BULGARIAN FREEHOLD PROPERTY house with land

  Why invest in Bulgaria? Bulgaria is a country that not only has weather comparable to Spain and other top holiday destinations, but also property prices that are less than a quarter of their European counterparts. Over 150 days of sunshine a year, with average summer temperatures of 28ºC (79ºF) and occasionally climbing to a sizzling 35ºC (95ºF). Beautiful Blue flag beaches for the summer holidaymakers and top ski resorts for winter holidaymakers only a few hours away. Flights are only two and a half to three hours from the UK or Ireland. Low-cost airlines as WIZZ air and EasyJET have direct flights from London. BA is also flying direct to Sofia and Varna airports. Bulgaria is one of the fastest growing holiday destinations in the world with over 4 Million visitors in 2007. Major tour operators such as Thompson and First Choice have added Bulgaria to their brochures and websites as one of their top sellers.

Legal:

Limited company formation (Please read if you do not have a registered company in Bulgaria)

 According to the Bulgarian Act on Foreign Investment, foreigners can buy buildings but not land. Therefore the most common method for foreigners wishing to own property is to register a company, which then owns the land and the property. It can take between 2-4 weeks to register a company on your behalf, legal and administrative fees for registering a company are 400 Euro. This fee includes the state and court taxes. The company does not need to operate but it is simply a tool to purchase the property. Once you have bought a property the company will be re-registered at the address of your new property. When your company is registered it is a legal requirement that a minimum share capital of 5 000 lev approx. 2400 GBP  should be deposited into your company bank account. This money can then be withdrawn once the company is fully registered.

COSTS and FEES

As within the UK there are a number of local transaction costs such as stamp duty that need to be paid by the purchaser. As a general guide costs are around 5 -6 % of the purchase price.

The Local Property Tax is 2% of the purchase price.

The National Registration Tax is 0.1%.

Notary Fees are based on tables reflecting the purchase price and are typically less than 300 Euros.

Local council taxes must be paid that cover such items as public lighting and refuse collection. These taxes are minimal and are typically less than 200 Euros. 

A deposit is expected to secure the property within 7 days of end of auction. We can arrange to have a bank account opened for you so you can transfer funds required from the UK to complete the legal process. Typically the transactions will be completed within one month of receipt of deposit. Clients may visit to complete and to pay the balance on the property however transactions can be completed in your absence by posting you all necessary documentation and receiving signed copies.

BIDDING CONDITIONS

1. Winning bids

The winning bid or accepted offer is the purchase price you will pay for the property. This excludes the administrative charge. Bids are legally binding. Do not bid if you are not serious about buying. If you have questions ask before you bid. We have gone to considerable expense to search and market the properties we offer. Price is for the property only and excludes legal and other fees ( see below). Our liability will be limited to the monies received. We reserve the right to contact you with any offer from the seller if the reserve price is not met and you are the highest bidder.

2. COOLING OFF PERIOD

Cooling off period of 7 days after end of auction guarantees that you will have time to inspect the property and make an informed decision before you pay any money. You have the opportunity to arrange a viewing trip or valuation or have one arranged by us. Viewing trips arranged for as little as £50 per person.  

3. CHARGES

 3.1 Administrative charge of £99 (includes a property info pack) will be applied to all successful winning bids. The charge is payable immediately at the end of auction and will secure the property for 7 days during which period the bidder will have the option to exchange a preliminary contract. Upon payment of the charge the highest bidder will receive an e mail with a buyer’s info pack containing a preliminary agreement and available documentation about the property. NO additional fees apply.  

3.2. If within the 7 day period you decide not to go ahead with the purchase there will be NO additional CHARGES or obligation to proceed with the purchase. In this case the administration charge of £99 will be non refundable. Viewing trip cost will only be applicable if trip is organized by us. 

4. EXCHANGE of Contracts

4.1 All properties on sale have been secured for the duration of the auction.

You must notify us of your decision to exchange contracts in writing (e-mail) by the 7th day starting with the day of auction end. Failing to do so will mean you have decided not to buy and we can re advertise the property.

4.2  If you decide to proceed with the purchase you will need to provide the following:

a. Sign our standard preliminary contract for purchase (sent to you at end of auction)

b. Pay a Deposit of 20 % of the purchase price

c. Give us contact details of your legal representative in Bulgaria. If you do not have one we will provide you with a selection or appoint one for you.

5. Material facts liability

We rely on vendors to supply us with the exact description of the property. Our liability will be limited to the monies received. Should property description be found to be materially different from the advertisment after inspection the buyer has the option to receive property deposit refund (if paid)  or re negotiate the purchase price. Please note that the properties may need renovation to bring them to UK standards.

6. Property Withdrawal

We reserve the right to withdraw a property from sale and re advertise it unless initial admin fee of £99 is not paid within 24 hours of end of auction and 20% deposit is not received to secure the property within 7 days of end of auction. The properties are advertised elsewhere as we have a subscription mailing list and we reserve the right to withdraw a property should a offer been accepted 12 hrs before end of auction.

Price is for the property only and excludes legal and other fees*. Our liability will be limited to the monies received.

*Legal and transfer fees usually account for 5 to 10% of the purchase price.

 IMPORTANT

AT THE END OF THE AUCTION a payment of £99 is required to secure the property.

If you have feedback below 5 please contact me prior to bidding with your full details (Name, address and contact number.

GOOD LUCK! Looking forward to welcome you to sunny Bulgaria!

BOOK a VIEWING TRIP* Should you wish to visit the property before comitting to buy  

CONTACT Paul ON 07888750600