1 USD - 1.50 BGN
1 EUR - 1.96 BGN
1 GBP - 2.34 BGN
1 CHF - 1.60 BGN

BUYING A PROPERTY IN BULGARIA

We guide our clients through the whole process including:

• Searching for and finding the best properties for you,

• registering a company for land ownership,

• full legal services

• information and advisory services on renovation and building projects

• property management and lettings

If you are travelling independently, we can meet you at the airport then take you to your hotel or other accommodation. If you are on a package holiday the coach will of course transport you to the hotel.

We suggest that you meet the lawyers as soon as possible, even before you begin viewing properties. In the first meeting they will make sure you understand what happens in Bulgaria when buying property. Also,

• The lawyer will arrange granting a Power of Attorney to act on your behalf when away – usually necessary.

• If you are buying land, the lawyer can also start the process of registering the Company. Without a Company registered in Bulgaria, you cannot buy any land or property except an apartment.

• Open two Bank accounts – one for the initial capital to set-up your Company, the second for the funds you will need for the 10% deposit on buying, final payment, legal fees, estate agency fees, local and government taxes etc.>

Set up your own company in Bulgaria

According to Bulgarian laws at present foreign individuals can not own land (this is a Constitutional prohibition). They can buy apartments and part of buildings without ownership of the land. Foreign persons can acquire full land ownership rights only by setting a company under the Bulgarian legislation.

The cost of company’s setting up is:

• 500 GBP compulsory costs on setting up a company with the help of lawyers. The sum includes all state and legal fees for the registration of a company (issue of Bulstat, Tax number, registration at National State-Insurance Institute). The procedure takes 10-14 days.

• 1250 GBP deposit to temporary company’s bank account as a capital to start a business in Bulgaria( you withdraw the money once the company set-up is complete /after 5-7 days/)

Purchasing a property

You’ve come here to find your ideal property and probably want to begin straight away!

Because the properties have been carefully selected, you’ll have a wonderful opportunity to buy just what you’re looking for…without wasting time on totally unsuitable properties! Before setting out, our brokers have arranged the viewing schedule with you – all we suggest is not trying to see too many lovely properties in one day.

Once you ready to buy a property we arrange all legal assistance related to the transaction. Company lawyers are specialized in real estate legislation. The Procedure of purchasing a property includes:

• Signing the Preliminary Contract

This is the first formal stage in you becoming the owner of a property in Bulgaria. The deposit, normally 10%, is passed to the seller or their lawyer and agreement is made for the date for completion of the deal, subject to any conditions for the sale.

/A Preliminary Contract – this is very similar to “exchanging contracts” in the UK, but can take place very quickly if all the documents are correct/.

Before any contract, the lawyer examine all the documents for the property. Because of the history of land restoration, there are still outstanding issues with property – please be very careful. If there are any problems, the lawyer will bring them to your attention and if these cannot be remedied, will advise you not to proceed. Where possible, we ask our lawyers to check our properties before they go on the market.

• The Agent prepares all the necessary documents for the deal

• Completion of the deal can take place as soon as all parties are ready. This means that your lawyer has checked that all aspects of the property, including Title, boundaries, planning consents, debts against the property, etc have been found to be satisfactory and that your Company has been registered. Now is the time to pay the balance of the purchase price and fees and costs.

Fees and costs:

• 2% of the property price – Government Purchase Tax due at purchasing real estate property

• 1% of the property price – Notary tax due at purchasing real estate property

• 3% Agent’s fee of the property price - For services mentioned above including the delivery of the Title Deed of ownership, investigation of title and other property documents, all legal fees covering both the preliminary and final contract, document translation and legalization.

Your own property in Bulgaria!!!

Property Management and Rentals

We also advise on all aspects of property management and letting. For many of our clients, their property in Bulgaria may only be in use for the holiday periods and it becomes very important know that your property is secure and properly maintained. We can arrange a security contract for you at a surprisingly low cost plus also make arrangements for any building works, gardening, pool cleaning etc to carried out in your absence. This means that you and your guests can arrive at the property to find that all is in order.

Building Projects

A number of our clients are choosing to have houses built for them. This can bring many advantages:

1. you can design a property entirely to suit your needs.

2. you can enjoy a substantially lower price than buying a new-build.

3. you gain the potential for building and selling-on at a good profit margin.

However even minor building works do require careful attention in choosing the right tradesmen and ensuring the work is properly completed – please ask us about complete building projects and small building works. We can help you.