Hi All,

I'm in a sticky situation. I paid my deposit to Fort Noks almost 3 years ago for an off plan apartment in Crown Fort. I then used Capital Finance to gain us a mortgage in Bulgaria and Legal Independence to do all the paper work. The mortgage took months to get sorted but was finally approved in Nov. To cut a long story short I kept on their backs (CFP & LI) about signing the deeds as I had paid all the lawyer and broker fees as instructed. I do not know why it took the solicitors, financial people and developers so long to sign the title deeds but it should have been done in Dec. Then I had to get another POA notarised by the Bulgarian Embassy as it was a new year. That was in Jan but still they did not sign the title deeds and cannot tell me why. Early March I was informed that the bank is no longer willing to lend to foreigners so I lost my mortgage even though they took a late drawdown fee! The developer has since canceled my apartment and sold it to another investor. They have 'kindly' offered to put my deposit towards another apartment for the same value or more as long as I make up 50% of the value and use them as the lender at 8.5%. Of course the value of a simialr proprty is now 20,000+ euros dearer. What to do????

Is anyone else in this predicament??

Any advice would be greatly appreciated.

Hi Rico - welcome on board !

I think you actually emailed me recently on this very subject. The only real help I can give you is to seek professional advice. Without full information on contracts you have with this developer, nobody can assist - and anyway, whilst we might give our opinion I don't think any of us are professional lawyers who could really help over the internet.

It's all a bit tricky - the mortgage was late, the developer probably had written in the contract the latest date for final payment, the date was missed..... etc...... It sounds as if you were caught betwixt a rock and a hard place. I think investigations would have to be made as to who was at fault here. Although I wish you much luck on finding out who it was as I suspect both the financial institution and the developer both have so many caveats it will be a legal nightmare.

Anyway, I did suggest to you in my response to your email to contact a lawyer which you said you would do..... have you got in touch yet? Any ideas of how they might be able to assist once they have full paperwork?

All the very best

__________________
Jain Goodall, Director, Quest Bulgaria Magazine

For owning and buying property in Bulgaria
http://www.questbulgaria.com

Hi Jain,

Yes I did contact you and have sent an email to the contacts you gave me, thank you for that it was much appreciated. I agree that this is not the developers issue as the contract does state that full payment was to be made a month after completion which was last July. However, the lawyers kept on assuring us that they were in contact with the developer and they were ok to wait. That was until the bank puled the plug of course......

Hi Jain,

I didn't receive a reply from the lawyer you gave me so have just sent them another email. Do you know whether they are in the office as I believe that Bulgaria has recently had some bank holidays.

Thanks

Hi Rico

Yes, you probably would not have had a reply just yet. I think I sent you the information and you said you were going to contact them on the 7th or 8th May, so it's only been a couple of working days as yet.

We have indeed had an inordinate number of bank hols recently - totally crazy and I suspect people are catching up from them.

On top of that the lawyers are really busy and are often in court. I'm sure they will respond once they get chance.

All the best

__________________
Jain Goodall, Director, Quest Bulgaria Magazine

For owning and buying property in Bulgaria
http://www.questbulgaria.com

Hi Rico,
I am sorry to hear about uyour troubles. I had problems with late finish of my apartment and used a solicitor based in Burgas to help me. He sorted it all out. The company is called ******************.

Jain,

Thank you so much for putting me in touch with your lawyers. She is willing to look over my contracts so fingers crossed that I will get a good resultand all thanks to Quest Bulgaria who were the only people who put me in touch with proper professional legal advice; well worth the subs and really helpful!"

Hi Rico

What legal advice have you got, i am in the same sort of situation. I used capital finace and legal independance to help me with my appartment in bankso but things have gone wrong.

The final payment was due couple of months ago (End of febuary) but an extention was achieved for me. My final payment is by mortgage at it was soley the bank who were taking a long time to confirm the mortgage,

My situation is slighty different because i have had a mortgage approved but it is for only 25000 euros, where as my final payment is 51000 euros, so only have half maybe.

When i first went into this deal i spoke to capital finance partners and told them i can only afford the deposit and would only go ahead with the deal if they could get me a mortgage to cover the final payment as i have no other money.

They promised this would be achieved, as i have perfect credit rating and no debts or mortgage in England, and the fact my wages could easily afford the repayments.

Obiovsly i feel they have roped me in as they were uncertain of what mortgage they could get me and effectively told me a lie.

What do i do

Hi Rob,

The lawyers are looking at the contracts and associated documentation as we speak so I am waiting for the outcome of that.

I tried to send you a Private Message but it wouldn't allow me too so why don't you drop me a line on email rwilford@statestreet.com and we can talk further. There are at least a couple of others so a group action may be required!

Look forward to hearing from you

Thanks
Richard