SUMMIT LODGE -LAWYER, MAINTENANCE CHARGES, RENTAL INCOME,

SUMMIT LODGE -LAWYER, MAINTENANCE CHARGES, RENTAL INCOME,
i am a new user on the site so please forgive me if others have asked these questions. 1) Having paid 40k for a one bedder in building C what leg to I have to stand on in terms of a refund? As they are now offering me something different they are changing the contract and I am thinking that should give me some room to negotiate down given the economic downturn. has anyone had any luck with negotiating down with Platinium? Izabell the Manager informs me it could take 2 years for the case to be heard if I decide to get a refund, and to get to resolution if I decide to try for a refund. I wonder what sort of resolution I would get? Has anyone done this, doing this? Also how might one do this? This is assuming that this company can keep going given the financial strain they are under and that I don't loose my initial stake before 2 years are up! 2) If I was to proceed with this does anyone know of a good English speaking lawyer who could advise me on this? I would welcome an initial informal chat with anyone that knows about the position on this.(free of charge if possible!) My sense is once I have paid the final 20k I am committed hook line and sinker but I don't know... 3) If so I suppose I have a delicate situation to weigh up...lose the 40k and just don't throw anymore money at it - or spend a further 27k (including say final payment, fees, and furniture package at 5.5k) and hope to rent it out and that in the longer term things get better. This will involve me getting a further mortgage on top of the 75k mortgage I already have - and it all starts to get rather expensive. 4) What rental might realistically be expected from the holiday market in year one 2010/ and year 2, 2011 based on past experience of you dear readers!? 5) Maybe the best thing is to just proceed with the purchase where I might have something to show for my money rather than nothing.. I have over committed myself by buying somewhere in Turkey and was not able to sell it in time to buy Bulgaria due to the slump.. Please give me your feedback? :( 6) I have been told I do not hold insurance over the property but that some Ski Construction company does - does anyone know what this means in terms of what would happen if I waited for Building C and they went bust, - Izabel replies along the lines once all debtors are paid any credit would be distributed - but guess things would be quite sore by then. 7) Surely it possible to rent out apartments without going through Platinuim - so that I receive the income direct I don't like the sound of the others who never received their rental income on some other development? 8) Any ideas on maintenance charges for a flat for the year and any other costs involved with buying other than final payment, furniture etc are their legal fees? - tax or anything like that to add on? What is the procedure for final payment and proceeding? I might come over at Xmas and don't want to miss doing something important.

I can't see building C being finished for a few years, if ever. I don't think it's even been started yet. I've been offered a swap into White Oaks as have a few others that I know of. Ideally, you ,me,everyone would like to get our money back as we could buy a finished apartment now for half the price. Chances of a refund? Virtually non-existent I'd say. You have to decide whether you wipe your mouth and kiss goodbye to 40K or make the swap and part with more money sooner rather than later, or wait for them to fulfill their contract and build building C. Only you can make that decision. Be wary of projected rental income though.

Re: SUMMIT LODGE -LAWYER, MAINTENANCE CHARGES, RENTAL INCOME
i am a new user on the site so please forgive me if others have asked these questions. 1) Having paid 40k for a one bedder in building C what leg to I have to stand on in terms of a refund? As they are now offering me something different they are changing the contract and I am thinking that should give me some room to negotiate down given the economic downturn. has anyone had any luck with negotiating down with Platinium? Izabell the Manager informs me it could take 2 years for the case to be heard if I decide to get a refund, and to get to resolution if I decide to try for a refund. I wonder what sort of resolution I would get? Has anyone done this, doing this? Also how might one do this? This is assuming that this company can keep going given the financial strain they are under and that I don't loose my initial stake before 2 years are up! Hi foxyrosie22 You have asked a load of questions will attempt to answer some. " Having paid 40k for a one bedder in building C what leg to I have to stand on in terms of a refund? " If you cancel your contract you will have to take them to court to get your 40k back. You may get some back but I would guess nowhere near all. Who knows even the lawyers won’t give you and answer on this. Your lawyer may give you some idea of their assets. "Izabell the Manager informs me it could take 2 years for the case to be heard if I decide to get a refund" This is very likely, could even be longer the Bulgarian courts are still very slow and expensive and the outcome is uncertain. We are working with the EU and the ministry of justice to try and get this changed. "This is assuming that this company can keep going given the financial strain they are under and that I don't loose my initial stake before 2 years are up" PDI are a very big company but that they have created a separate company (Seattle ski Ltd) for the summit Lodge development. Their only asset is likely to be the development which they will likely have to sell to settle the claims against them. This is lawyer territory PM me if you are looking for a good lawyer or need other information. BPAG

View Full Version: SUMMIT LODGE -LAWYER, MAINTENANCE CHARGES, RENTAL INCOME,