Paphos Life

Mmmm,is it normal and or advisable to give a solicitor here power of attourney when flogging your property
They did act for us when we bought the apartment.
Any idea of fees? ( it does have title deeds )
Thanks for any input you can give.

Personally I wouldn't, our solicitor sent any documents that needed signing to us in the UK, and we sent them back by courier. Once POA is given, the solicitor can do anything without your consent, not good.

We did it when we sold our house as we were away at the time. Providing it is worded correctly and states precisely what he/she is allowed to do then it should be fine. Go with what you’re most comfortable with.

Firefly wrote: ↑Wed Jul 17, 2019 12:45 pm Personally I wouldn't, our solicitor sent any documents that needed signing to us in the UK, and we sent them back by courier. Once POA is given, the solicitor can do anything without your consent, not good.

That is up to you. You can sign a general one, in which case you're correct but stupid. If you define exactly the powers, then the attorney cannot do what you have not stipulated.

Correct, it was up to me !

How much does it cost to have a P.O.A drawn up in Cyprus ?

Many people give a POA to their lawyer for conveyancing. It should state that they can sign the necessary documents for the sale of the property as instructed in writing by you. It is very useful as you now need full tax clearance to sell a property and it's very difficult to deal with the tax office if you are not here in Cyprus. As Devil said, never sign a general POA.

Sale fees should be 1% of the sale price + VAT for the lawyer to do the conveyancing. Plus disbursements (fees/stamps for the Land Registry and Tax office for which receipts should be provided to you). Most lawyers will charge £€50 to €100 for the POA and around €200 extra for the settlement and transfer of the utilities.

Jeanne

Thanks, useful info - dimsum

Just to add, always get an email from the lawyer confirming the costs before proceeding.

Jeanne

Thanks ever so much HIC,very usefull indeed.

My wife and I were thinking of having what I now see is an LPA each, so that if one of us becomes incapable of dealing with property or banking the other could act on their behalf.
But if I read correctly what Marion has said, it really hardly seems worthwhile

A friend of ours when they sold their apartment made it clear to their solicitor that the funds for the property had to be deposited in sterling into a UK bank account before the deal was finalised..It worked and buyer,solicitor ,and they where all as happy as Larry.
When I asked why they wanted it this way they said the thought of the sale funds being here in sunny Cyprus and another haircut taking place was to much to bear.
Mmmmm,is this good advice?

Yes HIC ,but would you chance it if you did not have to?

But back to power of attorney.... If we don't go for an LPA each what is the alternative.. ??

We each have our own title deed to the property.. So if one of us dies, the remaining person will have to go to probate, the have the will leaving property and belongings to the other person

I would be interested in what you mean by... Assign the property ??

But I can't just see this working between husband and wife, for instance.. If I give my share to my wife then if she dies first, I would have to go to probate to acquire the property ..

We are trying to do away with the need for probate though

Austin 7. We have 4 children which would make it a little difficult..

HIC, I agree with what you say.. We too are clients of Marion's and she made out our wills..

On a side note, I think in Cyprus law, your children are entitled to a share of your estate, whether you want to or not?

Austin7 wrote: ↑Fri Aug 16, 2019 9:06 am

WHL wrote: ↑Fri Aug 16, 2019 8:49 am On a side note, I think in Cyprus law, your children are entitled to a share of your estate, whether you want to or not?

Only if you do not state in your Will that you wish it to be dealt with under English law.

OK what about the many UK expats that are , getting Cypriot Passports, citizenship, surely they wont have a choice in the matter?

Wills and Succession Law

On 3rd July 2015 “section 42” was removed from Cyprus’ Wills and Succession Law. This section allowed UK and Commonwealth nationals to use their will to freely dispose of their estate, so you could divide up your property and assets however you wished.

Cypriots themselves have to follow a forced heirship regime where the majority of an estate must pass to the surviving spouse and children, in defined proportions. This law now also applies to all foreign nationals living here. This is a significant change for most UK nationals who are not used to such restrictions (Scotland and Northern Ireland do have some).

The good news is that a new EU succession regulation (‘Brussels IV’) came into effect on 17th August and allows expatriates to opt for the law of their country of nationality to apply on their death, as opposed to that of their country of residence. This choice must be made in your will, before you die, otherwise Cyprus law will apply.

https://www.blevinsfranks.com/news/blev ... ession-law