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Horizon View Apartments

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A luxurious one and two bedroom apartment development in Kiti, close to the 5 star PGA managed Golf Resort and Spa in Tersefanou....

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View our Frequently Asked Questions for more information

Below are some of the most frequently asked questions from our clients. If you require any further information, please contact us on 08000 751777 and we can provide more informaion.

Questions:

• Category 1
• Are there any other costs?
• Do the prices include VAT?
• What bank charge will I accrue over the 2 year grace period?
• What does the 20% deposit guarantee?
• What is the capital gains tax?
• What other costs will I have to pay up-front?
• When will I have to pay the deposit?
• Would there be any annual maintenance contributions payable?

Answers:

• Are there any other costs?
  Mortgage Fees Approximately 2% of the mortgage balance. The timings for paying these fees differ slightly between lenders, but are normally paid in two halves with 1% being payable upon signing the mortgage offer documents and the remaining 1% being payable upon issue of the title deeds, expected in three years. Title Deed Transfer Fees When the title deeds for the property are issued, a fee is incurred to transfer the freehold ownership to the new owner. These fees are listed below. Property Value Transfer Fee - 1 person buying Up to € 85,430 3% € 85,430 - € 170,858 5% € 170,859 and over 8% Each person has a €85,430 allocation at each percentage, therefore if a property is bought in joint ownership the costs would be 3% up to €170,858, 5% between €170,860 and €341,720 & 8% over €341,720. This cost will be payable 3-5 years after completion, if you sell the property in the meantime the cost is transferred to the new owner. When the charge is calculated it will always be based on the original sales price.

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• Do the prices include VAT?
  Yes, all of our prices include VAT.

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• What bank charge will I accrue over the 2 year grace period?
  During the period of build the developer will draw down funds at various stages, as funds are drawn down interest will be payable. This interest will amount to approx. 6% of the loan over the 2 years which will then be capitalized on to your mortgage. For example, if you purchase a penthouse for €170,000 €25,500 deposit, €144,500 finance loan, over 2 years the interest will amount to approx €8,670 which will be added onto the mortgage.

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• What does the 20% deposit guarantee?
  The 20% deposit, depending on your chosen development, will guarantee the sales price now even thought you don’t pay anything else until completion in 2 years time, subject to status. This is based on you taking a mortgage for the property with our supporting bank. It also buys you that specific plot of land which gives you maximum security - the land will be registered against your name at the land registry and this will be attached to your contract of sale.

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• What is the capital gains tax?
  The first €17,086 is free of tax and after that it is 20% of the remaining gain.

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• What other costs will I have to pay up-front?
  

  Other than the deposit there are two other costs that are payable upfront. Firstly the solicitor’s costs, we use a respected, professional solicitor who acts on your behalf and full details of the Solicitors are available upon request.

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• When will I have to pay the deposit?
  The deposit is due at the time of signing the contract of sale, which is approximately 4 weeks from reserving the property. This should co-inside with the approval of your Mortgage application. The reservation fee which was paid at the time of reserving the property is deducted from the deposit.

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• Would there be any annual maintenance contributions payable?
  Yes approx €25 per month depending on the property purchased this will pay for the maintenance of all communal areas.

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