Transfer of Deeds from one family member to another

[gary&shirley]

Hi All, when we purchased our Ozankoy bungalow some years ago we had not at that time sold our apartment so we were advised to put the bungalow into my mothers name as you could only have one property in your name at that time, my mother (lives in the UK) is now getting older and more frail and will not travel out here again, therefore we would like to transfer the property Kocan into my wife's name to ensure that all is ok for the future. Has anyone done this and if so what is the process?.
We have POA countersigned at the TRNC Consulate in London.

Thanks for any responses

[rocking]

It can be done but think you will have to go via a solicitor.

[waz-24-7]

Yes it can be done.
The law which is an ass fails to accommodate people who are selling one property to simply but another.
To transfer. You will need to see an advocate and possibly pay capital gains tax, even if there is no gain.

It is another money spinning exercise for the TRNC administration.

Be prepared to part with some money.

[crofter]

Yes it can be done BUT at a high cost as I found out and decided not to go down that route. BECAUSE the transfer is classed as a sale and therefore the taxes have to be paid and at the time it would have been in the region of 8.500GBP just to change the family members name on my Deeds to myself. So an alternative could be for your Mum, who will have made a Will here, to state in her Will that she bequeaths the property to yourself. But an Advocate will give you the information that you need.

[gary&shirley]

Many Thanks for the replies, ref a will my Mother completed a will leaving 100% to my wife however due to her not travelling out here for some time it was not lodged at the courts so don't know if it would be valid, as stated I will speak to my advocate.

[Deniz1]

A will does not have to be registered at the court to be legal its a method of safe keeping.

[sammydavis]

Re. Wills, I have been told that you do have to register any new Wills with the Courts here, it will then supercede all others and be legal. Is that not so?

[gary&shirley]

The will we currently hold is the only one my Mum has drawn up so hopefully as per Deniz1 post we should be ok.

Again thanks for all the replies.

[karmels]

I would like to see anyone who has not registered a will at the court get it through probate. It takes long enough when it is registered.

[Reyntj]

My 2 ps worth is that trasfers from parent to children only attract 0.2 % tax as per below

http://www.erdalco.com/wp-content/uploa ... 016ENG.pdf

If you habe the time and inclination you can do the transfer yourself if you have p.o.a. And can navigate the ptp process mitigating the lawyers fees

[gary&shirley]

Many Thanks Reyntj, that is very interesting I will see what response I get from my advocate before questioning tax amounts due.

[TB10pilot]

Call Mert Guglu. He is a lawyer in Nicosia, excellent!
0533 855 25 52. Email: guclu68@hotmail.com Say Mrs Carol put you in touch.

[gary&shirley]

Thanks TB10pilot however the POA we have is in our current Advocates name, Dr Özge, BHLEX in Kyrenia.

[£eagle]

Get a new poa. It will be cheaper than involving a lawyer.