There are many reasons why people choose to buy property in North Cyprus. Whether they are drawn by the glorious year-round sunshine, stunning beaches, historical setting or warm and welcoming residents, North Cyprus has something for everyone. Adding to this, not only is the vast majority of locals speaking English, but many of the legal documents are also in English, making the entire buying process much easier.
Make a deposit
After the buyer has decided on a property, whether as a private residence or as an investment property, the first step is to make a down payment to ensure that it is taken off the market. Credit card or cash payments are accepted for buyers already located in Northern Cyprus, but for buyers paying the deposit from the UK, a bank transfer is the best method of payment. Buyers should expect to pay about 10 percent of the total property price if they make the down payment before receiving their purchase approval.
get a lawyer
A Buyer’s Permit is a necessity for anyone involved in buying property in North Cyprus who is not a national of the country. The process of acquiring the permit to buy can take up to a year, and for peace of mind and to simplify the process, 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 such professionals are not hard to find. The solicitor will then provide help and support throughout the process and many people choose to give them power of attorney to handle the details of the sale when they are not in the country themselves.
When the contract arrives, it should be thoroughly checked before signing, otherwise it can sometimes cause problems for the buyer. The solicitor will help with advice and go through the essentials including payment dates, the property details, the specifications and the title deeds and once this is done the sale can begin.
Once the purchase approval has been obtained, the final payment can be made at the property. Buyers can pay this in cash, by credit card or by bank transfer but once confirmed the title deeds should be signed in the buyer’s name. This is the final stage of the process and after that, all that remains is to move into the property.
People looking to buy a property in North Cyprus should be aware of the mortgage issues involved before beginning the buying process. It should be clarified that UK banks will not provide their clients with a mortgage on a property in North Cyprus and therefore other means often have to be sought.
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 guarantees buyers a degree of protection as their mortgage is protected under UK law.
However, for buyers who cannot, it is sometimes possible to obtain a mortgage from the actual developer. Whenever possible, many developers offer long-term mortgages of up to 70% of the property price, but prospective buyers are advised to exercise caution and research all details thoroughly before signing up for such a deal.
A note on measurement
As with any property, it is important that prospective buyers have the property appraised by a professional before signing any contracts or paying a deposit. Even new builds can have problems, and it should never be assumed that everything will be fine.
Luckily finding a valuer when buying property in North Cyprus is not difficult and they can get the job done and keep clients up to date with all the latest while they are still in the UK. In addition, many surveyors can also act as development supervisors when it is under construction, giving clients even more peace of mind.