Hi all,

First time posting on forums although I've been reading for a while, so a big hello!

As the subject indicates I'm about to sign on the dotted line for an apartment in a development in Bansko. Before I do I have a couple of questions that I hoped someone here could help with <fingers crossed>.

First off, I'm buying through an agent called Avatar International. I was wondering if anyone has had any dealings with them and if so, are they as they seem?

Secondly, they mention that "Full prices will be stated on the Notarial Acts". I'm assuming this is in relation to the pricing scam I've read about in other posts and that this is a good thing?

Thirdly, on there reservation form they state :

"As you are required to instruct a lawyer as soon as possible, we have notified Fidentia Group who will assist you with an independent lawyer to act on your behalf. Please notify us immediately if you wish to instruct an alternate lawyer."

Are the Fidentia Group any good? Or should I look to arrange my own lawyer? If so, does anyone have any recommendations?

Finally, and I realise this is a tricky one to answer, they offer a guaranteed rental income of 8% for 3 years (for a fee of course). The first year starts on the completion of the development which will be March 2007. So the 3 years are Mar 2007 - Mar 2010. Do you think this is a good deal or should I ignore it and look to rent out myself through another agency as the rental should be more than 8% by the year 2010? Any recommendations for rental agencies?

Thanks very much for your time and any replies I receive. I realise there's a lot!

One last thing. Please, no replies from people interested in only publicising their own agencies. Replies from Quest gratefully received! :)

Thanks again.

Hi all,

First time posting on forums although I've been reading for a while, so a big hello!

As the subject indicates I'm about to sign on the dotted line for an apartment in a development in Bansko. Before I do I have a couple of questions that I hoped someone here could help with <fingers crossed>.

First off, I'm buying through an agent called Avatar International. I was wondering if anyone has had any dealings with them and if so, are they as they seem?

Secondly, they mention that "Full prices will be stated on the Notarial Acts". I'm assuming this is in relation to the pricing scam I've read about in other posts and that this is a good thing?

Thirdly, on there reservation form they state :

"As you are required to instruct a lawyer as soon as possible, we have notified Fidentia Group who will assist you with an independent lawyer to act on your behalf. Please notify us immediately if you wish to instruct an alternate lawyer."

Are the Fidentia Group any good? Or should I look to arrange my own lawyer? If so, does anyone have any recommendations?

Finally, and I realise this is a tricky one to answer, they offer a guaranteed rental income of 8% for 3 years (for a fee of course). The first year starts on the completion of the development which will be March 2007. So the 3 years are Mar 2007 - Mar 2010. Do you think this is a good deal or should I ignore it and look to rent out myself through another agency as the rental should be more than 8% by the year 2010? Any recommendations for rental agencies?

Thanks very much for your time and any replies I receive. I realise there's a lot!

One last thing. Please, no replies from people interested in only publicising their own agencies. Replies from Quest gratefully received! :)

Thanks again.

In My opinion having an independent lawyer can be usefull - choose a high - end expensive city law firm, all cities have them. You will often find such firms have an international prescense so the chances of them ripping you off are remote. If you don't want people to advertise you , ask people with experience who have done this - english people who have bought property in Bulgaria.

If I were you I won't try to rent the property myself. They promissed you to rent the property for you, so let them do it :)

I only recomend you to double check everithing before signing. And see how many of the apartments are already sold, the more the better.
REMEMBER, most people didnt do UK B2L when the opportunity was at its best, just as most Bulgarians wont, so try to ignore the pessimism.

Good luck with the purchase.

Hi Bob

Wow, feel very flattered ;)

Price on deeds - yes it is a good thing. An underdeclaration of price can not only make your contract null and void but also present you with a larger potential capital gains tax issue later if you re-sell

An independent lawyer is a MUST. I have no experience of Fidentia Group so I'm sorry I can't help you on that one (I'm going to see what I can find out about them though, as you've mentioned them!). My personal recommendation for an excellent lawyer who speaks fluent English and is correct and will not rip you off is Mr Roumen Petrov who is a partner in the firm GPNG in Sofia. He has many British clients and will act for you in your purchase at Bansko if you wish. His email address is rpetrov@gpng-law.org - please feel free to mention my name if you like.

Regarding the guaranteed rental - well, get Roumen to check what they are really offering first to make sure it really stands up. Then, I would say, yes you can rent it yourself... but of course you'll have to do all the marketing, sort out the rentals, etc... depends upon whether you can face doing this. Also, the other question is where to market it? (I, of course, would say Quest Bulgaria magazine and internet site, wouldn't I?????) 8% is not bad at all and might be worth running with if you can't face coping with all the things yourself. The other possibility is to put it with someone like Balkan Holidays or Thomas Cook - you could contact them and ask...

Hope this is of some help - anything else, please do just put up another post or email me if you wish.

All the best, Jain

Thanks for your replies guys, any information at this "nervy" stage is good!

Thanks Quest, I'll give Roumen a shout and see what he can offer.

As far as the 8% is concerned, it's a peculiar deal. Basically you have to pay extra to get the 8% guarantee. The extra amount is equal to the amount you get back over the 3 years. From this you still have to deduct (each year) the maintenance charge and running costs. Oh, they throw a furniture package in though.

So, if I don't go with it, I have to purchase the furniture and find my own rental agency. But the initial purchase price of the property is that much less.

To be honest, as long as I cover each years expenses I'm not that worried about the rental income.

Thanks again for your help.

Hi Bob, no worries

If you're only getting back what you are going to be paying them, perhaps it might be better to look to an alternative as really you should be able to get some rental return at least for your investment. Good luck and if there's anything else, please do just say

All the best, Jain

I'm glad that you are aware of the things around your purchase.
But have you thought about the other options you have, for example not buying an apartment, but finding an empty plot or with old house near the resort and building there a house of your taste ? I think that might be the better oprion because its much cheaper and you will own a big house with modern amenities (sauna, jakuzzi, etc.) along with the land and it will cost you the same or cheaper. Don't want to say whats better (although I think so) , just pointing you other options.
Purchasing a property requires doing your home work :) make a research yourself and using indepent sources.
If you want to ask something else - you know the way - post your question here or on Private Message.

Good luck with the purchase , don't be in a rush :) take your time to examine everithing

Bob

My friend and I are going through exactly the same process as you. Having just got back from a weekend out in Bansko, we're progressing with a purchase of an off-plan 1-bed apartment in the resort, a short walk from the Gondola.

We are buying through Avatar, and using Vladamir (!) from Fidentia as our local lawyer. We've checked out Avatar on the internet, and contacted their local office - all seems fine. Same with Fidentia.

Unlike you, we are not buying into the enhanced deal on a secured rental income. We are going to do our research on a local management company nearer the time (development won't be complete until March 07), although one recommended by Avatar seem to be very reasonable (which is no guarantee of good service of course!).

One thing we are doing is checking out our tax position, both in Bulgaria and UK, so we understand exactly where we stand.

Our point of view is that this is all a risk, but having just checked out the local area, we are so impressed (and convinced that this is an excellent investment for the future) that we are prepared to take it on!

good luck!
Katie