Before The" Craze" Of Village Cottages Started, There Were Some Real Bargains For This Nature Of Property

Category: Finance.

There is an increasing tendency by the local and the foreign market( in particular the British market) to acquire old village houses which are subsequently improved/ converted into modern residences. Nowadays cottages of character and colour are relatively expensive and they may amount, together with the repair improvement bills, in excess of what a new villa of the same size would cost. 3 Firstly, a preliminary contract is signed.

Before the" craze" of village cottages started, there were some real bargains for this nature of property. This binds both the vendor and the purchase to buy and sell the property on terms and conditions that have been mutually agreed. At this stage, a deposit is lodged with a Lawyer or a Notary. This is subject to the purchaser being able to receive good title to the property and obtaining the necessary permits from the Cypriot government. The purchases lawyer will now carry out the searches at the District Land Registry to ensure that the vendor of the property is indeed, the owner and ensures that the purchaser obtains good title to the property. Therefore, the purchase process generally follows that of the United Kingdom but with differences. Cyprus is registered on a land registry, similar to that on the United Kingdom.

Use a Solicitor! !! Usually, the ancient monument area is marked as AM on the Lands and Surveys plans but the non inclusion of the letters AM. does not guarantee that the plot is free from this kind of restrictions. It cannot be emphasised too strongly that anyone planning to buy land or property in Cyprus must take expert, independent legal advice. If, therefore, you see on inspection ancient monuments close to the land you intend to buy or if you see your prospective acquisition being marked with AM. or that land close to it is so marked, then check the whole matter with the Antiquities Department. This advice is specially useful to the foreign purchaser who has to encounter the problem of different laws and local attitudes. With the increasing complexity of the property market and the constant introduction of new concepts and measures new for the island( although not so in the European countries) it is advisable that the potential purchaser seeks professional advice prior to concluding a deal in order for hardships and disappointments to be avoided.

For this reason this firm has prepared the following tips which may be useful to the local property purchaser.

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