Cyprus Villas - Purchasing with a Mortgage

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Cyprus Villas - Purchasing with a Mortgage

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The real hot spot at present for some amazing property investment bargains is Cyprus. You will soon fall in love with the really mild winters and cherish the really relaxed way of life that the island beholds. You will also enjoy the crystal blue waters, the Mediterranean diet, the magnificent landscapes and chatting with the local Cypriots.

Regular flights from all UK airports to Cyprus makes this an ideal place for property investment as you can just hop on a plane and be there in no time at all. You won't be surprised to hear that Cyprus offers the same mod cons that you would have in your own home and best of all is that you can keep up with all your favourite tv programmes on Sky TV.

If you buy in Cyprus you are not just getting a great property investment, but also the chance for free holidays and the chance to earn some real profitable rental income. The long season means you get enough income to cover the mortgage and other property running costs with net profits being shown at the end of the year.

Loans and Mortgages - Local Banks in Cyprus are very open to giving mortgages to foreign investors so it is probably the best option for buying property there. One tip if buying a new build would be to choose the same bank that is financing the new development project.

On the other hand, if you try another bank, independent of the developer, you will have to pay a bank guarantee which will be 1.5% to 1.8% of the value of the property annually until you get the title deeds.

Legal Procedures When Buying Property - Cyprus has the advantage in that everything is in English and that also goes for the acting legal system, so it's all rather British in that sense. The onus of protection is on the purchaser in Cyprus and as soon as the sales contract has been signed and sealed and the deposit has been paid, the Cyprus Land Registry puts into place an easy and effective legal instrument which is called 'Specific Performance'.

By this legal method alone the purchaser's rights of ownership are completely protected to the day the deeds are finally signed by the purchasing party. This contract cannot be canceled by any competent party, so it can't be sold, leased, mortgaged or transferred.

You will need to find an English Speaking Solicitor to help you with purchasing a new build villa in Cyprus and just try and make sure that they have no conflict of interest in the development project. On average you will have to pay about a 1% of the property value in Solicitor's fees.
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