1. So, the object has been chosen. How to buy a property? First, you have to agree on the price and terms of purchase. Then make a contract where the following issues are stated: property cost, deadlines, seller and buyer data and other special terms.
2. Now it's the time to meet a lawyer who will be responsible for supporting a real estate transaction.
3. You will need to get a Certificate of Good Conduct.
4. Get a draft contract from a lawyer for your approval.
5. At this time, the lawyer prepares all the necessary documents for the transaction.
6. The lawyer prepares the account with all the payments (legal fees and taxes) at this stage. Taxes and fees are the following:
| a) | Legal fee for the contract | £1350 |
| b) | Additional agreement (if required) | £300 |
| c) | Registration of the contract (approximately) | £300 |
| d) | Stamp duty | 0.5% of the contract price |
| e) | Translation of the contract (if required) | £150 |
7. When the fees listed above are received, the lawyer goes to the Tax Service to certify the contract with the Stamp Seal and to register it with the appropriate Land Committee (at this stage, the lawyer carries out a final check on the condition of the real estate, i.e. the absence of any claims for real estate).
8. A lawyer asks you for a Certificate of Good Conduct and fills in an application to the Council of Ministers for obtaining a purchase permit allowing you to become a registered owner of real estate. Obtaining such a permit can take from 12 to 18 months.
Real Estate registration in the name of the buyer
After obtaining the Council of Ministers' permit and the lawyer's confirmation, seller begins the procedure of transferring the Title to your name.
Taxes at this stage will be the following:
а) Title transfer tax – 3% of the purchase price..
b) VAT (if required) – 5% of the purchase price.
с) Legal fee for Title translation ~ £400
d) The minimum municipal fee.
e) The exchange rate is approximately £150 or more, depending on the total amount of taxes.
P.S. VAT is not paid for resale property or if it was paid before. For further information please contact our office.