House buying abroad

secreticicle

I'm currently looking into buying a property in Bulgaria.

What should I be watching out for? x

Fairdo_2

Bulgarian Estate Agents!!!!?

Sorry, that was a cheap shot.

This appears to be the new Spain. It could be a great time to buy there, but, as with everything, the newer the opportunity, the less people know about it, the more risk is attached.

I would suggest that you do as much homework as possible.

What I would start by doing, would be to research the laws and process surrounding home purchase.

For example, are Notaries used as the mainstay of the legal proceedure, or solicitors. How can you be sure that the ownership of Title would be legitimate? What fees would be involved in the process? Are there any ongoing fees for land, service, etc once you come to own a property.

The best advice would be to talk to someone in a similar position who has just gone through the process, as they are likely to have leart the hard way, or learnt from someone who has.

Is a Google search any use?

secreticicle

very funny Fairdo!

I've done a lot of research into it, and am very confident that it's a calculated risk. However, I'm looking to borrow 25K on a 50K property abroad (my partner has equity for the other 50%), and I don't know the best place to get a mortgage as I don't think it's sensible getting one through the Bulgarian estate agents.

Any suggestions?

Travelqueen

Was that people buying in Bulgaria are not actually buying the rights to the land the houses are built on - storing up loads of trouble for later years & especially when it joins the EU in 2007.

Just something to research into I guess..

TQ

secreticicle

I'm looking into buying one flat in a development, so I would only expect the leasehold as in Britain. Is that wrong?

Cuss

Hi.
If you don't mind. What advice did you get on Mortgages? I'm looking to get a small mortgage for Spain. My local bank's computer can't cope with this idea
Cheers
Cuss

secreticicle

I've actually put this idea on hold as the Bulgarian mortgage rate is so terrible....

Natelle_2

Cuss wrote:

Hi.
If you don't mind. What advice did you get on Mortgages? I'm looking to get a small mortgage for Spain. My local bank's computer can't cope with this idea
Cheers
Cuss

I would suggest you might like to look at an article on https://www.timesonline.co.uk in the proerty section as there is reference to mortgages overseas, including mention of UK financial institions that can help.

It would be probably be more advantagous to get a mortgage from Spanish source in Euros rather than Sterling. Interest rates are currently lower in Spain than UK. Obviously your personal financial circumstances will dictate final offers made to you.

fazfazeli

Natelle wrote:

I would suggest you might like to look at an article on https://www.timesonline.co.uk in the proerty section as there is reference to mortgages overseas, including mention of UK financial institions that can help.

It would be probably be more advantagous to get a mortgage from Spanish source in Euros rather than Sterling. Interest rates are currently lower in Spain than UK. Obviously your personal financial circumstances will dictate final offers made to you.

I would suggest going to one of the property exhibitions. Also I know that Barclays Bank have a specialist Spanish Motgage Center and I think a few Spanish Banks Have Branches here, Banco Santander comes to mind.

Jelster_2

My wife is Bulgarian and my father in law has gone through all those nightmare stories concerning buying properties, trust me they are not exclusive to foreigners. You must understand however that its not a gamble and with adequate checks you're pretty secure in your investment.

With those concerns in mind an old Bulgarian schoolfriend of my wife, who is a qualified lawyer, has recently moved into the property selling market and we are aiming to send her some interested Brits who want to buy properties. I'm thinking we can actually give a good personal touch to buying property and give as much help and advice as possible rather than leaving people to google it out.

Now I don't want this to sound like an advert, and indeed both the office in Bulgaria and my contact details are yet to be finalised but I will certainly try to answer some of your questions if you would like to do it via this site or pm.

Nearly forgot, as I recall the ownership of land in Bulgaria would require the registration of a company, this is fairly standard procedure. New laws however will make this requirement defunct and any foreigner will be able to purchase land as well as propety.

talksoccer

Hi all,

My old man is looking into investing in a property in Dubai as he loved it when he visited last year. He was looking to buy, maybe get someone to rent it out or live there for a short time before selling it of for a profit. How is the Dubai market, i hear in the last 2 years it has really shot up.

Is there any helpful links or anyone with experience who can help out

Cheers