When buying a property in North Cyprus you must know which additional costs do you have to pay. We are explaining all the costs below.
Solicitors FeeThe Solicitor fee is around £1000. The appointed solicitor will apply for the purchase permit from the council of ministers. This can take 4-5 months and maybe longer if they have a back log.
Purchase PermitA permit will always be issued if you are buying a property in North Cyprus which is legally allowed to be sold to you.
Once the purchase permit is received the remaining balance of the property will be due from the purchaser – often the remaining balance minus 5-10 % will be due before the period if the property is complete before the permit is granted.
The remaining 5-10% will be held back for the purcahasers own security.
The purchaser pays the outstanding balance and the vendor signs the title deeds over to the purchaser to complete the sale. The purchase permit application costs between £ 750 and £ 1,500.