Cyprus-Forum.com

[cyprusgrump]

I’m sorry,

You may be new to the forum but this is surely just common sense?

If you were buying a house anywhere you would hire your own lawyer that would look after your interests, not those of the seller.

[Svetlana]

Hi Julio

If you buy a property without Title Deeds, should you later decide to sell it, the developer - if he still holds the Title Deeds - can charge you a fee of thousands of pounds to cancel your Contract with him. A good contract will 'cap' (put a maximum) of, say, £500 on this fee (Cancellation Fee).

Please pm me if you need more advice.

Lana

[Julio]

Maybe,
but I recently bough my house in England and tried to look for and independent sollicitor at the beginning. (All of them wanted to do a lot of nonsense like try to make an agreement between the parts and evertything that I have already done. Telling them that that was unnecessary wasn't enough for them. They also wanted an average of 300 pounds just to initialize procedures and to send me a lot of paperwork to be done)

What I did was to use the sollicitor of the other part just because he already knew the other part and could easily constate that we were in good terms and we have already agreed a price and I didn't wanted more surveys etc.

All I wanted was to buy the house. Well, that logique paid very well.
After one visit and a phone call, the house was mine and the sollicitor, one of the most expensive in London, as I was adviced before hand, just charged me 400 pounds. He took charge of transferring the deeds and every thing in a record time.

I think it is not negative for the sollicitor to know the vendor as much as possible. It could help a lot in reducing expenses. All that is necessary is to elaborate a proper and fair contract.

As I said, I am waiting for his draft but I am pretty confident that is it going to be a huge one containing every point needed from both sides.

I will take the risk and wait to see was he is offering first.
The property is leasehold property and not many sollicitors are familiar neither with this kind of transaction in Cyprus.

Anyway. all your advice is very wellcome and I am not going to disregard it at all. Just the opposite I will check every little step of the process just because I have too and that Cyprus is not a country I am familiar with yet.

Please, don't look at me as a fool just because I'm doing things in a non expected way.

[Julio]

Thanks a lot Svetlana, I just type my other message at the same time of yours.

And as you can see, the buying is leasehold so I will not have right to hold the title deeds. Is this cancellation still something to take care of?

Regards

[Svetlana]

Hi Julio

I was not aware there was leasehold property in Cyprus, apart from the Coral Bay area.

So Title Deeds are not relevant. You will just need to check:

Ground Rent
The duration of the Lease
Your Rights regarding renewal of the Lease.

Lana

[Julio]

Well, there is although is something not very common.

Here is what the law have to say about it. I must say I just found this page today even if I was looking for it for a long time but maybe in the wrong direction.

http://www.moi.gov.cy/moi/citizenschart ... enDocument

Thanks again, I am in debt with you Svetlana (and for the credit, to everyone who has answered in this thread)

[Kikapu]

Julio,

If you were getting a divorce from your wife, would you use her lawyer to represent you at the same time representing her. Some things should be logical, don't you think !!!

[Julio]

Buying a house is not a divorce and it doesn´t imply conflict of interest between buyer and vendor.

It could be advisable to have a complete independent sollicitor than a shared one but certainly it is not definite.

I suppose you are right but it maybe too late. He has power of attorney and I am 5000 Km ahead.

Gloup!

[andri_cy]

Buying a house is not a divorce and it doesn´t imply conflict of interest between buyer and vendor.

It could be advisable to have a complete independent sollicitor than a shared one but certainly it is not definite.

I suppose you are right but it maybe too late. He has power of attorney and I am 5000 Km ahead.

Gloup!

Well there certainly isnt a point in doing it and then asking us if it is ok. Especially if you make is sound like you are buying and then telling us you are long terming leasing. Buer and vendor do have conflict of interest and yes it is like a divorce. If you're divorce is amicable you could in technical temrs use the same lawyer, that doesnt mean it is the right OR the smart thing to do.

[cyprusgrump]

I suppose you are right but it maybe too late. He has power of attorney and I am 5000 Km ahead.