I am a concerned (some may stupid) person who purchased a property a few years ago when times were good in Bulgaria.
Bought from a developer called Best Of Bulgaria, http://www.best-of-bulgaria-property.com/ lovely development in Kranevo, which is nearly finished now, but the builder is in trouble, due to so many UK buyers being unable to complete due to sterling/euro situation and banks stopping mortgages.
No sign of deeds coming etc.
Anyone had similar situation?
If so PM me and I will share my experiences first
If so, please join this forum so we can build a community, gain strength, and have a voice.
Moved to Accomodation & Property
It is important to get independent legal advice. Do not use a solicitor that is recommended by any developer.
Hi, I have also stupidly purchased an apartment at Kranevo Paradise Gardens, have you had any joy with Best of Bulgaria, I sent them an email recently and have had no response. Do you kow of anyone else who has dealt with them? Do you have any updates as to where they are with the project?
Please get in touch, I would like to hear how you are getting on.
Just sent you a PM
Do a search in here for titles with "Bulgaria" in them here, and you'll find a few threads. One thread talks about how a group went together to get money back...
we have been waiting years for this project to complete. any help advice would be appreciated.
Glad to find some fellow purchasers of this development. I bought back in 2005 and like you guys are long awaiting delivery I even have a mortgage on the place!. I have actually been to the development and stood inside the apartment I purchased so it is all nearly finished. These guys have been hit by a combination of bad luck, misjudgement and greed! The usual!
I have tried lawyers etc but there is nothing that can be done and I am pretty sure this company is slowly retiring back to Cyprus and just keeping things ticking along with a shell in Bulgaria because now they don't communicate at all.
Also emailed Best of Cyprus.
Weird thing is, that I think they should have approach us investors if what they needed was 500,000 euros they may be able to sell us some apartments in return for completion of the project but I don't see them considering all options!
Can you guys get in touch with me so we can look at all the avenues that may be available?
I also think we need to reach out. There must be lots more people so I have set up a group in facebook so we begin to get real faces and people together
Additionally, I looked at their membership that they used to put at the bottom of their emails and like certain property related associations etc...all false - I heard back from the bodies in the UK and associations. So they were asked to remove those accreditations as it were.
I don't know what will happen with the development. There are many shells in Bulgaria at different stages. Ideally, we should take matters into our own hands but we need to go through the process.
So let's get going on some sort of an action plan or at least explore the options, get to know each other a little and see if there is anything that could be done.
Hi fellow bestofbulgria sufferers! , I also bought an apartment in kranevo paradise gargensI , we had paid 50% , but 3 years ago decided to cancel and request a refund. based on the fact that their lates plans were different to what we originally paid for ,they agreed ,but its been 3 long painful years , while they have always been in communication ,its generally been the same 'economic downturn' waffle , but as of late none of them are replying , i hav considered the legal route
I tried the legal route on getting money back for the furniture I paid for as they were going to deliver at that time. Of course, I didn't get the money back for that. I wish you luck with the legal route but I am beginning to think they have gone bust and of course there is nothing or not much that I think can be done at that point!
To me one of the obvious things that seems to have been overlkooked here and suggested to Andreas Kasioulius is that they approach the original investors and sell the remaining project to us with a guarantee it would finish the project. They seem to need about 500,000 euros to finish the project and put it into operation. They have over the past year apparently been neogotiating with a group of investors but that has obviously fallen through.
If you ask me whether for a share I would put up another 10,000 euros with another 49 investors to complete the project as long as it was guaranteed I would agree. Does anyone believe this is feasible/negotiable?
Hi guys. I've been looking for a forum conversation on Kranevo Paradise Gardens for some time now. Glad to have finally found one.
Ours is a similar story. My brother and I purchased an apartment back in 2005 and opted to pay in instalments. We agreed to the annexes to the contract when the completion date was postponed and continued to transfer our instalments as required. In summer 2007 I asked a question via our agent regarding the final 10% instalment. I assumed that this would not be payable, the developers having imposed a 10% penalty on themselves for late completion (as per the annexes to the contract). Their reply was that the full discount would not be given for some obscure reason which I now forget. We obviously queried this but were then told that if we didn't like it Best of Bulgaria would be happy to cancel our purchase and give us a full refund plus the 10% in way of the penalty. Both we and our agent were gobsmacked (the dispute had been over a sum of a mere 700 euros) but saw it as an opportunity to release ourselves from what was becoming an increasingly problematic arrangement. We signed a cancellation contract and were told that our refund would be transferred in one month. This never happened.
I have spent the last 4 years chasing up Best of Bulgaria. Firstly through the British director, Alex Beeston and later through Haris Menalow, once Alex was mysteriously “no longer involved in the workings of the company”, (Haris’s words). They continually quoted excuses that I am sure you are all familiar with, that repayments to their lender took priority over cancelation refunds and that we would receive our money when and if the company found its way out of trouble. I then found via their website that our apartment had been resold for a sum 3 times that of our initial investment and due refund. I now believe that they purposely coerced us into cancelling to enable them to resell the apartment to generate further capital. I don’t believe they ever had any intention of refunding us within time frame they initially specified.
Whilst on holiday in Cyprus last Christmas, I phoned Haris Menalow and requested a meeting. He obliged and met for a coffee in Limassol. He was extremely apologetic about the whole affair and appeared to be on the level (why would he bother meeting me for a coffee if he were not). He reassured me that they had a Russian investor literally days away from signing a deal that would ensure the completion of the project, delivery of all apartments and payment of all refunds. I left the meeting with a level of renewed confidence in the situation.
I continued to communicate with Haris over the coming months (via text message as he had stopped replying to emails some months earlier), and he continued to assure me that the deal was still going ahead and that the investors were still carrying out due diligence. Around May Haris stopped replying to my text messages. I tried phoning and emailing both the Cyprus and Bulgaria offices but to no avail.
With this, we decided to finally seek legal assistance, (we had neglected to seek this previously due to the cost involved but had recently come into some money that would allow us to finance it). We instructed a Bulgarian solicitor who has just this week got back to us with his preliminary report. The long and short of it is that the company, Golden Bulgarian Developers Ltd (they formed a different company for each of their developments) has been insolvent since May. It appears that the administrators have not yet been called in but it is just a matter of time. The bank will obviously be the preferred creditor and our solicitor feels that the chances of us getting back our investment are slim. The cost involved in pursuing it is not cheap and could effectively be throwing good money after bad. We are still undecided as whether to pursue the matter.
Sorry to be the bearer of bad news. However, I would be keen to see what we can achieve as a team, (I know where the Best of Cyprus office is in Limassol) I have joined the aforementioned Facebook group and would encourage others to do likewise. It's possible that if we all club together that the Bulgarian courts will have to take us seriously as a preferred creditor!? Just a thought. I will run it by our solicitor. Please feel free to PM with any questions.