1980 Valuations

[kisa]

Nigel we have received notification form our Developer that are Title Deeds are ready.
The Developer has charged us a large sum for IPT. Our 1 bed apartment was purchased in 2005 for 50.000 CYP.
Could you please advise us how we find out the valuation of our property reference 1980 valuations.
Also is it a easy process to obtain the deeds ourselves rather than using a lawyer?

We appreciate any advice you can give us?

[Nigel-Howarth]

Hi kisa

As the Title Deed is available for transfer, check the Land Registry - the property's 1980 value should be written on the deed. Assuming your developer is paying IPT at the top rate of tax here's a calculation to help check what he's charging you - multiply the 1980 value by the rates below:

Year Rate

2005 - 0.40%
2006 - 0.40%
2007 - 0.40%
2008 - 0.40%
2009 - 0.40%
2010 - 0.40%
2011 - 0.40%
2012 - 0.80%
2013 - 1.90%

This should be shown on his invoice. You can read about the transfer process on pages 45 and 46 of the Department of Lands and Survey's Citizens Charter.

You don't need a lawyer to to get the deeds, if you need any assistance there are usually 'helpers' outside the Land Registry who can help for a modest fee.

Regards,

[kisa]

Thank you.