Just had an email back from Lakon. They say the apartments can be used without protocal 16. Don't know if this is true or not. On another matter, they also confirmed there is NOT going to be a swimming pool. For those who don't know about that, there were rumours they were going to have a swimming pool last year. Got my agent to check and they confirmed there would be in the outbuilding to be shared with Old Inn. Obviously changed their minds again! Annoying to have thought there would be a pool for the last 10 months (which obviously adds value and is important as most places now have them) to find it won't again!

re the technical survey, I'd still want some further info on what they might find before I'd commit to spending yet more money. Matt you mentioned they found a lot of faults in your apartment - what exactly were they??

New Inn
Hi All Has everybody else received the rather threatening "Final Warning" from Lakon? If not here it is: I want to inform you that regarding apartment № XX we have a problem, which needs to be solved. Actually, you have received an installment letter for the final payment of the property. We still don’t have the funds in our bank account. We were working very hard for the completion of The New Inn. We spent a lot of money for that. We are working with a bank for more security for the financing of the building process. The problem is that this bank wants its money back. And we don’t have enough money for that. So the solicitors of the bank told me that they will solve the problems automatically without asking you. I need to mention that you still don’t have the property on your name. So Lakon LTD. is the owner of the apartment. The other think is that being not able to cover the money we owe to the bank we have no choice but to let them make a mortgage on that apartment and doing that they will have their money back. After that is done the bank will actually be co owner of the apartment. If that happens Lakon LTD. won’t be responsible for the apartment any more. Actually our duty will be covered. I mean that everything according to the preliminary contract was done by us. So we will receive the money for the bank with the mortgage for the apartment. After that we will not consider the apartment our priority. This will become a great problem for you afterwards. You will have to deal with the bank than. If you continue not to pay for the property you may loose the installments maid till now and the property will be 100% ownership of the Bank. If that happens you need to put a lot of efforts to get the apartment transferred on your name. I hope you understand everything I wrote for you. Please consider this as my last option to help you before the bank and its solicitors continue with all that. Regards, Teodor To say that I am not happy with the tone of this would be quite an understatement. What do we all think?? If we all pay now how do we know the building will ever get Art 16. Lakon won't care any more - they will have their money. From the e-mail I get the impression that they don't care now!!!

If Teodor was working Hard all this time why did the Lying son of a bitch say it will take 18 months and not 40 months. I have had no letter as yet. I will know if my apartment is finished this weekend after the Re Technical Ispection, they assure me it is. I will not be taking there word for it hence the Re inspection which cost only 100 euro. I think the world econemy is heading for a massive crash anyway far to much Debt in USA and UK so I am not looking to make money just have as many assets as possible. The World population is increasing 8500 per hour. The next generation will be building shacks we will soon be the same as Africa anyway so may as well get used to the idea.

Hi all, Been away on hols and came back to the same nasty email from Lakon. I will be travelling to Sofia on other business tomorrow (Wed 15th) and will try to get to Bansko on Friday. Someone please PM me if they're likely to be in town or if they want me to check something (I'll do my utmost to find some decent Internet time) but please dont flame me if I dont get round to travelling to Bansko :cry: ... The contract deffo states payment on Act 15. I'm not sure when this was formerly issued (does anyone?) we also have the 6 months grace period which I assume has now expired hence the Lakon email. The technical inspection sounds like an idea...

I've not had it, though I'd had some discussions with them recently and they knew I'd be sending it shortly. In fact I sent final payment today. For various reasons I really want to get shut of it and pay and sign at notary. Also its likely I won't be using it much if at all for quite a while anyway so my concern is more on the longer term outlook of the area as a good investment with so much being built more than this being finished late. Just hope article 16 will at least appear at some point. I still may look at compensation for late completion, but I was advised by my solicitor to pay first anyway. I'm still not convinced about the technical inspection as that is normally done on houses and villas, looking at the foundations etc. If these are faulty then its a bit late. An apartment is usually snagged. Someone like Alexander Services will do this for 40 Euros. I guess a technical survey will be very thorough though for full peace of mind.

just seen the website of Lakon http://costabulgara.com/Projects/ViewPage/26/ Cheers!!

New Inn
You did well to find that! The New Inn almost seems to have been added as an afterthought. I wonder if those pictures are up-to-date. If they are then there is still a lot of finishing work to do. I wonder why Lakon haven't got on and finished tarmacing the parking area - they've had plenty of time!! It's a bit much asking for the final payment when there is still so much left to do.

Hi, I'm very much a latecomer to this forum. I 'm in the long process of purchasing an apartment in block D of the New Inn in Bansko through Emerging Real Estates. I was wondering at what stage everybody else is. I've not heard from Lakon for months re the protocol 16, or anything else for that matter. I haven't heard anything from the rental co. despite signing the agreement nearly a year ago. (Although I guess there's not much to report in that department). Has anyone pursued the compensation clause in the contract with Lakon? I signed up to a payment plan where the final payment wasn't due til 1 year afer completion. Unfortunately they class completion as the issuing of Protocol 15 so my final payment is due next month and it would appear the apartment is still not complete and ready to rent out. Jennie

New Inn
Hi Jennie, Welcome to the forum and welcome to the joy of Bulgarian property ownership! We are all in the same boat but you at least seem to have got a good deal from Emerging with a 12 month delay in final payment - I only got 6! They must have been desparate to sell! I wonder why! Bet you that you've hardly heard from them since! Common consensus is that there is no chance for compensation payments. Money only seems to flow in one direction when it comes to Bulgarian property purchase.

Art16
Does anyone know what is happening in Bansko? When will the electricity and water be connected and Art.16 issued? Will it be in time for this winter's skiing season or are we all going to miss another season of rentals?? Has everyone paid the last instalment or are some still hanging on like me? Is there anyone still reading this forum or am I a lone voice crying in the wilderness?

If youre property is more than 3 months late you are entitled to a full refund:- 8.1. If the Seller does not accomplish its obligations to complete and offer the Apartment to the Buyer within the terms fixed in this Contract, the Seller shall owe to the Buyer compensation in the amount of 0.01 % of the purchase price of the respective Apartment specified in Art. 3.1 above for every day of delay but not more than 10 % of the purchase price of the respective Apartment. If such delay continues for more than 3 months, the Buyer will be entitled to cancel this Contract and receive from the Seller all funds paid based on this Contract.

Hi Pilot paul I also have not made my final payment also they have promised the development will be complete on November 15th. I am awaiting my Re Inspection of my top floor apartment D20. To check they have fixed all defects the engineer found.

I made the last payment a few weeks ago. I am going out there in a couple of weeks so I need to pay so I can sign at the notary. Be interesting to see what is happening around the area, if it all looks like a building site. I guess nobody will rent it out if it does even if the actual apartments are ready.

My last payment is due in October but I'm not able to get out there until a few weeks afterwards so I won't be paying it until I've viewed the apartment and it is satisfactory. Matt, I think I'm your neighbour - we have apt D21. If you've seen our block recently I'd be interested to know how it's coming on (or not). I've contacted Lakon again re Art 16 and an update but yet again, have not received a reply. Jennie