Company set up

@georgewheelwright im doing this using a solicitor that bulgaria direct put me in touch with. so far its very straight forward

Yes, my advice is also to use trusted solicitor. In which  district will be the house?

Hi Vasilev, we have our eyes on 2 or 3 houses  ,all in South Eastern Bulgaria, Yambol Studena etc but we know we have to set up a company first before we can buy one ! . In the UK its only £100 / £150 to set up a LTD company .We also have learned we must ask our property solicitor to make sure the property is legal .To make sure it is entered properly on the Land registry and the house price is correct for tax purposes. It does seem a little complicated but we are 100% moving to Bulgaria ! .Thanks for your help. George

@Suzi Masterson Thanks for reply Suzi,, It seems the more I read the less I know lol !, One guy said not to use a lawyer who works with a property agent ? but he did say its up to the buyer to ask the lawyer to check  the house is legal  ( structurally sound?) and to make sure the house sale is entered correctly in the land registry and the sale price is entered correctly for tax purposes? If you've got time to let me know when your all set up,the time scale  and the rough cost I would be most grateful, many thanks ,George

George, legal and structurally sound are two different things.

A lawyer can't check if the house is structurally okay, but they can ensure the seller has the right to sell it (due to inheritance law, ALL the children of the previous owner need to agree on the sale when a property is inherited); you're buying the entire property, not just a share (common with properties in the bailiff auctions); and there's no mortgage of other debts on the property (which the new buyer assumes full responsibility for after the sale). I think the notary is also supposed to check those things.

The admin person at the estate agent helped with my company set up for a reasonable fee. But in my case, as the property was very inexpensive, I didn't bother hiring a lawyer. If I was spending more I might have been more careful and hired someone else to check things for me.

@georgewheelwright

Thanks for the inquiry. I've already recieved your email and I will reply shortly.

Hello,

Just to recomend a trustworthy agent Kunka Boneva [link moderated]

She will help you not only opening a company but also buying your dream house, good luck

@paganini1x thanks for your help .do you mean Holborn Assets' financial planner mentioned in the add above your message?.Thanks George

    Hello,
Just to recomend a trustworthy agent Kunka Boneva [link under review]

She will help you not only opening a company but also buying your dream house, good luck
   

    -@paganini1x

I suggest you recommend them in the business directory. Advertising a business is not permitted on the open forum.

@georgewheelwright

Beware as using one attorney is taking a very big risk.  I always use tweo attorneys and a large notary firm.   One attorney prepares the documents and the other reviews them.   Only then do we go to the Notary.      BIG WARNING.  Do not sign a power of attorney unless it is specific for the one transaction and only to create your company and valid for only a few days.   An open POA is in invitation to disaster. 

Blimey mate thats not paranoid! Wonder how any of us get through the day without two legal teams tucked in our pocket

i think a E2oo  fee to review everything is very cheap compared to the potential for fraud    And let’s face it    There is flipping and many other games with Bulgarian real rstate.   One will find it a cheap price to pay for the added safety.   

i come from US and the norm is a title policy to protect the buyer     The fee is 1% of the sales price vs a measley $200.    you would be surprised that the extra set of eyes have found some very tricky things that have more than made up for the cost.   So much so much in total savings that it is cheap even at twice the price.

A case in point    my very well, respected and experienced real estate attorney, drafted jointly with another companies attorney a 48 page contract.   he and I reviewed it both in Bulgarian and in English three times to refine and make it very accurate.

Yes, it was for a sizable transaction, but certainly in this case size does not matter.

As is the arrangement I have made I paid my other real estate attorney €250 to review the contract and he found a very minor clause that would have cost me €10,000. Call it paranoid or not if you like.   I call it cheap Insurance

    @georgewheelwright
Beware as using one attorney is taking a very big risk.  I always use tweo attorneys and a large notary firm.   One attorney prepares the documents and the other reviews them.   Only then do we go to the Notary.      BIG WARNING.  Do not sign a power of attorney unless it is specific for the one transaction and only to create your company and valid for only a few days.   An open POA is in invitation to disaster. 
   

    -@Johnavann

Stop talking rubbish!!

Caveat Emptor!   there is no standard of ethics for attorneys in Bulgaria. If you think there is, you are very naïve, I own substantial number of properties, from small to large, farms to factories, apartments and hotels    i

I started small with one flat.   I can assure you after engaging in more than 200 transactions over the last six years there is no standard of ethics for Bulgarian attorneys, and they are often tempted to dip their hand into the cookie jar.   I keep it a secret that I can speak and write in Bulgari. 

I have heard so many times at the national sport is to take advantage of naïve foreigners. So you go your way and I’ll go mine and I’ll meet you at the end of the rainbow someday.