Calis Beach and Fethiye Turkey Discussion Forum
Property For Sale in Calis Beach & Turkey => Buying Property in Calis Beach, Fethiye and Turkey => Topic started by: Cennet on July 18, 2010, 19:03:08 PM
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Hi
I am now divorced and our villa needs to be transfered into my sole name. Has anyone had any experience of this? My ex has no intention of ever coming to Turkey. She has a solicitor as do I.
What do I need from her solicitor? Has anyone any idea?
Please only answer if you have had experience of how this can be done.
Many Thanks
Ray
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As I understand it names cannot be removed from tapu. You and ex will have to sell it to yourself and all fee's and taxes need to be paid to government as well as any capital gains tax if the tapu is less than 5 years old.
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Yes sadly that is correct. You will in effect be buyer and seller so need to pay the purchase tax (as buyer) and capital gains tax (as the seller). If you have owned the property for a good number of years, you may avoid the CGT (4 or 5 years depending on when you bought).
My advice to you is to have a private agreement drawn up with your ex-wife confirming that you own the property in reality. It is also advisable to get power of attorney from her to sell on her behalf as having paperwork that shows you are the whole outright owner will count for nothing when you come to sell.
One final piece of advice - if you ex-wife dies, don't tell a soul in Turkey till you've sold the property using the PoA she gave you ;)
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..well as you would be setting the sale price I rather hope you can avoid cgt.
This is one of those occasions when the value on your tapu really matters.
Bear in mind the five years for cgt would start again at the transfer date.
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I know this is an old thread, but I would like to ask can this private agreement and POA be carried out in the UK?
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POA has to be in Turkey you have to go to the notares [this may be spelt wrong] office.
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Actually you can - you need a notary solicitor in the UK (check you local practice as they should be able to do it). For use in Turkey it also needs to be sent to the (UK) Foreign Office to receive what is known as an apostille stamp which legalises the document. Then it is returned to the solicitor, then can be forwarded/taken to Turkey for use.
All that said, I have also had power of attorneys sent from the UK that were nothing more than a few lines of handwriting on an A4 sheet, signed at the bottom, and I was allowed to use them in the Turkish offices of power. Here (there) is Turkey, as they say...
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I stand corrected Mr Scunner :D
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How is purchase tax calculated? Is it a percentage of the whole value of the property, or based on the amount being offered for the other persons share of the property? What percentage is it?
Any idea roughly of the notary fees to sell your share to an ex?
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The percentage for purchase tax is now 3.3% and will be calculated on the whole property - not the share being transferred only. The amount would be 3.3% of the value as quoted on the tapu - not the one you hold now, the new one in the single owner's name. Acceptable values are now far more rigorously controlled, the days of huge undervaluing property on title deeds are pretty much over. The new quoted value could well need to be pretty much the true market value. As for notary/deed office fees, don't worry about them, they will be dwarfed by the property purchase tax due.
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Brilliantly explained, thank you!
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Can you not get a POA done at the Turkish Embassy in the UK.
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No
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I wounder how you get on if your house is undervaled and you come to want to want to sell it,sorry to go of topic.
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There isn't too much of a problem, except if you are selling within 5 years of purchasing and get clobbered for capital gains tax. This is because you pay CGT on the difference between what you paid and what you sold it for - and what you paid will be taken from the value put on your new tapu at time of purchase. So you may have bought for 50k and be selling for 60k (25% CGT due on 10k - you pay £2,500) but based on tapu values you may have documents claiming you bought for 22k and are now selling for 60k (25% CGT due on 38k - you pay £9,500 ).
CGT is not due if you have owned the property for 5 years or more these days.
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Opps thats going to hurt me,paid 89.500. thousand pounds,have 80 thousand TL on Tapu,think thats 35 thosand pounds,and had it for 3 years,think im up the greek.plus the house is worth less than i paid for it.
Can you work out how much tax im going to pay if i sold it for 80 thousand ? (plus cost of selling):(
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just to give some feedback following my question. A london based turkish solicitor has quoted £350 for the POA in Turkish and english and £750 for drafting the private agreement.
Having googled private agreement I think this is excessive for what could be written on one side of A4.As it does not appear to have a legal standing I could write it myself if somebody could outline the requirements of this document?, and then have it notarised.
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quote:
Originally posted by savoyboy
Opps thats going to hurt me,paid 89.500. thousand pounds,have 80 thousand TL on Tapu,think thats 35 thosand pounds,and had it for 3 years,think im up the greek.plus the house is worth less than i paid for it.
Can you work out how much tax im going to pay if i sold it for 80 thousand ? (plus cost of selling):(
Peter it's a five figure sterling sum - my advice is to wait a couple of years before selling if you can. If you can't, let me know if and when you get a buyer and I'll try and help you steer around it.
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quote:
Originally posted by mikeh
just to give some feedback following my question. A london based turkish solicitor has quoted £350 for the POA in Turkish and english and £750 for drafting the private agreement.
Having googled private agreement I think this is excessive for what could be written on one side of A4.As it does not appear to have a legal standing I could write it myself if somebody could outline the requirements of this document?, and then have it notarised.
You don't need a UK based Turkish solicitor - most British practices can do a useable POA for you, and for half that.
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Thank you Kieth.
Think your right,i should wait,will let you know if i get a buyer,think i will
go for a short term loan of 60 thosand GB.Let me know if you know best place to go get a loan.
Thank you.