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Leasehold Purchasing Procedure

There is a small number of leasehold properties in Northern Cyprus dotted around the Island. The process for buying a leasehold property is very similar to that of buying a freehold, the only noticeable difference being that the client’s application to buy a property is submitted by the solicitor to the authorities at the North Cyprus Ministry of Tourism and not the Ministry of Interior.

Select a property and agree a price

The contract is to be drawn up by a solicitor. Said solicitor has to either be based or registered in the T.R.N.C. The Vendor and Buyer have to sign the contract.

The vendor then has to apply to the local North Cyprus Office of Tourism to transfer the lease. Commonly the solicitor will do this on behalf of the vendor.

The buyer will then also apply to the North Cyprus Office of Tourism to take over the lease. Again, this is often done by the solicitor on behalf of the buyer.

Once the buyer’s application is approved by the North Cyprus Ministry of Tourism, normally a 10% deposit is transferred.

On completion, the remaining balance is to be paid to the vendor & the lease transferred. At that time the property sale is considered complete.

Buyer's Guide
 
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