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Assigning property to childrem
Posted: 16 Aug 2021 13:35
by Barbarahurstfield
I would like to assign my property to my children. I do not have a mortgage and the property is in my name.
How do I do this and how much would it cost.
Re: Assigning property to childrem
Posted: 16 Aug 2021 21:15
by Nigel Howarth
Hi Barbara and welcome to the forum.
You can gift your property to your children - the Property Transfer Fees they will need to pay will be 0.1% of the property's 2013 Land Registry valuation. (This should be shown on your Title Deed. If not, you can find the valuation by following my guide
Online property valuations revisited.)
You will need a lawyer to prepare a contract between yourself and your children. The signatures will need to be certified in the presence of a Cyprus Government appointed Certifying Officer. Assuming your children are in the UK, the document can be certified at the
Cyprus High Commission in London or at one of their
Honorary Consulates. They will also need to appoint your lawyer as their Power of Attorney.
As for a lawyer, the UK Foreign Commonwealth and Development Office publishes
a list of English-speaking lawyers. I suggest you contact 2 or 3 in your local area and get competitive quotes.
You will need to pay any outstanding taxes - property tax, income tax and sewerage charges before the transfer of ownership to your children can take place.
Regards,