Bulgaria Nightmare!

sukey13

Can you get the place valued by a few agents? To try and figure out what it's worth now and if finished???

Don't jump to the assumption it is worth less than what you paid.

ASSUME makes an !!! out of U and ME.

ILW

sukey13 wrote: »

ASSUME makes an !!! out of U and ME.

Been on a course have we?

sammyh82

I am 28 my son is 10, where did I write that he was 18???
Anyway yes the outstanding mortgage is approx £37k I can't get a non secured loan over £25k & I can't secure a loan against my house because my house is in my sons' name, this is not an option.
As for the owners group, yes there is a lot of us in the same boat trying to get the complex finished , maybe 100 or more, most have brought thier apartments outright & paid in full, the few that paid deposits only 30% have basically walked away from the build but the fully paid owners are hopefull the complex will be completed soon, but I posted that I wanted to sell on our forum & no one jumped at the chance.
The reason the builders went off site is because the agent did a runner with or money & he is wanted by the police & is supposed to now be assisting us in completing the apartments...but no one trusts him so we are persuing with the developers ourselves now, talking of putting money into an escrow account where they can take small amounts of money at a time depending on how much work they've done, bascially the build will cost £125k to complete & if everyone fully paid they would get £225k as thats whats outstanding (Providing the part paid owners paid up) the bank are holding my 10% till act 16 is passed.

izzybusy23

sammyh82 wrote: »

Yes I brought it off plan with my ex a few years ago, i put £17k in all & all & got 70% mortgage, it wasn't about renting out all year round it was a long term investment, we wanted it as a holiday home, originally we were only paying back £300 a month but now its almost £400 I probably could scrape by & pay the increased amount & catch up with the arrears but I'm not sure there's much point? I don't really want to lose the £17k I've put into it as I loaned it from a family member, if i could transfer the mortgage to a better rate I could keep it & wait for it to finally be finished & then get some rental return on it or I could attempt to sell it. I don't really want to walk away & lose everything.

My next door neighbours are from Bulgaria; they go back once a year and are always amazed at how many high rise apartment blocks that were being built are still only half completed as the bottom has completely fallen out of the market over there. They said Bulgaria is completely saturated with apartments being built in resorts and no-one wants to buy them now. Bulgaria was the hot spot years ago.

Looks like you've bought a dud there.

izzybusy23

sammyh82 wrote: »

I am getting really tired of the negative comments saying 'why did you buy in Bulgaria?' because its not productive & its certainly NOT helping so unless you have some advise for me I'd appreciate it if you all stopped telling me I made an error buying in Bulgaria becuase my response to that is 'NO SH*T SHERLOCK!' I joined this website & this forum to try to get some advice, I decided to buy the apartment in 2006 when I was 24 years old & I had a family member who was willing to help me invest in my future, I'm not a property tycoon & I've never pretended to be I was a nieve wannabe & yes I've learnt the hard way, what I'm trying to figure out now is the best way to get out of this situ without damaging mine & my son's future anymore!
Thank you to the people that have given constructive advice, i don't think i can get a loan for £37k to pay off the mortgage, i don't particularly even want to, i already have a £7 loan that I'm trying to pay off & I can't secure a loan against my house because its not in my name, so a loan is out of the question, re mortgageing is out of the question, selling is a posibility, say the value of the property has decreased slightly, hopefully with only having 60% mortgage I can sell it at a reduced price to someone to pay off the mortgage?? & then just accept I've lost the 30% deposit i put down 3 years ago.

So you are now only 28; whose property in the UK and is fully paid but is in your son's name???????? How old is your son; surely the house in the UK can't be in his name; unless you had him at 10 years of age???

izzybusy23

sammyh82 wrote: »

I am 28 my son is 10, where did I write that he was 18???
Anyway yes the outstanding mortgage is approx £37k I can't get a non secured loan over £25k & I can't secure a loan against my house because my house is in my sons' name, this is not an option.
As for the owners group, yes there is a lot of us in the same boat trying to get the complex finished , maybe 100 or more, most have brought thier apartments outright & paid in full, the few that paid deposits only 30% have basically walked away from the build but the fully paid owners are hopefull the complex will be completed soon, but I posted that I wanted to sell on our forum & no one jumped at the chance.
The reason the builders went off site is because the agent did a runner with or money & he is wanted by the police & is supposed to now be assisting us in completing the apartments...but no one trusts him so we are persuing with the developers ourselves now, talking of putting money into an escrow account where they can take small amounts of money at a time depending on how much work they've done, bascially the build will cost £125k to complete & if everyone fully paid they would get £225k as thats whats outstanding (Providing the part paid owners paid up) the bank are holding my 10% till act 16 is passed.

So you can put a house solely in your son's name, even though he is only 10 years of age????????? :eek:

maninthestreet

izzybusy23 wrote: »

So you are now only 28; whose property in the UK and is fully paid but is in your son's name???????? How old is your son; surely the house in the UK can't be in his name; unless you had him at 10 years of age???

Mayve the OP is trying to protect her assets from creditors, possibly???

izzybusy23

maninthestreet wrote: »

Mayve the OP is trying to protect her assets from creditors, possibly???

I'm just trying to establish that you can infact sign over a house to a 10 year old child; quite shocking, I didn't know that!

sammyh82

my mother is the trustee as she paid my mortgage off & put the house is his name, when he turns 18 the house belongs to him, this is to prevent any man entering my life and trying to take half my house.....UNDERSTAND?

sammyh82

we have to pay a sum of money to the government in tax though when he turns 18 i think, this is to prevent money laundering, apparently people discovered a loophole, sign the house over to the kids & avoid taxes, think its 10% of the value of the house or something.