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Costs Associated with the Acquisition of Property

for the utilities are payable to the respective authorities at regular intervals throughout the year. They are based strictly on the consumption of each unit. While the cost will vary for every unit, approximately CY£180 per unit per year can be considered as a rough guide. The local municipal or other authorities are responsible for the regular collection of rubbish. Depending upon the area of the property, the cost is in the range of CY£40-50 per year.

There is a backlog of issuing of Title Deeds on the island, often taking four or five years to be produced, however, Transfer fees are not due to be paid until Title Deeds are made available( in every contract there is a clause termed `Specific Performance` which protects the purchasers` total rights to the land and property in the interim period).

When the fees are due, the following will apply:

Value of property up to 85,430 Euros @ 3%
85,431 Euros to 171,000 Euros @ 5%
171,001 Euros plus @8%
(If the property is in joint names, the value of the property can be split and considerable savings made).

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