I HAVE A PROPERTY TO SELL BEFORE I CAN PURCHASE, CAN WE PROCEED?
If you have around 30% of the purchase price available, without selling your home, you do have options available to you. Provided that the property that you purchase will not be ready immediately, you can make arrangements with the developer to make stage payments throughout the build, with a final payment upon completion.
You can reserve a new property in Cyprus and secure the price in CY£, and then sell your own property within the timescale agreed between yourself and the developer. If your own property sells before your new home is finished, you simply move out to Cyprus, rent a property, and start to enjoy your new life in the sun!
The money you spend on renting a property in Cyprus is normally offset by the increase in property value gained, and of course, the lower living costs. You then get a brand new home to move into, without any of the normal stresses and strains associated with trying to sell and buy. Some people do arrange a short term re-mortgage of their own home to enable them to do this.
If you do not want to re-mortgage or arrange bridging finance (overdraft facilities) and you do not have 30% of the purchase price available, you will need to sell your home before you can purchase in Cyprus.
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