Countries we lend for
Bulgaria
Helpful tips
Although buying your Bulgarian property can be daunting, by following some
very simple steps you can minimise the stress and uncertainty involved. Our
tips aim to prevent any unpleasant surprises along the way so that you feel
confident about the big decision you have just taken or are about to take.
Before you visit a single website or an exhibition, read a magazine or go on
viewing trips, ensure that you can afford to buy your Bulgarian home. If you need
to raise a mortgage, make sure that you have all the information you need so
as to work out what it will cost you. Ask the bank to give you some examples
of what your monthly instalment will be if interest rates go up.
If your Bulgarian property is intended to generate rental income, carry out
research as to which areas are the most visited and have the longest seasons
as well as rental levels produced by similar properties to the one you are thinking
of buying.
In your choice of location, decide the factors that are most important to you
and then narrow your search down to the islands or parts of the mainland that
meet these. Buying a remote village house will prove to be a mistake if you
need to have regular medical treatment or an English speaking school nearby.
Ask questions about maintenance, security and other services that you may require
in the future.
Try to use an agent wherever possible. Pointing out opportunities is the least
important thing that an agent does. You will need someone who knows the market
better than you do to guide you in your purchase, serve as your liaison with
the seller or developer and all other professionals involved in the transaction
as well as lend a helping hand with important after sales matters.
Most estate agents promote their properties on a website. Make sure that you
visit a number of these before deciding whom to call. Satisfy yourselves that
the agent is a serious professional and that they are a member of a professional
body. Although this does not safeguard you totally, it shows that they are happy
to follow and comply with a code of practice.
Ensure that you satisfy yourselves about the language skills, qualifications
and professionalism of your Bulgarian solicitor. You may need him after the
purchase transaction so it is important to be able to trust that he can meet
all your needs during the time of your ownership.
Think about and discuss with your solicitor all the services that you will need him
to provide you with so that you give appropriate Powers of Attorney. This will
save you time and costs later.
If you don't know where to begin with your choice of professionals, ask for
recommendations.
Visit at least once the place of your choice out of season. It is important
to see what facilities are available all year round and not just during the
tourist season.
If you plan to relocate and work in Bulgaria, establish well in advance what
you need to do and how to go about it, bearing in mind the importance of the
language.
Retiring in Bulgaria
If you plan to retire shortly, find out how to transfer your pension to your
Bulgarian account. You will need to get a state pension forecast and you can
do this by either filling in form BR19 at your local jobcentre or by downloading
form IR138 from www.hmrc.gov.uk/leaflets/c9
In order to ensure that you continue to receive your pension, contact your
Social Security Office, National Insurance Contributions Office and the Department
for Work and Pensions. Useful information and guides are published on www.dwp.gov.uk/lifeevent/penret/pr_visit_or_living_abroad
Find out what your tax liability may be on any income from your UK personal
allowance. You can download a guide published by HM Customs and Revenue from
their website www.hmrc.gov.uk/leaflets/c9.
Visit the Age Concern website www.ageconcern.org
for their fact sheets on retiring abroad.
Don't rely totally on the third parties you will engage for everything. Drive
the process yourselves. It can save a lot of time and be a very rewarding experience.
You
may find that putting things in writing is not so important in the Bulgarian
culture which makes your own involvement all the more important.
If you have applied to us for a mortgage, please ensure that your solicitor,
agent or any other professional connected with you purchase is ready to facilitate
our process by providing access to our valuer or supplying the information or
documents needed by our legal department.
We recommend that you put in place buildings and contents insurance whether
you take a mortgage from us or not. Your solicitor can undertake this task if
you include it in your power of attorney.
During a visit to Bulgaria, visit your local branch and get acquainted with
an English speaking member of staff. Ensure that all is in place for you to
be able to carry out transactions such as payment of utility bills and receipt
of rent.
Your purchase is complete, you have registered the property in your names,
your furniture and furnishings are in place and your property ready to perhaps
accept tenants.
You will have greater peace of mind if you also:
- Take advantage of all Piraeus Bank facilities and products such as direct
debits for the payment of your utility bills, buildings insurance, maintenance
and anything else you have contracted to pay on a regular basis.
- Put in place home security and alarm service if you need it.
- Put a will in place for your Bulgarian property and any other assets you
decide to have in the country.
- Diarise the anniversary of your insurance cover or better still authorise
the insurance company to automatically renew the cover by debiting your account
locally.