At a time where money really matters, we always strive to provide a quality service at a fair price. We will keep you up-to-date with all of the relevant information so you can make informed decisions and have complete confidence that every detail has been properly taken care of.
Pricing
The fees involved in any transaction, and particularly in a foreign jurisdiction, are important to understand and we therefore review our fees on a regular basis, considering client’s feedback to ensure we always offer good value for money. We typically work on a fixed fee basis, so that from the outset you know what the fees will be for your transaction.
If during the transaction there is a new development, we will discuss the change in fees with you and agree a way forward.
Our fees are set out as:
Residential Sale
Our fees cover all the work required to complete sale of your home in Cape Verde.
The fees for a typical sale of property in Cape Verde are;
- Our fees – 1% of the purchase price subject to a minimum of £2,500 plus VAT
- Notary fees – These are normally paid by the purchaser (estimated cost of 250 €)
- Land Registry fees – These are normally paid by the purchaser (estimated cost of 250 €)
- Property Transfer Tax (IUP) – A transfer tax is due and normally paid by the purchaser, in the amount of 1,5% of the selling price or the Property Tax Value defined by the Tax Authorities and registered within the Property Tax Registration Certificate - whichever is higher
- Capital Gains Tax in Cape Verde is at 3% of the gain made (the difference between the buying and selling price or between the buying price and the Property Tax Value defined by the Tax Authorities and registered within the Property Tax Registration Certificate - whichever is higher). If you are non-resident in Cape Verde then you may have to declare this gain in the country where you are tax resident but may be able to offset the tax already paid in Cape Verde is there is a Double Taxation treaty between the two countries.
Exclusions
We do not undertake tax advice.
Our fees are fixed, however there may be factors which would typically increase the cost of the fees estimated above. Where there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.
Factors that may lead to an increase in cost include:
- If a legal title is defective or part of the property is unregistered
- If crucial documents, we have previously requested from you have not been provided to us
- If you require completion within 6 weeks of instructing us
- If you require simultaneous exchange and completion
Time Scales
For any transaction, the timescales are subject to change depending on when your offer is accepted and factors involved such as:
- Number of parties involved
- Whether the seller is using a lawyer or trying to do it themselves
- The attitude and co-operation of the sellers
- Whether you have a mortgage in place
- Whether you are buying a new build property
- Whether there are any legal defects in the property
A typical resale transaction will take between 3-4 weeks. However, if any of the above apply, or there are other factors we need to take into consideration, it may increase the time by a further 4-6 weeks and additional charges may occur. We will discuss this with you at the earliest opportunity so you always have a clear picture of how long things are likely to take.
Key Milestones
With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows:
- Taking your instructions and giving initial advice based on the information you have provided
- Drafting contracts of sale and any other necessary documents and reviewing these with you
- Sending the contacts of sale to the buyer’s solicitor and dealing with any enquires they have
- Providing advice on all documents and information received
- Finalising the contract and sending to you for signature
- Agreeing a completion date (the date from which the buyer will legally own the property)
- Exchanging contracts and notify you that this has happened
- Completing the purchase