Legal System - Fees - Wills

Legal System

The Legal System in Cyprus is based on the English Legal system as introduced and as has been operating here for many years
It was only recently that the “Language’ in the Courts, changed from English to Greek.
EEC Laws now apply following Cyprus Full Membership entry into the EEC in April 2004

 

Legal Fees

Similarly ‘structured’ to the U.K, but the Charges and Fees you will find very much reduced from those charged in the U.K.

As with other “Professions” – Cyprus has per capita one of the highest number of Qualified Advocates/ Lawyers than any other EEC Country.

 

Legal Fees for property purchase conveyance and re-sale

These will normally cover / include:

    - Searches to check confirm Ownership and that there are no charges / liens
      or encumbrances

    - Contract drafting as well as assistance with other very important matters

      including:
    - Council of Ministers Approval
    - Contract Deposit and Registration with the Land Registry
    - Title Deeds etc

Your Lawyer will also, normally act as your “stakeholder” as a safeguard and only authorize/ release your agreed Stage Payments on a new Property to the Builder against “verified” Certificates of work performed according to Contract Specification and the release of the ‘final’ and very important – last Retention Payment when all work; according to Contract Agreement has been completed.

Legal Charges will vary – according to the nature and Size of the
Property but will normally range from:

Cyp 650 to Cyp 1,200

 

NB
Remember in Cyprus it is the practice that the “Buyer” pays the bulk of the

Legal Fees in a Property Transaction

 

Question: Do i need to use a lawyer in a property transaction?

In Theory “No”

BUT in practice - we strongly recommend – “YES”

 

N.B

We can assist you with introductions to local Lawyers who are specialists in Property transactions, as many in Cyprus are “General Lawyers - unlike the U.K - where Lawyers and/or Legal Practices have individual specialist “Conveyancing Departments”we also recommend you do not use the same Lawyer as the Builder

 

WILLS

Wills should be prepared if you are living and are resident in Cyprus. Cyprus Law, regarding Family Beneficiaries [especially children] differs from U.K Law.  Wills are in every other respect similar to the U.K and it is recommended that you contact a Local Cyprus Lawyer - to make these arrangements.The procedure is not complicated and can be done easily and at minimal cost.