Some questions answered.

 

1) Q.Who will own the title ?   A. Both owners can be named on the title deed.

2) Q. If I make an offer for a 50% share will I have to wait for a second buyer before completing ? A. If this is the first transfer from single ownership to joint ownership we will need to coordinate both completions at the same time. Subsequent sales of half shares will be able to proceed individually.

3) Q. What about furniture and fixtures and fittings. A. As these are pre-owned properties they are already furnished and this is included in the price.

4) Q. Who would value the property if one owner decides to sell ? A. The contract will specify that the other owner will be given first refusal. The asking price will be up to the seller but Busy Bees will offer valuation advice according to market values at the time.

5) Q. Do I have the right to sub-let ? A. Yes. Within the dates agreed for occupation .

6) Q. Who decides upon the dates allocated to each owner? A The contract will specify a default arrangement of alternate quarters with the first to reserve having first choice. When completed the owners will of course have total freedom to make their own arrangements.

 

Sales / purchasing procedures.

 

1) A reservation fee of £4000 GBP is paid and this removes the half share of property from the market. Important note: As in Q2 above the first applicant’s reservation fee is fully refundable pending receipt of the fee from the second applicant at which point both reservation fees become non-refundable. Should a second applicant not be found within 3 months the first applicant may request a full refund. The fee will also be re-funded if the property is sold outright in the meantime.

2) Solicitors are engaged.

3) Completion is normally 4-8 weeks thereafter.

4) The buying client/s will need to either visit North Cyprus to sign the contracts or may give a solicitor power of attorney by visiting the T.R.N.C representatives office in North London.

5) Two to three years later a transfer fee of 6% becomes payable.

 

Basic Cost indications

 

£1,000 plus 16% VAT Solicitors Fees

0.5% VAT

£2,000 Agents arrangement fees.

 

The costs that are property specific such as any maintenance charges , property tax and council tax where applicable can be found on the page for the property in question..

 

PROPERTIES CURRENTLY AVAILABLE WITH SHARED OWNERSHIP AS AN OPTION.

 

A recently completed single bedroom first floor apartment on a Bogaz development. Half share : £14,000   View

 

Please note that more shared ownership properties are expected  very soon. Watch this space

 

To be sure you are viewing the latest publication of a web page press CTRL F5 to refresh

SHARED OWNERSHIP IN NORTH CYPRUS- RE-SALE (PRE-OWNED PROPERTY)

 

Shared property ownership can be an attractive solution to those wishing to own property in a highly desirable location such as Northern Cyprus but either have limited time available to enjoy their home in the sun, or prefer to take advantage of the benefits of shared capital investment, shared maintenance and other expenses. It is not widely known outside yachting circles that boats are owned in one sixty fourth shares. If you own 64 shares you are 100% the owner. 32/64ths would be half owner and so on. If it works with mega luxury yachts that may cost millions it can work with property but we are currently only talking about straight forward 50/50 ownership. Share with a friend, or a relation, or a complete stranger. The choice is yours.

 

It should be noted that the properties we offer for sale in this way may also be available for outright purchase.

Fancy a holiday home in the Med ?

Paying half the price ?

Paying half the expenses ?

 

But not interested in buying a timeshare ?

 

Shared legal ownership may  just fit the bill