Flatlander - who is your solicitor? Just in case we have the same one!
I've just seen that Emerging Real Estate still have apartments in the Old Inn for sale at 1250 euros per sq m and they are now including free furniture packs with these, so obviously they are having a lot of trouble selling them! The market in Bansko (and Sunny Beach) really seems to have stalled. What is going on?
Hi everyone, I've been reading this thread and thought I would 'butt in'
With regard to the price on the Notary, I would personally only buy from a developer that would declare the full price. I looked for a villa in Ibiza once and on almost all the properties, the vendor was declaring a lower price. At the time this was commonplace but doesn't help if you are getting a mortgage and doesn't help when you resell as you have to do the same thing and declare a lower price. I would try to make sure you get the full price on the notary and use whatever methods you can to get them to do this.
With regard to the completion dates falling behind:
It is impossible to determine a completion date on a property and although builders try to work to their schedule, sometimes there are factors beyond their control which put the project behind. And the more complex the project, the more things can go wrong with build.
Don't forget that until the developer doesn't get any money until the next stage etc is complete and they want their money as much as you want your apartment.
If you buy a new house in this country you will sign either at reservation or in the contract to say that you understand that completion dates are estimated and they you will given 10/14 days notice before build completion so that funds can be arranged accordingly for completion. In this country if you do not complete within that notice period you will be put on 'Law Society Notice' and will have to pay the builder interest for every day that the money is outstanding. If you still haven't paid by the end of Law Society Notice Period then the builder can sue you for the money owed.
Unfortunately you are unable to sue the builder or claim compensation if the builder puts back the completion date.
Don't get me wrong, I'm not in support of the developers here as I think that the completion dates quoted on most of these resorts are highly unrealistic but it is impossible to compensate purchasers in these circumstances.
I only know as I work for a builder!
I would use the fact that build is delayed to get the full price on the notary and in future, take completion dates with a pinch of salt!
Headspin - you're really missing the point here. The point is that the developer of the New Inn wrote in the contract themselves that they would pay us 0.1% for every day that the build was not completed after 31 May. It appears that you are saying that the developer never had any intention of honouring this clause and from previous posts this seems to be the case generally. So the question is, why then did they ever include such a definitive statement in the contract. The only answer to this in my mind was to mislead us all into thinking that everything was honest and fair and above board. To include this clause with no intention of honouring it is certainly neither honest or fair and leads to the question of what else have we been told that is a load of bollocks.
Headspin - you're really missing the point here. The point is that the developer of the New Inn wrote in the contract themselves that they would pay us 0.1% for every day that the build was not completed after 31 May. It appears that you are saying that the developer never had any intention of honouring this clause and from previous posts this seems to be the case generally. So the question is, why then did they ever include such a definitive statement in the contract. The only answer to this in my mind was to mislead us all into thinking that everything was honest and fair and above board. To include this clause with no intention of honouring it is certainly neither honest or fair and leads to the question of what else have we been told that is a load of bollocks.
Sorry Paul, I thought that the developer was charging you guys for being late in paying, not the other way round!
That is sooo bizarre, why would you put yourself on the line like that if you were the builder.
If it's in the contract then surely they must honour it?
What does your lawyer think?
Hi Headspin
I've just received an e-mail back from my solicitor and she says that we can claim back the penalty payments from the developer with the last payment as long as the delay "was not caused by a force majeur". I'm betting this will be the developers excuse and blame the weather - like they didn't expect it to snow this winter!!!
Hi Headspin
I've just received an e-mail back from my solicitor and she says that we can claim back the penalty payments from the developer with the last payment as long as the delay "was not caused by a force majeur". I'm betting this will be the developers excuse and blame the weather - like they didn't expect it to snow this winter!!!
Ahh, that'll be their get out clause, I'd have been surprised if they didn't have somrthing but then it's a case of what is classed as a 'major force'. It's a bit of a meaningless phrase really isn't it?
Keep nagging for your money, us women do it all the time 'nag til submission' thats my moto :wink:
I'm betting this will be the developers excuse and blame the weather - like they didn't expect it to snow this winter!!!
You're right there unfortunately! I queried completion date with Lakon as I was thinking of going over in September. They sent me this letter which will be going out to purchasers in about 7 days:
Regarding: Change in the term for completion of “The New Inn”, Bansko
Dear Clients,
With the present letter, we would like to inform you that the term for completion of “The New Inn” will be extended from 31.05.2006 to 30.09.2006, due to unforeseen circumstances, according to Art. from the preliminary agreements. The extension of the the term for completion of “The New Inn” is due to the following circumstances:
Extremely unfavourable weather conditions for performing of any construction works during the months: December 2005, January and February 2006;
Order, issued by the Mayor of Bansko Municipality, imposing ceasing of any construction process during the winter tourist season
We attach, hereby, the following documents as a proof of our statements above:
1. A copy of order, issued by the Mayor of Bansko Municipality;
2. An official verification letter from The National Institute for Meteorology and Hydrology.
17.07.2006 ____________________
Sofia, Bulgaria
The matter to do with the mayor is bollocks because that is actually the reason that completion was changed from January to May 31st in the first place. So it had been taken into account.
As for the weather (damn snow!)....considering they have stated they could'nt build in winter anyway due to mayors decision its difficult to see how that impacted on it!
Like the previous poster said, its probably not worth pursuing any penalties for the hassle, though it may have been good for leverage re negotiating full price on contract.
New Inn
Two weeks later and I'm still waiting for my letter to tell me what I already know. Why do Lakon do this? I'm really getting very despondent about the whole Bulgarian property business and wish I had never bothered. Anybody out there got any good news. Does anybody know anybody who is actually making any money with rentals?
I think unfortunately the lack of response when anybody asks that question answers it!
i take it that we all received our emails regarding the delays then?
i am dissappointed but you have to give them credit! in the UK builders just dont' even bother trying to come up with excuses.
just can't believe there was snow in a ski resort!!! suppose in the long term it can only be a good thing!!!
Cheers
New Inn
Hi
Is anybody buying the furniture pack from Lakon? I got the contract and was supposed to pay by 30 June but when I heard that the build was delayed I never bothered sending the money and Lakon haven't been in touch about it. Has anyone else paid yet and if not when do you intend to pay?
photoshi there thought you all might like to see some pictures of the new inn. found these on the developers pictures of the old inn beside the new inn. cheers, John
http://archadia-properties.co.uk/index.php?page=object&text=photo&o=the%20old%20inn
Hi John,
These pictures are from the "Old Inn" not the "New Inn". And the developments are not side by side. Just to let you know.
Frank