Cost of title deeds

[neilkeilloh]

Hi Nigel.we have received our title deeds from our solicitor.the cost to the land registry appears to be 3% of the new valuation.my wife and I are joint owners and received a deed each.we are not sure if we received the 50% discount or not.do we pay 3% of the valuation between us or do we pay 3% each.our valuation was €56600 and our title deed bill was €1710 euros.does that mean we have received the50% discount or have we paid the full price.we applied for them in October 2014 and received them in March maybe we did not qualify for the discount we are not sure.hopefully you can enlighten me so I can understand my bill.many thanks.

[Nigel-Howarth]

Hi neilkeilloh

Property Transfer Fees are calculated on the Land Registry's assessed valuation of the property at it date of sale.

I think the figure of €56,600 is the 1980 value of the property as shown on its Title Deed?

I see you applied for the deeds in October 2014 - did you receive them in March 2015 - or March 2016? and how did you apply for the deeds (the trapped buyers law wasn't introduced until October 2015)?

If you can let me know the answers to the above and the value on which your Property Transfer Fees were calculated, I can check.

Regards,

[neilkeilloh]

I received the deeds on March 2016. The deeds are in Greek but you can see the value on each deed at €9900 for 01/01/1980.the value of €56600 on each deed is dated 01/01/2013. We did the process through a solicitor which was started in October 2014. Hope this helps.

[Nigel-Howarth]

Hi neilkeilloh

Unless I know the Land Registry's assessed valuation of the property at it date of sale, I'm afraid that I cannot help you.

Do you know how much did you pay for the property - hopefully the Land Registry's assessed valuation will be in the same ballpark.

Regards,

[neilkeilloh]

We bought it off plan in sept 2001 and it cost 33500 Cyprus pounds

[Nigel-Howarth]

Hi neilkeilloh

CYP 33,500 converts to €57,238.15.

If you had paid the Property Transfer Fees on this figure and you bought in joint names the total transfer fees payable would have been €1717.14 before any discount.

If you'd received a 50% discount, the transfer fees payable would have been €858.57.

Do you know when the transfer took place (it's shown on the Title Deed)?

Regards,

[neilkeilloh]

As I said its in Greek but there is a date at the bottom of the deeds next to an official looking stamp which is signed over
And it says 17/12/2015.there is also a date under our address which says 16/12/2015.i assume that is the date of the transfer.

[Nigel-Howarth]

Hi neilkeilloh

The law reducing Property Transfer Fees, 115 (I) / 2015, came into effect on 16th June 2015 - you should have been entitled to a 50% discount.

I suggest you contact your lawyer.

Regards,

[neilkeilloh]

Ok many thanks for your help.will find out how much our lawyer paid to the land registry before we contact her.