Cyprus-Forum.com

[Anne]

Hi Bluejay

Yes I can see why you would prefer Pissouri for holidaying and letting out. We stayed in Pissouri Village when we first came here and it is lovely up in the hills, quite a way from the beach though. Like I said contact me if you need any further help finding a good agent, the one we used in Limassol was brilliant and has given us a lot of advice since we moved here, he also recommended a very good independent solicitor who we have used for our own business. Like I said if you need any further help you can email me on [email protected] Good Luck!

[nhowarth]

You're welcome Bluejay (isn't that a song by Elkie Brooks?)

One other thing is don't believe the marketing hype about buying off-plan and being able to double your investment when it's finished. Although that was he case a few years ago, the market is very flat at the moment - prices have risen by just 10.25% over the last 27 months.

And do not go into the market with a buy-to-let strategy. You will most probably find that rental yields are much lower than 'promised'.
A number of developers offer 'guaranteed rental income' for the first one or two years. Needless to say, the cost of this has been factored into the selling price. You'll be lucky if you get 2.5% ROI.

Regards,

[cyprusgrump]

I live in Pissouri - feel free to contact me.

[Bluejay]

Thanks to you all again for your input. I think we have settled on Limassol and the property we originally identified. At least my husband has come on board 100% so it takes the burden of responsibility from me as it was all my idea in the first place !

We can explore other areas over time.

I think what we next need to do is at least cross all "t"s and dot all "i"s on this purchase.

I think we've gone a little fast skipping out some essential parts of the process and now need to backtrack on the formalities to make sure we follow as much of the advice as we have now picked up.

[Bluejay]

To go back to the original thread - now that we've decided to go ahead with the Limassol property (earlier doubts put to bed or at least a pillow put over them so we can't hear them).

As I mentioned previously, we are buying a resale with no Title Deeds which means we can't get a Cyprus mortgage. We are raising the money by increasing the mortage on our home. I think this is scary not from the point of view of Deeds, but more what we are buying.

I did ask at the time if it was possible to raise a mortgage once the Deeds were through. I had understood Deeds were not available simply because such a short time had lapsed from the original sale from the Developer and that this was a question of time - maybe up to 1/2 years. I now read from other threads this could be many many years.

Is it possible for the solicitor to find out at this stage when they would be ready or must this remain a total unknown ?

If we were getting a mortgage would the company do a survey and their own valuation as in the UK. Without the mortgage company, how would we do this ourselves - to know we are buying a sound property as a fair value or whether there any existing snaggings (or worse).

How would we find out (before buying) who the original developer was to check his credentials ?

I have bought an ebook on buying Cyprus property - but haven't got it yet - so am not sure to what extent it will help those who've skipped ahead without following the early rules.

Any advice or contacts for reputable service providers much appreciated.

[Svetlana]

Hi Bluejay

Typically, you will wait 5-7 years for your Title Deeds, the larger the development, the longer the wait (generally). Your solicitor will not be much help about finding out how long you will have to wait. The developer will have a clearer idea.

If you get a Cpriot mortgage, they will do a valuation - which usually consists of a 5 minutes walk round your property and a finger in the air.


You can hire someone to do a valuation. You can hire someone to check out your property - but this may only be possible once you have taken possession.

Your vendor or your solicitor should know who the developer was - or just ask a neighbour.

Lana

[Bluejay]

Lana,
Thanks for that. Does that mean that we have no way of checking the property is not going to fall down or has any serious faults - scary if so. Does the developer offer guarantees of any sort and if so, are these on the property, ie pass to us or would they be only to the original purchaser ? It all seems so casual in relation to the UK, which admittedly may be overheavy but at least means you know what you are buying.

[nhowarth]

Hi Bluejay,

If you're real name is Jacqueline or Pam - I sent the book to you about 30 minutes ago.

Whether the Title Deeds are ready or not, you must instruct your solicitor to carry out what is known as a 'Title Search' and to let you have details of his/her findings (prefererably in writing).

There is a possibility that the developer who built the property mortgaged the land to fund the construction project (this happens quite often here). If there is a mortgage, or any other claim against the property, don't buy it. (This is because any claim against the property that predates yours will have preference over your claim which is created when you deposit your contract at the District Lands' Office for what is known as 'Specific Performance'.

Contact details for getting an independent survey & valuation of the property is:

Association of Valuers & Surveyors
PO Box 20724
1663 Nicosia
Tel: 22 751221/25 368757

Contact name: Mr. Varnados Pashoulis
email: [email protected]

Your solicitor will be able to carry out a credit scheck on the developer and also check the standing of his company.

Do feel free to contact me off-board if you wish.

Regards,

[Bluejay]

Nigel,
Hello again and yes, I'm Jacqueline on a credit card - Jackie anywhere else so thanks for the book. Was just worried people I don't want to know would find out I was thinking of buying although I'm not sure why. Again I'll read through your email and see where/how I might be straying from the best path. For contacting you off board is it best to do it via the contact us on your website as I'm too new to pm. If so, I'll be in touch soonish via that route. Thanks again for the surveyor details. Am I right in assuming they'll do the same kind of job as a UK surveyor as I had previously read in your info that I should use one. However, Lana didn't seem to think it would work quite as I was assuming. As I say thanks again and I'll be in touch.

[Svetlana]

Hi Bluejay

To make my reply clear: the Bank's valuation for a mortgage is merely to protect their 'investment'. They want to know is there sufficient equity to protect their loan.

They have little interest in the quality of the building and how well it is built; for that you must get a survey yourself.

Lana