Anyone Purchasing Property From Ambasun Bulgaria?

2_Witsey_woo

Horseman wrote: »

JDC1, were Ambasun and the mortgage adviser independent of each other? You can't necessarily believe the selling company as they have a vested interest but if a truly independent adviser told you at the time you would get a mortgage it is probably what he/she truly believed at that time. As I said, the mortgage market fell off a cliff during last year so what was the case one week was not the case the following week. These things are as difficult to predict as HBOS losses.

Unfortunately, you and thousands of other people then get left with a big gap to fill.

You were also buying off-plan so you had no alternative but to make the stage payments knowing that you can't finalise a mortgage until the building is ready for occupation. That is the risk of off-plan as opposed to buying an already completed apartment.

Thats a good point. What was the name of the mortgage advisor?

JDC1

The guys name was Will from Secure Bulgaria Finance. I assumed he was independant, but the more if find out about this the more links there are. In his defence, he was always very helpful and he was as shocked as we were that the bank had turned down the loan and how low the valuation was. But i suppose you never can tell!! .....

2_Witsey_woo

JDC1 wrote: »

The guys name was Will from Secure Bulgaria Finance. I assumed he was independant, but the more if find out about this the more links there are. In his defence, he was always very helpful and he was as shocked as we were that the bank had turned down the loan and how low the valuation was. But i suppose you never can tell!! .....

I've heard that Will did a runner around November time. Maybe another question for this weeks visit. Does anyone know a UK company that will give mortgages on Bulgarian properties

JDC1

He was still there in January, not have had no contact with him since then as we were looking at other ways to finance the purchase.

marvid

I was told by Ambasun when I originally purchased the apartment that if you didn't go through with the purchase you could get a refund but only when they found another buyer for the apartment. This could have been a lie as there is nothing in my contract to confirm this. Perhaps you should as they developer?

George6

Hi All,Can anyone tell us how the meeting went on Sunday. We are up in Scotland and couldn't attend.Who are the representatives for Dawn Park does anyone know?

fredwill

Hi All, has anyone who attended the meeting on sunday heard anything from anyone, because we have'nt

Phil_J_2

It all seems to have gone quiet on here, does anyone have any feedback from Sunday??

RIANNE_2

Hi

Firstly Marvid,

It appears there are varying contracts floating about, however if you have the same as me (6 pages long) and you can pmsg me if you like to check, then there should be a clause that states, 'if the developer fails to deliver a completed apartment after 6 months over the agreed completion date, then he has to refund your money, but only when he resells the apartment to another party. However you would have had to make all payments on time for this to be viable.

It also states ' in case of a dispute that cannot be settled the purchaser is entitled to a full refund once the develop has sold on the apartment.

We have check this out and it could take up to 2 years plus to get any funds back.

Also to everyone else.

I wasnt at the meeting but I understand everyone found it useful and representatives from Dawn Park and Cornelia/Pearl developments have flown out to attend a meeting with the developer, agent etc on 21st Feb so should have updates after this.
I believe there is another meeting planned soon to provide updates.

Purchasers at the Albatros have met and are continuing to do so as we have a different developer than Dawn Park etc so we have been told work is continuing on ours and have had updated pictures. However, we are still in the same situation as others, furniture packs not honoured, payment not received etc. We have all swapped numbers/emails so we are keeping in touch this way and not via the forum.

Rianne

SouthCoast

Any updates?