advice on holding my purchase/pulling out

[mark]

Am c12 months into my purchase of what is an perfectly ok 1 bed apartment in bansko (off plan). Near the gondola, decent developers etc. No real concerns about the property but due to "cashflow issues" (too longwinded to explain) am thinking about pulling out. I've paid c25% of total cost to date.
1. Has anyone done this? any advice?
2. What the best way of re-marketing it?

 

[damyanov]

Hi Mark,
My name is Bozhidar Damyanov and I am a Bulgarian solicitor. Our law firm has experience in similar situations regarding termination of preliminary sale agreements but it is very important what is stipulated in your preliminary contract. If you want you can send me a copy of your contract and give me some more details about your purchase and I could advise you on your options for termination.
My e-mail is [email protected]
Regards

Bozhidar Damyanov

 

[craigwyna]

Same situation

I'm very much in the same situation and am looking to sell on my property to someone to give me back what I've invested to date.

It would be beneficial all round if we keep each other posted on our findings with this.

I'd be interested to see what the solicitor suggests??!!!!

I'll keep in touch
Craig

 

[najnaj]

my advice is not to buy something off plan paying some deposit in advance, but ready properties. the legal procedure is too long and too dificult and it could not be predicted what the result will be...

 

[Jain and Chris]

If you wish to sell your off-plan property before completion, then the most important thing is to know and understand what your prelim contract says. There may be restrictions, etc. Whatever, you need an independent lawyer to look at this and give you best advice. I would not recommend going back to the lawyer who did the original paperwork as I suppose they were recommended by the agent?

You really need legal advice before you do anything. Someone who will work for you alone and in your best interests.

If you would like any more information, please do post on here and we'll do our best,
Quest Bulgaria magazine

 

[thetravelbug]

Try approaching the developer directly and explain your situation. It maybe they are willing to remarket your property and will give you your 25% back on a resale. Whether you are allowed to privately sell on your contact before completion depends as others have said what is in preliminary contract and what agent and developer agree to. And of course if you can find a buyer with so many other apartments for sale.

Rachel

 

[damyanov]

I'm very much in the same situation and am looking to sell on my property to someone to give me back what I've invested to date.

It would be beneficial all round if we keep each other posted on our findings with this.

I'd be interested to see what the solicitor suggests??!!!!

I'll keep in touch
Craig

Hello Craig,
I can not suggest a general solution for such situation. As i said the most important thing in such cases is to review the texts of the preliminary contract and to see what the are the available options and the best course of action.
Regards

 

[mark]

hello craig and others,

Bozhidar (see his reply) kindly reviewed my docs and its seems I'm a little stuck, which I kind of expected. Yes, i could try and reverse out but legally this could be messy and (even more) expensive. Advice seems to be to complete the purchase and then deal with selling it. Who knows what the re sale market will be like in 12/18 months?? either way it ain't worth risking the loss of 25% of my monies now. My original agent has been fine about the whole thing and is remarketing as we speak, just in case.

 

[Jain and Chris]

Hi Mark

Sounds as if you have worked it out - good news. Glad to hear the original agent is helping you with the resale and marketing the property.

If there is anything I can do to help, let me know.

 

[zachary21]

losing deposit

Hi i have purchased off plan and can not fund the final payment in sept for various reasons, have been told by different bulgarain solicitor when reading my prelim contract that the developer will not refund any off my deposit of £35000 which in contract states that they would give half money back however developer dose not have to terminate contract and therefore will keep charging daily penalties until all money is gone, as anyone took a developer to court

 

[BGREDevelopment]

What is the purpose of taking the developer to court if the contract gives them the right to apply penalties? My advice is to try to sell your contract to smbd else.

 

[BGREDevelopment]

What is the purpose of taking the developer to court if you know that contractually it has the right to apply penalties for late payment (which is normal and usual)? That will only cost you money and it is likely that you lose. My advice is to have your contract reviewed by a lawyer and if this is confirmed, that try to resell it.

 

[zachary21]

I am trying to resell the prelim contract with a discount of £15000 but not had any luck, any ideas. I have also since found out that there are 3rd party interest on the apt such as developer having a mortage over it which on the prelim states that it can be terminated, developer however still refusing to terminate contract.

 

[BGREDevelopment]

If you have purchased off plan, it is normal that there is a mortage - this is to secure repayment of the bank loan contracted by the developer for building the property. I haven't seen the contract so i don't know what the termination provisions are like. You should consult a lawyer for this and see whether the developer is in breach of contract and whether you can pull out from it and at what cost.