Cyprus Villas - Purchasing with a Mortgage

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.

There are daily flights from many UK airports to Cyprus so you will always be able to hop on a flight with little notice. Cyprus is a modern day European country with all the mod cons that you are accustomed to and most of all you can get Sky TV there so you will be able to keep up with whatever soap you are hooked to.

Buying property in Cyprus could be a great investment, especially for those who want a holiday home or an investment property. However, you shouldn't forget that if you're buying an investment property in Cyprus for a rental income than look forward to long rental periods due to the all year round mild climates.

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'.

Through this legal method the purchaser's ownership rights are protected until the deeds are signed by the new owner. The contract cannot be canceled by any party, meaning the property will not able to be mortgaged, sold, leased or transferred. This status can only be altered by the purchasing party.

To handle the legal issues an English speaking lawyer should be appointed and if you're buying a new build in Cyprus, ensure the lawyer is not concerned with any aspect of the property development so that conflict of interest does not arise. The fees of the lawyer are generally 1% of the property price.