So about me....
Thought I would give a full, long description of my forays into property...
I began searching for property in Bulgaria in early 2004. I had initially wanted to invest in a property in a ski resort and had looked at various options from Austria, to Canada to Slovenia but eventually I settled on Bulgaria and Bansko in particular as it seemed to offer a decent standard of skiing, had a new lift system and a proper town, not just a purpose built resort. My research began as most people's does - browsing the internet and trailing through hundreds of websites viewing property details. Around August 2004 I received an email from a well known London based agent - Bulgarian Dreams, who were just launching a new development right by the main gondola in Bansko and with five star facilities. I phoned the agent to discuss the development in more detail and requested floor plans. I was told there were only a couple of apartments left in my price range and so I would need to act quickly and reserve an apartment to avoid missing out on this amazing deal.
And I hate to admit it, but I got caught up in all the hype and put down a deposit on a 60
sqm 2 room apartment at around 1,100 Euros/
sqm. It then took at least 2 weeks for the agents to send out the contract and even then there were numerous mistakes in the contract. I had already agreed with the developer through Bulgarian Dreams that they would covert one bathroom into a kitchen and would fit this within the agreed price but this was not mentioned in the contract. There was no management contract at this stage either. But stupidly I handed over the 30% deposit. I then visited the development in October 2004 and found that it was much further away than the ski lift than stated, my kitchen was still a bathroom and my town view was of the next door block!
I battled on for the next few months trying to get answers to queries, sort out figures to go on the notary deeds, get confirmation as to what was included...and got nowhere. I had by now started corresponding with a number of other buyers in the same development and we all had various concerns and unanswered queries. Then we were informed that despite paying an astronomical maintenance charge we would have to pay extra for use of the spa facilities when the development had been advertised as having 5 star facilities and many of us buying in the block felt we had been misled into believing the spa facilities were included. I was also told by the developer that if I wished to have the full purchase price on the notary deed, I would have to pay a further 20% in VAT. There were many unanswered concerns and the only response I could get from Bulgarian Dreams was that I should contact the developer.
By this stage I knew I had made a huge mistake and that the apartment was not a good investment and there were far too many discrepancies and ignored emails and letters raising various questions. Eventually after much negotiation (or lack of it with the agent) it was agreed I could sell the apartment privately to cover my costs prior to completion. This proved harder than expected with the huge number of new build apartments in the ski resorts and coastal regions and high maintenance charges and added extras!
Then it transpired that the developer was refusing to fit the kitchen (it would of course cost extra!) but the agent refused to take up my case or support me to get what I had agreed to purchase, despite the fact that I had proof in emails and writing that the agent had agreed with the developer that a kitchen would be fitted. In fact I was told that due to my behaviour Bulgarian Dreams would have nothing more to do with me and I was even threatened with legal action for discussing the purchase with other people also buying in the same development. Pure bullying tactics from a large agency.
But I refused to give in and eventually through direct correspondence with the developer and by visiting their offices in Sofia, I managed to get 2/3's of my deposit back, but Bulgarian Dreams refused to refund the additional 6000 euros they had made as commission.
They refused to answer emails or letters and I eventually wrote a letter before action requesting my money back or I would sue. This was ignored. I then made an official complaint to Trading Standards and was advised to write again, which I did to no avail. I then put the matter into the small claims court. The agent left it until the last possible day to file an acknowledgement and then said they intended to contest the court jurisdiction. Again they left it late to file their application and then refused to pay the fee required. Eventually they paid the fee and the director of the company put in a statement requesting the case be moved to London because they were such a small firm he could not afford a day out the office! This is despite Trading Standards being told that all three directors of the company were out of the country so could not respond to queries and the agency having offices in London and Bulgaria and advertising extensively in large newspapers and at homebuyers shows. The judge dismissed their application and I received judgment against Bulgarian Dreams and shortly afterwards they sent me a cheque for the amount claimed.
Trading Standards eventually decided not to prosecute. They said they gave the issue much thought and basically had really wanted to take it further but agents selling abroad fall into a loop hole in UK law where they are not caught by either the Property Misdescriptions Act, which does not cover property outside the UK, or the Trade Descriptions Act, which does not cover land and property. Therefore until the law changes agents can get away with totally mis-selling property with no real recourse.
However, despite all this I still loved Bulgaria and wanted to invest in property there but had decided that buying cheaper old rural property was a much better bet. I visited the country a number of times and travelled more or less all over the country to see the sights and get to know different regions, as well as look at various property offers.
On one trip over to Bulgaria in May 2005, I met up with a guy who ran his own small real estate agency in the Stara Zagora region. I ended up buying a small old house through him. He was looking for someone to help in expand his business to the British market. I was working as a lawyer in a small high street firm in Cumbria at the time as well as running an online farming business. I was bored with a desk job and so I handed in my notice and began working in partnership with this small agency to promote and sell properties in the Stara Zagora area.
I started taking clients out to the Stara Zagora area and also arranging to travel around Bulgaria with them. On each visit I would end up buying another one or two houses around Stara Zagora until I had a collection of 8 rural houses. The first three cost me less than 20,000 euros altogether including legal fees and commissions. The second three included two larger more modern villas and totalled around 35,000 Euros. I still spent less on the first 6 properties, than I would have done on a one bed roomed apartment in Bansko. The next two properties included the plot next door to another one I owned and small cheap house with huge plot. I have since bought further property.
Early 2006 due to various issues back in the UK, my partner at the time and myself decided to leave Britain and set up home somewhere else. Bulgaria seemed the obvious choice as I already had property here and the property selling business and website had started to develop well. We planned our new house and started planning for the move. However a couple of months before we were due to travel out, the relationship broke down and so I ended moving out on my own. The original plan had been to stay in the villa that was being renovated at the time and should have been more or less completed by the time I arrived at the end of October 2006. The new house was supposed to be finished around November/December 2006. However, when I arrived, the villa was little more than a building site but at least the shower room was done so I had hot water and a toilet, if no kitchen, doors and no furniture!
The new house build was another story and turned into another nightmare with one problem after another and in March 2007 I terminated the contract with the original builders, DreamHome.bg and attempted unsuccessfully to sue them and became embroiled in legal battles for around 2 years. Entering the Bulgarian court system is not something I would wish upon anyone and should be avoided at all costs. Even with all evidence in your favour, signed contracts and witnesses, unless you 'know' the right people and how things 'work', you will be fighting a losing battle and will end up paying out thousands in court costs and legal fees. Not only did I lose the case against DreamHome.bg, but I was stuck with a legal bill for the other side of over 5000 levs. This was never properly served on me and the first I really knew was when the bailiffs came knocking on my door. It cost me a further 1800 levs to stop them taking my belongings. On top of this I have been sued for slander and defamation by the lawyer working for DreamHome.bg and after a farce of a court case was found guilty under Bulgarian criminal law and told to pay thousands in damages. I am now waiting for appeal decision and hoping I will not to be made liable to pay the further 20,000 levs he is demanding. But knowing how things work in Bulgaria, I am not hopeful for a successful outcome.
In Spring 2007, after various tensions developed with the agency I was working with, I decided to branch out on my own and set up in my own office in Stara Zagora. I started to work with a few different agencies selling property mainly in the Stara Zagora region, over seeing renovations and arranging viewing trips.
However, a year and a half later, after all the troubles and ups and downs of the last couple of years, the current economic climate and slow sales, I decided to give up the office and work via the website to provide advice to those that are looking to invest in Bulgaria.
I have faced all sorts in the quest for a new life in Bulgaria, much I would not wish on anyone and it has been a very stressful couple of years. I have made some great friends and have certainly had some great experiences and some fun times. But have also come across more dishonesty and troubles than I have run into anywhere else - and not all from Bulgarians I should add, having just had to evict a Scottish couple from one of my properties with the aid of the police after allowing them to house and dog sit for me.
While Bulgaria is a lovely country in many ways and has much to offer, I do not know a single person that has moved here or bought here and not faced problems with agencies, builders and general difficulties of living in a different country and culture. I would not want anyone to go through what I and others I know have gone through. Please just be careful, ask as many questions as you can, however silly they may seem and do not rush into anything, however a fantastic deal it may look.
Finally after a long term relationship ended in Bulgaria I am after a fresh start and have spent the last 3 months in the French Alps. I enjoy France and would like to try living here for a while. I am now therefore trying to sell my Bulgarian property portfolio.
So thats me...that's my property adventures to date and the trials and tribulations of the last few years.
Rachel
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