Art 16
Has anyone any news on Article 16? Its dragging on and on. Teodor hinted that it would be ready mid Dec 2007 but that date is long gone. There is nothing in the contract that tells them that they even have to get article 16. Is anyone else concerned, that the development is now 2 years late?

New Inn
The last news I had was from my agent who said that Art. 16 would be issued by the end of May. He even said that if I went with the solicitors that they use, which are Yankov & Co, then Yankov had an agreement with Lakon that if Art 16 was not issued by May 30 then penalties would be due from Lakon and the contract would be cancelled and you could apply for a full refund. So if any customers of Emerging Real Estate who are using Yankov are reading this, would they please let us know when they get all their money back!

considering pulling out
Today I spoke with my solicitor to see what the situation would be if I pulled out of the contract. This has gone on too long now and there doesnt appear to be an end in sight. Nots ure of the penalties I will incurr but right now it seems better than having an usable apartment in Bansko, which at this point in time is worth very little without Article 16 With the Euro strong against the £ I think it would be possible to pull out with minimal damage.

New Inn
Depends what you call "minimal damage". Do you mean that you think you could pull out of the contract and get a big refund from Lakon, or do you mean that you think that you could sell it for a small loss?? Personally I don't think that there is any chance of either of these two things happening. There are still apartments unsold next door in the Old Inn which have been on sale for years now. If the developer can't shift them with their army of agents then we have no chance as an individual. How would you answer the question "why are you selling it?" if you ever even find a potential buyer. Have you paid in full for your apartment? If you try and sell to a Brit the exchange rate has just made the apartments a lot more expensive, so I don't see how that really helps either.

New Inn
Just found this on the site: http://www.talkbansko-apartments.com/info.php?id=26 Selling a good apartment in a good location at 680 euros sq metre - and he still hasn't got a buyer! I don't call a 38k loss "minimal damage"!!!!

I wouldnt call a 38K loss "minimal damage" either The apartment is unsellable without article 16, and like you say there are loads of apartments that just arent selling even with all the necessary paperwork. so i didnt mean that. I did mean getting a refund from developer. with the euro gaining in strength a refund is the better option, I know and appreciate getting anywhere near the full amount isnt going to happen. When you add into the favourable exchange rate which is 20% higher than when I bought my euros. the 1st 20% of any loss will be covered with the exchange rate. That is what I really meant. I don't need to sell, but I dont like getting taken for a ride either, no one is replying to emails. you mention article 16 in any email and you dont get a reply. "NO WHERE IN THE CONTRACT DOES IT SAY THE DEVELOPER WILL GET ARTICLE 16" and we already know that the developer has difficulty in meeting the demands of the contratc never mind the things which arent in it!!!!

Yes PilotPaul, half price, Plus look at all the facilities, which neither New Inn, Old Inn or Prespa have. Anyone whos still yet tp pay there final 40% (Real terms 50% when you consider exchange rates, fees & furnishing( may as well walk away. Bansko, Bansko, Bulgaria Pirin View Price: EUR680.00 Property ID: 26 Urgent sale required hence huge price reduction. Will take 680 Euros per m2 (reduced from 1320 Euros per m2). Cost price 74,679 Euros, asking price 38,182 Euros (Total saving 36,498 Euros !!) * Close to Gondola (300 meters) * Good build quality (reputable developer) * Attractive design * Small complex (35 apartments in total) * Swimming pool * Gym and spa centre * On site cafe / bar * Individual ski lockers * Outside garden and barbeque area

New Inn
Where does the agent that we bought from fit into all this? These are the guys that we bought from origially. My agent's site said the last payment was due on completion - no mention of the Bulgarian version of completion! He also stated rental returns of 6-9% which is total bollocks. Are these British agents not liable under British law for these misleading statements. Surely it would be easier to persue a claim against them under English law than a claim against a developer under Bulgarian law who has what appears to be a watertight contract? Any thoughts?

Not been on this site for a couple of months so just catching up. I got my notary deed and bulstat card about 3 weeks ago (I'm not in UK now, but it was sent to an address I gave in UK to my solicitor). Anyway, the delay in me getting this was because there was no article 16, which was necessary to complete the sale. So I'm assuming article 16 must have now been issued in order for my solicitor to finish the process. I've still not been asked for the signed maintenance contract. Anyone heard about the so called 'leisure facilities'...they were supposed to be started beginning of May? I think getting any money back from either developer or agent would be damn difficult. I reckon the developers would put up a fight so it would go to court, and that apparently takes about 3 years. And with the corruption and the money they have probably got, unless it was a water tight case I reckon chances would be slim.

Nope, got it wrong. Checked with my solicitor. Article 16 is needed for the tax declaration, not the notary. So it still hasn't been issued.

New Inn
No surprise there then! Has everybody paid in full now???

Yesterday I received an email from Teodor confirming that Article 16 has NOT been issued.

New Inn
But did he say when it would be??????????????? All this would be quite funny if it wasn't for the tens of thousands of pounds wasted.

PilotPaul... Here is the email... I just send you some pictures from The New Inn. We still wait for the local authorities to come and check the building. Everything is completed and is already being used. Actually we had some people already staying in their apartments for couple of days. Unfortunately, we still don't have the protocol issued by the checking commission. My thoughts were....I have seen enough photos of the outside of the building. i want to see Article 16!!!

The people staying in their apartment for a few days is probably me and my mate when we went over in March! Wasn't a sole else around. Hope they are not using that to promote the place considering we were told we shouldn't be staying there as it wasn't ready, and they then tried to drive us out by cutting off the electricity.