We at Blackseavillas^®  find property that is so low priced that an immediate decision and fast purchase is often required. To enable our clients to secure such bargains, we offer a way of buying quickly without visiting Bulgaria. It's called "Remote Purchase", when you authorize us to purchase on your behalf and you are the named beneficiary on the Contract.

 

It's worth mentioning that many of the very cheap Bulgarian properties are not up to "Western Standards" and will need work doing on them. Typically, this could include installation of internal WC and new bathroom, and fitting a kitchen, plus various other works. Such costs are, of course, very much reflected in the amazingly low prices.

We try to show all aspects of a property on our site, good and bad. You can even request a video to be made and sent to you.

 

Below we present the simple and fast process, that removes much of the stress from buying. No mad rush to get to Bulgaria to buy before the property is sold to another.

  

Reservation fees vary between 1,000-3,000 Euro. For cheap properties, which selling price is below 30,000 Euro, the reservation fee is amounting to 10% of the property price. Parallel you have to instruct a preparation of a preliminary contract.

 

Please bear in mind, that in most cases this fee is non-refundable, however it is deducted from one of the next installments due.

 

The buyer is supposed to organize a quick payment of the reservation fee and the preliminary contract fee by making a bank transfer. Please, note that it takes minimum of 3 working days the money to be available in the recipient’s bank account.

 

But please bear in mind that sending your deposit starts the legal process, with attendant costs, and your deposit will not be refundable if you decide not to proceed, for whatever reason, So, be sure that you wish to purchase. Also, please do not treat the Remote Purchase deposit as a "property holding" tactic. We spend a lot of time doing the initial checking of documents and drawing up of the Preliminary Contract - work for which we will not get paid if you do not proceed (the seller gets the 10% deposit in full, not our Agency).

 

Once the reservation fee has been paid there is a period of 10 days during which the terms of the Preliminary contract are to be agreed on. Usually the preliminary contract has to be signed in this 10 day period. Within this period the buyers has also time to organize funds in order to make the first payment on time.

 

On this very first step you have to be prepared to pay the following:

-  Reservation fee

 

 

The preliminary contract is very important, because it settles all crucial issues, such as the obligations, payment terms, specifications of the property, delivery date, penalties and etc. in order for the preliminary contract to be properly prepared, following details have to be provided:

·         Copy scan of passports

·         Permanent address

·         Address for correspondence (when applicable)

·         Telephone, e-mail

 

Some vendors (usually only in case the property is part of a complex) include in the preliminary contracts a clause for the obligation of the buyer to conclude after the delivery date a maintenance contract for the common parts of the building.

 

This contract can be signed in person by the buyer, or by a proxy of the buyer.

 

After a solicitor’s check, if a property title isn’t 100% in order, the solicitor recommends to cancel the sale. Fortunately, this is very rare as we try and pre-vet properties and owners before offering for sale. If a sale is not concluded for legal reasons, you will receive a full refund of your deposit, without deduction.

 

Usually the first installment is due within 2 weeks time from signing the preliminary contract. The rest payments are scheduled as per the agreed terms.

 

In this process, 10% of the purchase price is sent to us immediately and sale agreed with vendor. After checking that all is in order with the property's legal status, the solicitor sends the Preliminary Contract, which has been signed by us in the buyer's name, to the buyer (in UK or elsewhere). This Preliminary Contract is an important part of the Deeds and the original stays in the Notary office, with only a copy being sent.

 

Together with the first installment, the following fees are also to be paid:

-          First installment as per preliminary contract

-          Conveyance fee - 350 Euro

 

The final payment is according to contract terms. Very soon after, the balance is paid and sale completed.

 

All that is required after this is that the new owner travel to Bulgaria within a reasonable period of time to sign the Deeds and set up their company with our full assistance, if necessary.

If the sale falls through due to actions other than your own, such as the seller not proceeding or the solicitor terminating the process as he's not 100% happy with the documentation, then you will receive a full refund of your deposit. We don't deduct any costs, but refund in full.

 

Payment of funds from UK or elsewhere to Bulgaria can normally be done from your local Bank. You will need to fill in a "Priority Payment" or "Electronic Transfer" form and the payment should take about 3 days. When you fill in the form with the Bank staff, please bear in mind that the slightest error can result in the payment not being made . This can be critical when making payment for the deadline on a Preliminary Contract. So check the form carefully before signing it and give yourself plenty of time and transfer at least a week before the due date.

Currency specialists Currency Solutions provide a friendly and supportive service for money transfers and offer savings on rates quoted by Banks. In fact, benefit can be considerable on larger sums, amounting to hundreds of pounds. As Blackseavillas^® use them for our own transfers we can recommend their services. Please call them on 0208 850 22 66 and ask for Ernie, or email info@currencysolutions.co.uk.

 

When using their services, please remind them to add your name to the transfer description, to help us identify it.

 

 

For non residents in Bulgaria, buying property with land requires the setting up a limited liability company. This is not as daunting as it might sound and can all be done on the first visit if required. Note that one company can own a number of properties. Allow half a working day for these legal proceedings.

 

Our solicitor will prepare the company documents you need to sign. If the property will be bought by more than one person, the presence of all people involved is required. Each buyer needs to present his/her valid passport. Some of the documents need to be signed in front of a notary officer. The setting up of a new company also requires opening a company bank account (small fee applies) with the deposit of the minimum required company capital for a Limited Liability Company of 2 BGLev (1 Euro).

 

The above described procedure can be arranged by our company. For this purpose we will need a power of attorney to act on buyer’s behalf. The charge for setting up a company, including all government fees is 295 Euro.

 

At this stage, the following fees are to be paid:

-   Company set up charge: 295 Euro

-   Company deposit: 1 Euro 

-   Land tax and Notary fees - up to 5% fro price stated in the deeds

 

 

Once the buyer’s company is set up, the transfer of ownership can be done. For this purpose all buyers have to be present in person in Bulgaria, or represented by their lawful proxy. If the buyer is not able to be present in Bulgaria at the planned time for transfer of ownership, it is recommendable a third person to be appointed as a proxy in advance. 

 

Upon transfer of ownership the buyer has to pay the required government and notary fees. The exact amount can be defined in according to the municipality regulations and property price specified in the title deeds. Please note that this Land tax/Notary fee is dependant on declared value of property, which by mutual agreement between buyer and seller can sometimes be different from price entered on document of sale.

 

The whole conveyance process takes about a week, but by giving Power of Attorney you do not have to return to complete. We then inform you that you are then the proud owner of your Bulgarian property!

 

 

1.       Register of the new property owner in the Electricity and Water supply companies.

 

1.       Annual submission of company records

2.       Council and garbage collection tax

 

 

 

 

Quite a few clients have told us they find it very difficult to get details of buying costs from other agencies. To make these clear to you, here's a list of all the costs:

 

 

Depends on value of property. Examples: Property value E 9,000 – about E 750. Value 25,000 Euro, about 1600 Euro. For 100,00 Euro it's 4000 Euro. One point you need to know about the Land tax. If both buyer and seller agree, it's quite common for a lower declared price to be entered on the Contract of Sale. This can lessen the Capital Gains Tax liability for the seller and save the buyer quite a lot of Land Tax, especially on the more expensive properties. This may sound a little unorthodox, but is common practice.

 

3. Conveyance fee 350 Euros

  

4. If you don't already have a company set up in Bulgaria, then 295 Euro. Note that one company can own a number of properties.