Interesting! Our solicitor said that Bularco are planning on selling the project to another developer due to monetary problems. We are still waiting for a response to a list of questions... What do others know of this situation? there are no money worries with the devlopment, the developer, Bularco, have several developments in Bansko & Sofia and the company could have funded the build without any money from buyers, hence the excellent payment plan they offered us, i.e. 75% on completion???.

Don't part with a penny until the development is totally complete. If I could walk away with even 25% of the 100k I've spent on my investment I would. If you are still retaining 75% I would walk away and buy a finished apartment built to an acceptable standard with a good maintenance agreement.

Hey JimBob, don't shoot the messenger!! I was just passing on what I had been told, added to this the way the payments are structured and it does not indicate to me a developer with undue financial concerns? However these payment terms were set quite a while ago and as we all know lots has changed in markets the interim, so who knows? Regular updates would be appreciated as & when more info is forthcoming from any of the buyers, cheers.

No shooting my friend - I certainly didn't mean to sound like I was shouting :oops: My experience and feeling so far is pushing me to believe the solicitor and not Best Bulgaria. It's quite interesting that we are hearing different stories. I will post as soon as I hear anything... Hey JimBob, don't shoot the messenger!! I was just passing on what I had been told, added to this the way the payments are structured and it does not indicate to me a developer with undue financial concerns? However these payment terms were set quite a while ago and as we all know lots has changed in markets the interim, so who knows? Regular updates would be appreciated as & when more info is forthcoming from any of the buyers, cheers. Gotta say I have a strong feeling to agree! Don't part with a penny until the development is totally complete. If I could walk away with even 25% of the 100k I've spent on my investment I would. If you are still retaining 75% I would walk away and buy a finished apartment built to an acceptable standard with a good maintenance agreement.

Hi all, Just to let you know where myself and a friend stand..... We both bought a 1 bedroom apartment each on the 3rd floor in the "completed" block. We have paid 25% of the property purchase price and whilst we havent been issued with Act 15 our lawyer has indicated that the developer is requesting payment. This is despite the fact it was written into our contact that if Act 15 was 3 months overdue we would be owed our whole deposit plus a payment in the amount of 15% of the purchase price. We have requested this but not suprisingly the developer hasn't been forthcoming. Neither of us are prepared to pay any more money for a complex that is far from complete. We indicated this to our lawyer who has said that we can take the developer to court if we wish. They have said that this could take up to 3 years, they can't say if we would definately win and if in the case we did, they can't garuantee the developer will be able to settle. Thats where we currently stand - really unsure as to where to go from here. Any advice would be greatly appreciated. It would be also great to hear from EVERYONE on their position and intentions - I'm sure there would be far more power in numbers!! Ben

Grand Royale
I was emailed by my solicitor this week with an update. After chasing the developer for a long time, she finally got a meeting to discuss the breach of contract and return of deposit. She was informed that an English company were in the process of purchasing the development and would honour the contracts already signed. This is news to me and suggests that the developer is in financial difficulties. The lawyer has asked for more information on this 'buy-out' which I suspect will take another couple of months to surface. Does anyone else have an update? Are they working on Section A now that the season is over? Cheers, Martin

This is the letter i have received from my solicitor!!
I thought that I have send an explanation letter to all my clients but it seems I have missed you. I regret my lapse! The current situation is very complicated. From one side the developer is in delay, but from the other side the purchasers are not paying their second installments which is breach of the contract too. The purchasers, being frustrated about the future of the project, refuse all invitations for future payments and from other side the developer is out of money and is waiting these funds to complete the project. There is a risk of canceling of the contracts by the developer’s side because of breach of the contract from the purchaser’s side but at the same time there are no guarantees for the completion of the project. As conclusion: I don’t expect any agreement with the developer for refunding of the selling price paid so far- the developer don’t have money to do that. If you would like to terminate your contract and refund your money, I advise you initiate a court case and block the land and the project. This will guarantee that when you win the court case these goods will be available to be sold on a public sale and by this way to refund your money. The expected expenses will be round 14% of the interest /the money which you would like to be refunded/. If you don’t want to go with a court case, there is a risk of termination of the contract from developer’s side in which case the developer will have a rights to keep the already paid funds. Please inform me if you have any other questions! I’ll be pleased to answer you!

We recently received a letter from Blue Water, who have taken over the project. They are giving us 15 days to make the final payment or they will recind the contract. We have had photos of our completed appartment and it does look good! Section A is still incomplete, but looking better than it did. They are offering us the discount for the delay on the build (for us 10%) BUT we are being charged over 18,500EUR in interest due to late payment. So to some up: We weren't informed about the pylon and the need for it to be removed The builder is massively delayed He very rudely announces that he will be taking us to court - without giving any indication that the building was ready Failed to correspond with us and our solicitor on any level for months And now stands to get more money out of us Now call me stupid (well don't :wink: ), but that seems like quite a win win situation for someone who has been nothing but be a bag of rubbish (I tame my language!) from the outset! I mean lets be realistic - is 15 days enough to make a snagging list, agree the list, prepare the money and transfer it? I doubt it... Good luck everybody - looks like we are about to loose our 25%...

We are still yet to hear anything from either our lawyers or the company that appears to have purchased the development?? Since the development over-ran by such an extended period surely the contract is void and we are no longer required to make any more payments. Additionally, why are we not refunded our deposit as not one of the deadlines met in the contract was satisfied?? It is now in the hands of an English company that may now make negotiations more achievable. We have this forum with people who are stuck in similar predicaments yet it seems everyone is happy to sit back and do nothing about this? IS ANYONE GOING TO APPEAL TO THIS OR ARE WE ALL GOING TO SIT BACK AND LET THEM WALK ALL OVER US?! It would nice to actually hear from a few more people about their decisions in regards to the matter....

First time to post a message, apologies if I repeat We are in same position as everybody, though we purchased apartments in Blocks A and C. We have a solicitor negotiating on our behalf (personal advice: do NOT use solicitor from Bansko) with Bulbuild, for the last few months, and they never mentioned this Blue Water development. We received their letter also, and much like Bulbuild, they neither answered phone or e-mail. Our position is we did not receive the ‘Act15’ as of when they said they originally sent it, which seems to be everybody’s situation and we totally reject its assumption that the building is finished, and obviously their ‘right’ to charge interest. So we are also ‘following’ jimbob’s 4 points for negotiations. But, we are looking to close and hope to see everybody out there in a completed, fully snagged and operational building. Trying to add picture taken end of July this year for those who are wondering where project is at currently. (If doesn't work, need advice) >

LOVE the golf shoes :)

Many thanks for advice :P you learn something new everyday...