Show House
Pine Tree 1 - Classic 130 m2
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| Buyers Guide |
| Buying Procedures |
All our properties are sold freehold with clear title, which depends on the original title of the development. Each development, when complete, is divided into individual title deeds for each plot and is then transferred to the buyer automatically by us.
The actual procedures are as follows:
• Buyers are strongly recommended to take professional and independent legal advice as the validity of a title deed should be checked by a solicitor who will visit the Land Registry personally.
• Contracts of sale are drawn up and executed, around 10% deposit is payable, and a completion date is set. In many cases, the purchaser can return home leaving a power of attorney with their solicitor, who can then complete the purchase.
• An application to purchase must be made to the Council of Ministers, which can take 12-18 months. In the case of completion of the house at an earlier date, upon payment of the whole sale price, the possession of the property can be given to the Purchaser even if the permission not granted.
• The Land Registry will value the property for Purchase Tax, which may be included in the purchase price.
• Subsequent payments will depend on the terms of the contract. For a new build, this will normally be by stage payments based on the building work.
• Purchase Tax and Vat are payable on the transfer of the title of property.
On completion of the entire development (or sometimes at the commencement of the project), the title will be split into individual titles, which are then transferred to the purchaser and the Land Registry will issue an updated title deed.
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