fee? If you mean someone to rent it out for you and manage it, cleans, welcome packs, etc, then that depends on the management company you use.
If you mean management as in the complex management for dealing with communal stuff, then each owner is liable for his share of the cost based upon the m2 of your apartment.
Again a complex committee can shop around for a company to do this at the best possible price.
Lastly, what if you wanted to rent out your flat or use it as a holiday let, would there be restrictions on that?
Well, the law states that to rent out your apartment you need a CTO licence, it is costly, time consuming and a complete waste of fkn time. No one obtains one, it is the norm in Cyprus for these kinds of BS rules that no one follows and is not enforced. You could say the same about Final Certificates, under the law you cannot occupy a building that has no FC, yet, all the properties being sold and been sold since 2004 have no such FC, well a great majority of them any way.
Recently reported, the Ministry of health occupies a building with no build permit never mind FC! Work that one out.Basically, are apartments effectively leaseholds owned by someone else?
No, if you have the title you are the absolute owner, there are no ground rents as such, just be careful you don't buy in a rent control area, get your lawyer to check this out.Thanks in advance
Hey, B25, thank you so much.
You've clarified everything. I've never been comfortable with the leasehold business here in the UK. Cyprus sounds more logical.
The 'management company' I was thinking of was those you pay to keep pools clean and the grounds tidy. I know rental agencies are a matter of choosing the right one and you can probably change them if they are no good - but those attached to an apartment are probably more long-standing and possibly problematic and you have to get this right before buying.
Anyway, I didn't know about rent control areas, so I owe you for pointing out that one. I'll check.
I don't want to hog you for free advice, but do you also know much about those gated communities? Do the villas continue to be owned by the property developers and is it them that you pay management fees for looking after the grounds? I saw a nice house near the sea (unusually cheap) but it is in a gated community with many similar ones. Again, I'm not sure if the developers continue to have a hold over you when you buy.
xx