Due to the buoyant market situation, it is advisable
to arrange finance before you travel to the island. You
will also need to appoint a solicitor which we can always
help you with on the island.
There is a certain procedure which you must follow when
buying a property.
The validity of the title deed is checked and confirmed
by a solicitor. A contract of sale is drawn up and a completion
date set. In many cases the purchaser returns to the UK
or wherever, and the solicitor attends to the completion
in the purchasers absence, having been given Power of Attorney.
The Land Registry values the property for Stamp Duty and
Sales Tax purposes.
With all new properties payment is required in stages
and dependent upon actual build progress.
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 the Land Registry record
books and the new title deed issued.
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