Bulgarian Property
Property Services
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12.02.2008
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Do you watch those TV programmes with people moving to Bulgaria and wish you could do it? Do you dream about waking up to a blue sky, sandy beach and sunshine? Then why not take the first few steps to find out how to make that dream a reality?
Whether you're looking to buy a permanent residence or to buy a holiday house in Bulgaria, several UK and Bulgarian lenders offer mortgages for people wishing to buy house in Bulgaria, with a range of Sterling or Euro mortgages available, depending on which you would prefer. Many people opt for a Sterling mortgage, as this overcomes any concerns about currency fluctuations or language difficulties, and all payments are made by direct debit from a UK bank or building society account. Alternatively, you could apply for a mortgage with a bank in Bulgaria.
When you start the process of buying a house in Bulgaria, make sure that you have a solicitor who specialises in the property laws of Bulgaria, and that you've researched the costs that will be involved. British Developments has been lending in Bulgaria since 1999 and has a wealth of knowledge to help you if you're thinking about buying a house in Bulgaria.
Before you start the process of looking to buy a house in Bulgaria, do make sure you do some research. There are hundreds of websites that can offer helpful advice, or you could speak to an expert at your chosen mortgage lender. To start you off though, here are a few helpful dos and don'ts...
• Do get to know the Bulgarian area well where you're thinking of buying - make several trips out, at different times of the year. Remember that the weather can differ, it's not always sunny! Check out the health service, public transport and schooling in Bulgaria and talk to other expats.
• Do visit the property in Bulgaria at different times of the day. It might be peaceful during the afternoon siesta, but thudding with disco music by dusk.
• Do get to meet the neighbours when you find a particular house or estate in Bulgaria that you like - ask them for the pros and cons of the neighbourhood.
• Do be aware that there are significant differences between UK and Bulgarian land law. In particular, note that contracts to purchase house in Bulgaria can become legally binding very quickly.
• Don't sign anything before seeking Bulgarian legal advice.
• If you're thinking to buy a house in Bulgaria which is part of a community development, do find out what community fees are payable and how much they are.
• Do consider if the area has all the facilities you may need in Bulgaria, such as medical services, transport, shops and entertainment.
• If you set your heart on a house in Bulgaria because of its wonderful, uninterrupted views, do find out if any development is planned or would be permitted that would ruin your vista.
• Do take out adequate buildings and contents insurance in Bulgaria. Exactly the same risks exist in Bulgaria as here, probably even more so if the house in Bulgaria is not to be your permanent residence.
• Do always add at least 10% to your budget to pay for duties, legal costs and fees in Bulgaria.
• Do learn the Bulgarian language and be prepared to adjust to the pace of life in your chosen destination.
Source: my home sunshine magazine
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