There are many reasons why people choose to buy property in North Cyprus. Whether they are drawn by the glorious year-round sunshine, the stunning beaches, the historic surroundings or the warm and welcoming residents, North Cyprus has something for everyone. Added to this is the fact that not only does the vast majority of the local population speak English, but many of the legal documents are also in English, which makes the entire buying process considerably easier.
make a deposit
After buyers have chosen a property, whether as a private residence or as an investment property, the first stage is to ensure that it is taken off the market with a deposit. For buyers already in North Cyprus, credit card or cash payments are accepted, but for buyers arranging deposit from the UK, a bank transfer is the best way to pay. Buyers should expect to pay approximately 10 percent of the property’s total price on deposit before obtaining their purchase permit.
get a lawyer
A purchase permit is a must for anyone involved in buying property in North Cyprus who is not a citizen of the country. The purchase permit process can take up to a year, and for peace of mind and to make the process easier, most people choose to hire a local attorney to help them.
When choosing a lawyer, many people prefer one who is fluent in English, and fortunately, these professionals are not hard to find. The attorney will then provide help and support throughout the procedure, and many people choose to give them power of attorney to process the details of the sale when they themselves are not in the country.
Contract
When the contract arrives, it should be thoroughly checked before signing, otherwise buyers can sometimes experience problems later on. The solicitor will help by offering advice and going over the essentials including payment dates, property details, specifications and title deeds, and once this is done the sale can begin.
Final payment
Once permission to purchase has been received, final payment for the property can be made. Buyers can pay for this by cash, credit card or money transfer, but as soon as this has been confirmed the title deeds need to be signed in the buyers name. This is the final stage of the process, and all that is left to do after this is to move into the property.
Mortgage Matters
People who want to buy property in North Cyprus should be aware of mortgage related issues before starting the buying process. It should be made clear that UK banks will not provide clients with a mortgage for a property in North Cyprus and as such it will often be necessary to seek other means.
The most popular route for most UK buyers is to re-mortgage their current property and use the equity to purchase the new property. This ensures a certain degree of protection for buyers as their mortgage is protected by UK law.
However, for buyers where this is not a possibility, it is sometimes possible to obtain 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 be careful and check the details thoroughly before signing such an agreement.
A note on topography
As with any property, it is essential that potential buyers have the property inspected by a professional before signing any contract or paying a deposit. Even new buildings can reveal problems, and you should never take it for granted that all will be well.
Fortunately, it’s not difficult to get in touch with a surveyor when buying property in North Cyprus, and they can do their job and inform clients of any updates while they’re still in the UK. In addition to this, many surveyors can also act as development supervisors if you are in the construction stage, offering clients even more peace of mind.