FORUM
  Home
  Forums
  TLF Donations
  Forum Rules
  Register
  LINKS
  Property Buying Guide
  Didim Google Map
  Weather Station
  FUN
  Arcade Games
  Daily Crossword
  Jen's Chat Room
  Lira Exchange Rates

Go Back   Turkish Living Forums > Turkish Property Forum > Buying property in Turkey & North Cyprus

Post New Thread  Reply
 
LinkBack Thread Tools Display Modes
Old 9th June 2014, 18:08   #1 (permalink)
New Member
 

Thanks: 2
Thanked 0 Times in 0 Posts
AndyIST is on a distinguished road
Advice required on buying property in Istanbul

Hi all

I’m a real newbie to such related matters and with pratically zero experience with buying property and the Turkish mortgage system, there’s quite a few points I’m still unsure about that I’m hoping you knowledgeable lot can help me with.

My wife and I have been renting for the last couple of years in Istanbul. We’re now looking to move to be closer to her work and we’re considering buying. I’ve tried my best to search the forums and other sources but still overwhelmed.

My wife is Turkish and I’m from the UK. She is in full time employment. My employment situation is a little tricky as I do contract work remotely for a UK company who pay into my UK bank account. I’m on a residence permit here.

The property we’ve seen is an apartment in an off-plan site (the Turkish ‘site’) due to be completed next Spring. The site is being built by a large reputable company who have built many other sites throughout Istanbul. They informed us that they require a 20% downpayment on the property.

We're going to try to get an appointment with Denizbank to discuss things but if anyone could offer some advice/opinions on the below I'd be very grateful.

- In our situaton, how would we go about purchasing property in Turkey?
- What generally happens to the downpayment that is made? How is it protected should there be any unforeseen issues with completing the site?
- When would we become the legal owners of the property?
- Do off-plan properties generally shoot up in price after completion? Pretty ambigious question I guess.
- If I understand correctly, banks here typically offer mortgages at 50% of their appraisal value?
- Would military clearance still be required in our case?
- Buyer’s tax is paid to who? Seen conflicting info on the %.
- Stamp duty to who? Seen conflicting info on the %.
- Capital gains not due if we don't sell within first four years? Again, seen conflicting info on the %.
- Worth getting a lawyer involved to help us? My sister-in-law’s husband is a lawyer and would have no issue with helping us out.

As mentioned, totally new to this area so appreciate any comments or links to where I can find help.

Many thanks in advance!

Last edited by AndyIST; 9th June 2014 at 19:04..
AndyIST is offline send PM Reply With Quote Share on facebook
Old 9th June 2014, 18:27   #2 (permalink)
________
 
kemerkid's Avatar
 

Thanks: 3,957
Thanked 10,088 Times in 4,832 Posts
kemerkid has disabled reputation
Re: Advice required on buying property in Istanbul

Carry on renting.
__________________
Pete
--------------------

Life’s journey leads to many crossroads.
Success and happiness is knowing which direction to take.
kemerkid is offline send PM Reply With Quote
The Following 2 Users Say Thank You to kemerkid For This Useful Post:
Ceni (10th June 2014), shirleyanntr (9th June 2014)
Old 9th June 2014, 18:34   #3 (permalink)
Grahamdady
 

Thanks: 418
Thanked 158 Times in 116 Posts
grahamdady has a spectacular aura about grahamdady has a spectacular aura about
Re: Advice required on buying property in Istanbul

Yep i agree carry on renting m8t
grahamdady is offline send PM Reply With Quote
Old 9th June 2014, 18:48   #4 (permalink)
New Member
 

Thanks: 2
Thanked 0 Times in 0 Posts
AndyIST is on a distinguished road
Re: Advice required on buying property in Istanbul

Quote:
Originally Posted by grahamdady View Post
Yep i agree carry on renting m8t
We want to purchase as we will be here for the foreseeable future.

Probably should have mentioned in my post that in two years time I'll take Turkish citizenship as well.

Last edited by AndyIST; 9th June 2014 at 19:03..
AndyIST is offline send PM Reply With Quote
Old 9th June 2014, 20:23   #5 (permalink)
Senior Member
 

Thanks: 502
Thanked 334 Times in 119 Posts
Shen60 is a jewel in the rough Shen60 is a jewel in the rough Shen60 is a jewel in the rough Shen60 is a jewel in the rough
Re: Advice required on buying property in Istanbul

Hi Andyist, Im no expert but be cautious especially with off plan purchases, so many horror stories, and it can happen with any reputable construction company. There are many unfinished projects. Have you considered a completed property so at least you can see what you are purchasing and the risks are much reduced. If you have access to a lawyer who is a family member then I would be using him/ her to help to ensure you have covered everything. Do your homework so you are well informed about the process. Don't be put off, as buying your dream home and moving in is also a very ejoyable and exciting time and can go smoothly. Good Luck
Shen60 is offline send PM Reply With Quote
The Following 2 Users Say Thank You to Shen60 For This Useful Post:
kale (10th June 2014), shirleyanntr (9th June 2014)
Old 9th June 2014, 20:45   #6 (permalink)
Senior Member
 
tosmur's Avatar
 

Thanks: 6,010
Thanked 3,594 Times in 1,857 Posts
tosmur has disabled reputation
Re: Advice required on buying property in Istanbul

Make sure there are no debts on the property, ensure that they have TAPU and Habitation certificate, just be on your guard.
tosmur is offline send PM Reply With Quote
Old 9th June 2014, 20:50   #7 (permalink)
Senior Member
 

Thanks: 7,256
Thanked 5,536 Times in 1,705 Posts
nanamo has a reputation beyond repute nanamo has a reputation beyond repute nanamo has a reputation beyond repute nanamo has a reputation beyond repute nanamo has a reputation beyond repute nanamo has a reputation beyond repute nanamo has a reputation beyond repute nanamo has a reputation beyond repute nanamo has a reputation beyond repute nanamo has a reputation beyond repute nanamo has a reputation beyond repute
Re: Advice required on buying property in Istanbul

Awllll Andy, take it from one who knows ............ please rent.
nanamo is offline send PM Reply With Quote
The Following 4 Users Say Thank You to nanamo For This Useful Post:
Ceni (10th June 2014), kale (10th June 2014), shirleyanntr (9th June 2014), tosmur (9th June 2014)
Old 10th June 2014, 01:24   #8 (permalink)
"Light Years Away"
 
newhorizon's Avatar
 

Thanks: 511
Thanked 2,907 Times in 1,476 Posts
newhorizon has a reputation beyond repute newhorizon has a reputation beyond repute newhorizon has a reputation beyond repute newhorizon has a reputation beyond repute newhorizon has a reputation beyond repute newhorizon has a reputation beyond repute newhorizon has a reputation beyond repute newhorizon has a reputation beyond repute newhorizon has a reputation beyond repute newhorizon has a reputation beyond repute newhorizon has a reputation beyond repute
Re: Advice required on buying property in Istanbul

Hi Andy,

I think your long term plan is to live in Istanbul, Turkey and as you will get turkish citizenship within 2 years, I'd advise to research as much as possible before committing to anything.

I would avoid 'offplan' as suggested by many here, as they are always a risk and may not be finished to standard advertised or even deliver all the paperwork or pass all the checks and have correct planning permission.

Take a look at these general guidelines of Buying property in Turkey, compiled from members on this forum:

Guidelines of Buying property in Turkey

I would also ask this question in the Istanbul Category of this forum as am pretty sure we have a few members in Istanbul who may be able to give better suggestions.

The problem many have faced on this forum is many have bought on resort towns, many off-plan and have lost thousands of pounds, with no titled deeds etc so that is why everyone is cautious and strongly advising you rent first (which I assume you are doing already). I would seek advice of your family lawyer also before you even consider doing anything.

Good luck!
__________________
Keep Fighting Schumi F1 will not be the same without you....
newhorizon is offline send PM Reply With Quote
The Following 2 Users Say Thank You to newhorizon For This Useful Post:
shirleyanntr (10th June 2014), tosmur (10th June 2014)
Old 10th June 2014, 06:26   #9 (permalink)
Senior Member
 
beyazbayan's Avatar
 

Thanks: 516
Thanked 3,853 Times in 1,594 Posts
beyazbayan has a reputation beyond repute beyazbayan has a reputation beyond repute beyazbayan has a reputation beyond repute beyazbayan has a reputation beyond repute beyazbayan has a reputation beyond repute beyazbayan has a reputation beyond repute beyazbayan has a reputation beyond repute beyazbayan has a reputation beyond repute beyazbayan has a reputation beyond repute beyazbayan has a reputation beyond repute beyazbayan has a reputation beyond repute
Re: Advice required on buying property in Istanbul

Go for citizenship but don't rely on the two years as it seems like everything else at the moment it is chaos and taking longer. Off plan is in my opinion a mine field and you can end up with problems. Make sure where you want to buy it is easy to want a villa on a warm sunny day or a site but look at the whole picture will you need a car or are the site charges going higher and will the facilities be maintained. All problems many have had. First rent in the area even if you going to buy that way you get to know the area. İf brother in law is a lawyer get his advice then research and check what he tells you - you can not be careful enough. Always make sure the Tapu is clean and lodged safely whilst you await completion of the deal remember the tapu owner can raise money on it until the moment it is transferred to you ( when you pay the final money and get the Tapu in your name and become the owner) and then the debt is yours. You will need military clearence unless you buy in your wife's name. Make sure you have a habitation cert on the property. Re taxes etc go and ask at the Tapu office they are usually set by the local belediye and you pay the buyers the seller pays his. Above all research reserch and again research it is a mine field and buyer beware is the best advice anyone can give you. İf you buy in the right area you will be able to re-sell and get a profit but the wrong area or wrong property and you will not be able to sell easily and may not see a good return.

Last edited by beyazbayan; 10th June 2014 at 12:58..
beyazbayan is offline send PM Reply With Quote
Old 10th June 2014, 09:21   #10 (permalink)
Sun Worshipper
 
Tommie's Avatar
 

Thanks: 326
Thanked 1,000 Times in 692 Posts
Tommie has much to be proud of Tommie has much to be proud of Tommie has much to be proud of Tommie has much to be proud of Tommie has much to be proud of Tommie has much to be proud of Tommie has much to be proud of Tommie has much to be proud of
Re: Advice required on buying property in Istanbul

You don't need lawyer to purchase a property.

Quite a few have had problems using a lawyer. Do bear in mind that some seem to charge a fortune for doing next-to-nothing.

You don't own the property until you get the tapu.

Is the property priced in TL or £ ?
__________________
Welcome to Didim
Tommie is offline send PM Reply With Quote
The Following User Says Thank You to Tommie For This Useful Post:
Akasya (10th June 2014)
Reply

Tags
advice , buying , istanbul , property , required


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Buying Property in Istanbul anonuser Buying property in Turkey & North Cyprus 4 18th December 2012 13:52
Advice on Buying property bobthenob Buying property in Turkey & North Cyprus 1 8th March 2009 21:34
Advice for buying a property in Turkey princess23 Buying property in Turkey & North Cyprus 13 9th July 2008 20:41
Buying Property Advice kevkj Buying property in Turkey & North Cyprus 3 2nd February 2008 10:03
Buying a property in Istanbul farhad Buying property in Turkey & North Cyprus 1 18th January 2005 00:59



All times are GMT +1. The time now is 21:58.
TurkishLiving.com tested by Norton Internet Security TurkishLiving.com tested by McAfee Internet Security
Powered by vBulletin® Copyright ©2000 - 2008, Jelsoft Enterprises Ltd.
SEO by vBSEO ©2011, Crawlability, Inc.
Style Provided By: Wrestling Clique - Wrestling Forums
TurkishLiving.com


1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155