Help - bought off plan - we want out

A

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Hi all.

We would really appreciate some help with this.

Story so far is back in 2007 we committed to buying
an apratment in Bansko, Bulgaria for 80k. [off the plans]

Irish Developer, set up Bulgarian Co and sold us this apt.

Preliminary Contract was revised by or solicitors many times
and we're sure we're covered.

Contracts were signed and deposits paid.

We have paid 3 of the 4 payments due [over 55k in total now]

Works stopped when sales dried up in 2009- we are told that work is
due to start now again in March 2011.

However, Completion date was due to be Xmas '08.
Penalty was imposed if it went past June '09.

I want my money back from this sale now.

Need advice on where I stand?
Is the vendor in breech? [Non performance?]
He says he will finish, but we''ve hear that before?

If I sue, when could I expect to see my cash back?

Desperate for money now as I'm unemployed and wife
on 3 day week. Cant afford the additional 25k due
even if it is completed....?

Good expierenced advice is really appreciated.

A
 
I have a relative who is waiting over 2 years to get back a deposit put down on an apartment in Bulgaria which never got finished.....similar story to yours, an Irish developer sold it. The latest update is that a consortium of Russians are buying the whole unfinished complex and when they do he will get the deposit back. I don't have much faith in him ever getting anything.
Sorry I can't give you legal advice, just a personal anecdote. Good luck.
 
Thanks fiz

Thats what I'm fearing. Hope theres some way to either get it finished, and sell, or secure monies paid?

Its such a class apt too and would liove to get into it, but its chicken and egg scenario : - No money to complete purchase.
 
Surely your solicitor (who revised contracts to cover you) should provide assistance here?
 
The fact that you can't pay anymore could be a blessing in disguise for you!

You need an independant Bulgarian solicitor to act on your behalf and get a refund or at least a partial refund. The chances are your neighbours in the complex are in a similair position. Is there anyway you can make contact with them and form a committee and share leagl costs?

You should be able to examine the equivalent of the land registry in Bulgaria and get names/address's.
 
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