If you're thinking of buying property, Cyprus has a lot to offer. Of course the wonderful climate is one of the first aspects that people think about, but there is also the mellow way of life, the warm sea to swim in, the healthy foods, the rustic landscape and the welcoming people.
Regular flights from all UK airports to Cyprus makes this an ideal place for property investment as you can just hop on a plane and be there in no time at all. You won't be surprised to hear that Cyprus offers the same mod cons that you would have in your own home and best of all is that you can keep up with all your favourite tv programmes on Sky TV.
The advantage of buying a property in Cyprus is that you will can use it as a holiday home too as well as being able to let it out for extra rental income over the long mild period, which is about 10 months of the year. Imagine it, you get free holidays, pay the mortgage and money left over after all outgoings are taken into account.
Loans and Mortgages - You will find the local banks very welcoming in Cyprus if you are looking to invest in buying a property on the island. The banks will often finance the new build developments in the area you are looking at, so try and get your mortgage from the same bank that is also financing the new development property that you are interested in.
If you don't decide on the same bank then you will have to pay an extra bank guarantee fee on a yearly basis up until the final title deeds are signed. The payment is based on the property value and can be between 1.5% to 1.8% of the property value.
Legal Procedures When Buying Property - Cyprus has the advantage in that everything is in English and that also goes for the acting legal system, so it's all rather British in that sense. The onus of protection is on the purchaser in Cyprus and as soon as the sales contract has been signed and sealed and the deposit has been paid, the Cyprus Land Registry puts into place an easy and effective legal instrument which is called 'Specific Performance'.
This procedure protects the purchaser's ownership rights until the title deeds are issued in their name. The contract cannot be withdrawn by anyone and therefore the property cannot be mortgaged, leased, sold or transferred. This status can only be changed by the purchaser.
When deciding on purchasing a new build villa in Cyprus, you will need to get important advice from an English speaking Solicitor. Just check that they are not involved in any way with the building project that you are interested in and you can expect to pay them fees totaling about 1% of the property value. - 15224
Regular flights from all UK airports to Cyprus makes this an ideal place for property investment as you can just hop on a plane and be there in no time at all. You won't be surprised to hear that Cyprus offers the same mod cons that you would have in your own home and best of all is that you can keep up with all your favourite tv programmes on Sky TV.
The advantage of buying a property in Cyprus is that you will can use it as a holiday home too as well as being able to let it out for extra rental income over the long mild period, which is about 10 months of the year. Imagine it, you get free holidays, pay the mortgage and money left over after all outgoings are taken into account.
Loans and Mortgages - You will find the local banks very welcoming in Cyprus if you are looking to invest in buying a property on the island. The banks will often finance the new build developments in the area you are looking at, so try and get your mortgage from the same bank that is also financing the new development property that you are interested in.
If you don't decide on the same bank then you will have to pay an extra bank guarantee fee on a yearly basis up until the final title deeds are signed. The payment is based on the property value and can be between 1.5% to 1.8% of the property value.
Legal Procedures When Buying Property - Cyprus has the advantage in that everything is in English and that also goes for the acting legal system, so it's all rather British in that sense. The onus of protection is on the purchaser in Cyprus and as soon as the sales contract has been signed and sealed and the deposit has been paid, the Cyprus Land Registry puts into place an easy and effective legal instrument which is called 'Specific Performance'.
This procedure protects the purchaser's ownership rights until the title deeds are issued in their name. The contract cannot be withdrawn by anyone and therefore the property cannot be mortgaged, leased, sold or transferred. This status can only be changed by the purchaser.
When deciding on purchasing a new build villa in Cyprus, you will need to get important advice from an English speaking Solicitor. Just check that they are not involved in any way with the building project that you are interested in and you can expect to pay them fees totaling about 1% of the property value. - 15224
About the Author:
Discover these Cyprus Property Tips produced by the renowned Tim Martins and check out his Cyprus Travel Blog
