Advice and protection offered by UK government for Cypriot investors
THE UK Government has recently made some changes to the regulations it issues to Brits buying property in Cyprus, according to a media outlet.
The British Foreign & Commonwealth Office (FCO) website on its travel advice on Cyprus page in the General – Purchasing Property section has given top advice on purchasing property in Cyprus.
The vast majority of properties are purchased off-plan from developers, buyers may wait years to receive their title deeds, Cyprus-property-buyers.com reports. The transfer of deeds is also often stalled by developers failing to stick to earlier plans or not getting building permits. Overseas investors should always ensure that they obtain title deeds. Mr Howarth of Cyprus-property-buyers.com commented: “If you want to sell your property and you don’t have the deeds, you have to get approval from the developer, and they can charge you whatever they like.”
The FCO website also states that UK consumers looking to buy property in Cyprus should seek legal advice from an independent professional before doing so.
The security of the property purchase and ownership rights that are intended to be obtained depends on the successful navigation of the necessary paperwork.
The website also added that the process of achieving legal redress in Cyprus can be very protracted compared to the UK and they can contact the British High Commission for a list of independent lawyers in Cyprus. This means that buyers can identify reputable lawyers, making transactions easier in the face of foreign property laws and language barriers.
Meanwhile, Business Life magazine has reported that buyers must tread with caution when purchasing in Cyprus and be sceptical of claims from developers.
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