What is the procedure to buy a property?
A. Due to the buoyant market situation, it is advisable to have arranged financing before travel to the island particularly with regards to the reservation fee. You will also need to appoint a solicitor which we can help you with on the island. There is a certain procedure for buying property: The validity of the title deed is checked and confirmed by a solicitor. Contracts of sale are drawn up, with the purchaser paying a 10% deposit, and a completion date is set. In many cases, the purchaser returns to the UK or wherever, and the solicitor attends to the completion in the purchaser’s absence, having been given Power of Attorney. If the property is registered in the name of a local person, then an application must be made to the Council of Ministers; allow 4- 6 months. The Land Registry values the property for Stamp Duty purposes. On the day of completion, the monies are paid by the solicitor to the vendor and the Land Registry respectively; the name of the purchaser is entered into t
