The Overseas Property Investment Forum

Robjames · #1 15-05-2008, 11:13 AM

I to am also in similar postion as rico. My final payment is late for a appartment purchase in bansko by couple of months but an extention has been achieved, I have uesd Capital finance and legal Inpendance to help me with my appartment.

The bank have taken months to confirm my mortgage which they finally have done but at half the amount, The amount i owe is 51000 euros and the bank have offered me 25000.

I spoke to capital finance before i went ahead with the deal and told them that i could only afford this, if they found me a mortgage for 70% of the price (51000 euros). They promised there would be no problems due to my perfect credit rating and also i have no mortgage or loans in england.

I feel they have lied to me, because at the time if they had said there would be the slightest chance they could not get the full mortgage amount i would of never go ahead with the deal.

What can i do? the money is owed to the developer today on 15th of may and i have no other money, (have a baby on the way to top things off) and am 26000 euros short so the deal will fall through and i will lose my deposit of 22000 euros.

I feel this is completey unfair Help!!

reynolds · #2 15-05-2008, 11:26 AM

Hi Robjames,
Sorry to hear about your problem, just two things, were is your property, what is your property, and would you consider selling.
Second why did you not take a loan or remorgage your house in the uk. I to went for a morgge in Sofia, after three months of waiting i scrapped the idea and borowed from the uk.
Anyway good luck to you what you decide, but if you do decide to sell let me know.

Jain and Chris · #3 15-05-2008, 11:29 AM

Rob - welcome on board

Your best bet would be to talk to an independent lawyer to get fast and correct advice - they will need all documents you have to support your case, such as the mortgage offer, contracts, etc.

You can contact Asja Mandjukova at GPNG Law Firm (she is the lawyer who I recommended to Rico and others). They are a prestigious and honest law firm and speak excellent English. The email is amandjukova@gpng-law.org although I am not sure that they will be able to reply today for you. Their phone number is +359 (2) 9888330 if that helps.

Good luck, Jain

mickthepropertyguru · #4 15-05-2008, 11:35 AM

Quote:

Originally Posted by Robjames

I to am also in similar postion as rico. My final payment is late for a appartment purchase in bansko by couple of months but an extention has been achieved, I have uesd Capital finance and legal Inpendance to help me with my appartment.

The bank have taken months to confirm my mortgage which they finally have done but at half the amount, The amount i owe is 51000 euros and the bank have offered me 25000.

I spoke to capital finance before i went ahead with the deal and told them that i could only afford this, if they found me a mortgage for 70% of the price (51000 euros). They promised there would be no problems due to my perfect credit rating and also i have no mortgage or loans in england.

I feel they have lied to me, because at the time if they had said there would be the slightest chance they could not get the full mortgage amount i would of never go ahead with the deal.

What can i do? the money is owed to the developer today on 15th of may and i have no other money, (have a baby on the way to top things off) and am 26000 euros short so the deal will fall through and i will lose my deposit of 22000 euros.

I feel this is completey unfair Help!!

Ya this is totally unfair. OK I'm guessing you went to a private property show held by one company. And CFP were there. Here a a member of CFP would have done a couple of calculations based on your income etc and would have said that you would have no problem getting a mortgage.
They probably would have said the same thing on the Inspection Trip.
Surely there is misleading information here that you signed the contract under false pretenses? Do you have any of the details they wrote down at the exhibition or at the office in Bankso ? There should be a legal route here
Second of all, the company you bought through cant stand bad publicity and they have gotten a huge amount in the past. Go to the papers, radio any media that can advertise your predicament. This has huge power.
I would actually try and get in contact with a Russian paper as some of the big bad wolves have pulled out of Uk and Ireland now as they have exhausted the market and are concentrating in Russia (The big cities) and spending huge budgets hosting private exhibitions over there. If if you successful in getting them named and shamed over there then you would be in a great position.

Robjames · #5 15-05-2008, 11:39 AM

Thanks everyone

Hi Reynolds it is a 4 star studio in Alexander and ski spa hotel on outskirt of bansko 5 mins from a golf course, lots of spa facitilites and with shuttle bus direct to main ski lift every 30 mins.

I didnt remortgage on my home because i still live at home and dont have a house i didnt realise you could get a loan from uk for this, Im 23 and saw this as an opportunity to maybe help make a bit of money to get on uk property ladder, so all my savings have gone on this.

I would definetly consider selling this but the money would be needed straight away.

Robjames · #6 15-05-2008, 11:43 AM

Quote:

Originally Posted by mickthepropertyguru

Ya this is totally unfair. Here a a member of CFP would have done a couple of calculations based on your income etc and would have said that you would have no problem getting a mortgage.
They probably would have said the same thing on the Inspection Trip.
Surely there is misleading information here that you signed the contract under false pretenses? Do you have any of the details they wrote down at the exhibition or at the office in Bankso ?

Hi mick

You hit the nail on the head, yeah i guess i have been put under false pretenses, yes i have details from property company as they wrote it down while cfp quoted, stating what mortgage i could get etc in front of me now.

Thank you Jain and Chris to if i dont get this sorted i will be broke years and stuck at home.

mickthepropertyguru · #7 15-05-2008, 12:41 PM

One thing i would say its important to find out. Are you getting a 70% LTV mortgage, Are you getting this amount because you payed over the odds and 70 % of the true market value is alot lower then you payed ?
You should try and form a group of people that have been wronged by this company and get together and put pen to paper , people who are willing to back up their claims is important. But you need to be smart as if you mention some big companies directly they will get you posts deleted as they try and prevent free speech.

Robjames · #8 15-05-2008, 02:12 PM

Quote:

Originally Posted by mickthepropertyguru

One thing i would say its important to find out. Are you getting a 70% LTV mortgage, Are you getting this amount because you payed over the odds and 70 % of the true market value is alot lower then you payed ?
You should try and form a group of people that have been wronged by this company and get together and put pen to paper , people who are willing to back up their claims is important. But you need to be smart as if you mention some big companies directly they will get you posts deleted as they try and prevent free speech.

That might be the case the property could of been down vauled. I am very inexperience in property and if the sales company had told me this possibilty in the beginning i would of never signed the contract, feel like i have been conned.

The company who i went through are emailing me do you think i should email them to say i was misinformed and i signed under false pretences, also tell them possibilty of going to the papers.

reynolds · #9 15-05-2008, 02:48 PM

Hi robjames, what is the size of the studio, and wat is the price you will sell at

Robjames · #10 15-05-2008, 05:28 PM

Quote:

Originally Posted by reynolds

Hi robjames, what is the size of the studio, and wat is the price you will sell at

Hey reynolds. I will have to find out the size of the apartment, i will also find out in a week or so what the market value is and let you know thats if i havent lost the appartment by then.

Regards

Help losing my dopsit also like rico. HELP

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