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Ground rent

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Ground rent

Postby Flossy » Fri 2 Sep 2011 09:11 GMT

Hi everyone,
I have just joined this forum and need some advice.

We bought a property near Dryanavo about 4 years ago, signed all the contracts etc. The property is still not fully complete, and has been a long haul. It's a newly constructed village which I think won't be fully completed for at least another 3 -4 years. Anyway to cut a long story short, I have been looking on the owners website, and it now seems they intend to charge us ground rent for our property. This has never been discussed before, and there is nothing in our contracts.
I would be interested in finding out if they can leagally do this after all this time.

If there are any legal people out there who could advise I would be very grateful.
Thanks :(
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Postby Trev » Fri 2 Sep 2011 17:41 GMT

Hi Flossy,

Welcome to the forum.

To be honest I really think you should consult your independent lawyer in Bulgaria over this issue. It is probably the safest way to get a correct and legal answer.

Trev
Trev & Vania - Varna - Bulgaria

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Ground rent

Postby Flossy » Fri 2 Sep 2011 17:52 GMT

Thanks Trev, many thanks for your reply.
I have gone through our purchase contract, it's in both Bulgarian and English, and there is nothng mentioned anywhere where it says about paying ground rent. The village is a complete new build of about 150 properties and at some stage a spa centre etc it has been built on what was once farmland, in Dryanavo.
Think I need to talk to a solicitor.
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Postby Trev » Sat 3 Sep 2011 12:12 GMT

Did you buy an apartment in a block, or a building on its on piece of land?

If the former you will be expected to pay maintenance fees, if the latter you should own the land it is built on, or rather your company should own the land. 'Cause as a foreigner you are not allowed to own land. (Well, you are allowed, but in your case the rule wouldn't apply)
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Postby Trev » Sat 3 Sep 2011 12:16 GMT

Is this DRYANOVO near to VT?
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Ground rent

Postby Flossy » Sat 3 Sep 2011 12:53 GMT

Hi Trevor.

Yes it is Dryanovo near VT

The property in question is a town house built in a row of 7 within the village complex. This is a complete new eco friendly village of about 150 houses, built in 2006. It has won several awards including the Bentley Property award. We purchased it in 2007 almost completed. The ground is owned by the developers, and yes we do have to pay maintenance charges for the whole village, but as yet we have never been told about having to pay ground rent. This is not in our contract.
We have been waiting for so long for the complex to be open, we were told it would be fully opened back in 2008, but it looks like being another 4 years before everyting is built. However we can stay in our property, but can't rent it out yet. We bought this as our pension plan, but so far haven't been able to rent it to bring in an income since we owned it. It's a nightmare. But then I know other people are in the same boat. :brickwall:
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Re: Ground rent

Postby Trev » Sat 3 Sep 2011 13:03 GMT

Flossy wrote:Hi Trevor.

But then I know other people are in the same boat. :brickwall:


Then I would suggest that you all get together and employ a reliable lawyer, who is not connected in anyway with the real estate company you bought through, and not connected to the builder or ANYONE involved with this project.

Maybe someone from Varna or Sofia would be best.

I'm sorry, but, the forum rules do not allow me to recommend anyone on here. Which is good because it stops people coming on here to spam the forum.

Trev
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ground rent

Postby Flossy » Sat 3 Sep 2011 18:22 GMT

Tbanks for your advice It's very much appreciated, have spoken to some of the other owners and they think the same as you.
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