Invested money foolishly

LegacyUser

hi

I need some help and advice on something pretty stupid that Ive done.

2 years ago, when I had decent enough wages and nothing to do I tried to look into investing it in property. I couldn't afford to do that here and got carried away with myself and decided to invest in a property in Bulgaria.

I actually can't believe how stupid I was in hindsight.
I never looked into the country at all.
I never looked into the laws/taxes
I never even went to see the place.

Now I find myself in a hard financial place at the moment, but I was thinking to myself, it's okay, my last installment is due in Jan and then the financial worry is over, except for the cost of maintaining it, a fixed rate yearly.

Then I get an email telling me about transfer of deeds tax. Then some 'passport' you need in order to put property in my name. Then municipal tax...
I have no idea how much extra these are going to be, and now I feel terrible, depressed, worried and most of all, afraid.

I feel like I've tied myself into something terrible that I can't get out of. I'm so afraid and feel so stupid.

I can't go to my parents about it as they were against this from the start. I'm so sorry I never listened to them.

I do have a solicitor, but she is in Bulgaria too. I have emailed her asking her about these costs and she will be in touch soon no doubt, but in the meantime I'm racked with nerves and worry. I feel sick at the thought of being tied to something and I'm afraid that I can't get out of it now.

Does anyone have any advice?
How easy is it for me to just get this off my hands? How would I sell it? Or are these extra payments not too expensive?
Would anyone even buy an apartment off me now?

Please help with some advice I really feel so low about this whole situation.

Victor

Is the solicitor independent of the developer? Were they recommended by the developer?

Make sure you get independent advice.

LegacyUser

Victor wrote: »

Is the solicitor independent of the developer? Were they recommended by the developer?

Make sure you get independent advice.

Hi

thank you for your answer.
The solicitor was recommended by the company but at that point I didn't use them.
I contacted the Bulgarian Embassy in Britain and they recommended the same one to me, so at that point I chose to go with them.

Peggypeg

Sounds like that monkey's not going to get off your back until you have some answers. You have to approach this problem logically, you need to get all the information and then look at your options. I know it is very expensive to go to a solicitor over here but it could be that that's the only way you'll get the correct answers. I'd say go see a solicitor, although contact them before you hand over any cash to make sure this is something they know about.

prinz

OP, I would recommend getting a solicitor at this end to. I am sure there are plenty around here that have dealt with this kind of thing in Bulgaria before. Go see this solicitor, explain everything from the start, give them the paperwork and ask these people in Bulgaria to deal with this solicitor from now on.

Danniboo

Hey OP,

You should check out the Ask About Money website, look under the property section, you may find some insight there.

extrinzic

Defo get a good Solicitor. Also, do your home work. Found this site that my answer some of your questions. Good luck.

http://www.justlanded.com/english/Bulgaria/Bulgaria-Guide/Money/Other-taxes