The Bulgarian Dreams nightmare

It looks to me that Greenwich Council are maintaining these Bulgarian properties.

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We bought in Bansko through Homefinders Bulagria, with independant solicitors and everything went well. They had a team with different jobs, from sale to customer support, they even met us in Sofia to talk through any concerns and we felt reassured by the staff. they have offices in Sofia and Essex and were always helpful. We got an English guy to furnish the place and fully researched all the options. We used an independant solicitor just to make sure everything was ok. We love the apartment and the town but advise buyers to check out everything really well before hand.

Have purchased apartment in cedar lodge 1 in bansko
have not got article / act 16 from Bulgarian lawyers, unable to officialy use, rent out, sell on, biggest fear now is that it gets trashed, vandalised, cant see why current agents who currently look after will stay,Happy to pay my maintainance fees etc when i am confirmed owner,
Where do I go from here??

Vince,
Birmigham

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I have purchased property abroad through Interlink Property Group who have their Head Office in Cyprus .Is there any connection between them and Interlink BG in Bulgaria ?

so i am not alone . s
oumewhere is a man with an awfull lot of money , including over 200000-00 euros of mine . what happens now

Anyone who owns a property in Cedar Lodge 1, 2 or 3 in Bansko should go to the following website in order to make contact with other owners in these three developments.

www.offplancollective.com

Are any people who were purcasing a property in the Orchard development in Bansko interested in forming a group to approach the AIPP?

I Have also purchased an apartment in CL1 (Bansko) and like everyone else, I do not have act 16.
I am however a little more confident now that we (the owners) have started to talk with each other on the owners web site.
Hopefully soon, we can start to resolve some of the outstanding issues, find a trustworthy agent, obtain act 16, upgrade the power and start to be able to use our apartments.
Stuart
Hertfordshire

We bought at Cedar Heights 3 through Bulgarian Dreams who informed us that they would no longer respond to requests for information in about November last year when the porperty was already overdue by 24 months. Through my ownenqiries I have established that the electricity supply is insufficient for the development and the developers and electricity supply company are in the process of sorting this out. I also understand that due to lack of completed contracts the developer feels they will be overexposed by releasing the development. The risk is one of release for use as I understand it pending electricity supply and sufficient occupancy resolution.
We are not sure where this leaves us if the developer continues to filibuster release for use but have asked for legal assistance from our orginal solicitors who we gather from tonights programme may not be as independent as we had been led to believe.

Myself, along with MANY others are having the same problems with 'Bulgarian Dreams' with their development in Bansko 'The Orchard'... Are we all going to lose our money???

Is it bulgarian broadcast company now? Who cares about people that I have taken non-domestic property risks. Whatabout people in this country that have lost money on property, putting them in negative equity. My house including sdlt is worth £100,000 less than I paid and the sellers shot off to Canada, I feel properly conned.

I worked in real estate in Bulgaria for several years. In the early days, 2003-4, there were few big companies, and I think proportionately fewer crooks, although there were always unscrupulous agents. What happened is that the market took off, and all the big companies and chancers moved in, set up flash offices and websites, and talked up the market until it seemed that everything for sale was golden. The Bulgarian Dreams case highlights what happens when reality sets in. If you want a decent company, look for one that has been around since before the crazy price increases, and that doesnt just offer "too good to be true" holiday complexes that havent been completed yet.

We purchased a plot of land in 2007 (not from these guys) and 18mths on we are still sorting out the legal issues of ownership.

My name is Keith Jeffries. I am the owner of Bulgarian real estate company I have personally had many calls over the last few months regarding the actions of Bulgarian Dreams and feel sickend by hearing the tales of woe by those who have had their 'Bulgarian Dreams' dashed..... I also own a UK property company and set up [Company details removed] a number of years ago when I feel in love with Bulgaria myself. People need to understand that there are some good people left in this often bad world. For every bad tale, I can offer 100 joyful ones! The Bulgarian people are generally wanting to get on (these will include those who have lost their jobs as a result of Bulgarian Dreams!) The English are welcomed into the country and some 50% of my clients are in fact relocating perminantly to Bulgaria. 300 days of sunshine is one reason given. I will leave your readers with a few final words, these being from one of the most revered quotes in Bulgaria. "When God had finished making heaven he had a little piece left over. He then used this to create Bulgaria!"..... In time people will forget Bulgarian Dreams and their wrong doings. Bulgaria will however, given the chance, create true realised dreams for people for many years to come!

I’m currently buying a resale apartment in one of Bulgarian Dreams Cedar Lodge developments in Bansko thru Skipropertybg who have been a big help because our sale has been delayed due to a number of documents not being in order. As kathycool says we are using independent solicitors and strongly advise anyone else considering buying to do the same.

In the past there has been a "Smart" car parked outside an address in Burnham Bucks (Poyle Lane) with Bulgarian Dreams logo's plastered all over it. More recently it has stopped being parked here.
Bill Donald

We purchased an apartment and furniture pack in the Windows to Paradise complex (Phase 1). We do hold the notary deed and Bulstat registration documents for the apartment but are concerned that the Windows to Paradise complex will not be completed and the apartment will not become habitable.

We contacted AIPP as recommended by Watchdog and they put us in touch with this International Law company, ‘The International Law Partnership LLP’.


We have spoken to ‘The International Law Partnership LLP’ this morning and they have received other similar enquiries and are setting up a meeting to discuss possible actions. The advice given at the meeting will be free of charge so hopefully the meeting will help people to reach a decision as to what action to take without incurring a lot of costs.

I suggest that anyone in a similar position to us speaks to ‘The International Law Partnership LLP’ (and the AIPP) to register their interest in being part of the ‘Action Group’ and to attend the meeting.

The Golden rule here is to employ a good agent. You will save nothing buying direct from a developer. If you have chosen well, you will be able to contact your agent with ease. If buying off plan, you should request updates, photographic evidence of progress..... Request the services of an independent lawyer. Some will allow your money to be held in escrow until title can pass upon completion. My company in fact is now steering clients towards fully completed projects, which have all papers in place ready for good title to pass to the owner. There are many hundreds of teriffic offers in Bulgaria, there is now little need for people to rush in.......Bulgaria is beautiful, don't let crooks spoil it for you!!!

We bought an apartment in Balchik, Windows to Paradise development and are still trying to get hold of our title deeds. Pursuing through our bulgarian solicitor to try to resolve the matter but can I thank Watchdog for highlighting the plight of the many victims of purchases through Bulgarian Dreams.
Regards,
Barry Hatton, Newton-le-Willows

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ive bought in cedar heights 3 ive just been over last week & theres no ellectricity or water connected theres no lifts. they fobed me off saying it will all get done in march then i saw this program if any one knows of a forum or what to do next please let me know

I started to purchase a property in Bansko through a supposidly reputable agent in Milton Keynes, he offered a guarateed rental income for 5 years. We paid £15,000 deposit to a developer in BG. We got suspicious when the building started to overrun by 16 months, we enquired about the rent to find out the rental company never existed, the UK agent had his comision from Bulgaria and washed his hands of it completely denying having offered rental guarantees (i have written evidence).
The property was finally completed 20 months late but without the rental it was not worth it.
The developer has disapeared the BG agent has also disappeared and the the UK agent was very reluctant to even take phone calls, let alone his misselling and and failure act as our agent.
We tried a Sophia base lawyer but the just took a £300 deposit and then said they would not help us.
Is everything about Bansko corrupt?
Does anyone know of a regulator who I can report the agent too?

I paid a 25% deposit on The Orchard development and now believe I have lost that money. I can't believe that Robert Jenkins can simply walk away from this without any consequences. I'd like to think the Bulgarian authorites would be interested in him, they have all these half built shells all round the country, not a good look for the resorts. I will join the group actions and go through the motions not holding out much hope. I think further investigative journalism would make for a good hour long programme, where has the money really gone???

Reading these comments and hearing about the recent Watchdog program on the BBC I feel just as angry but a little less loney i guess. Bulgarian Dreams were good at first - they even returned money by cheque as they promised the best exchange rate - I was paying in pounds and buying in Euros. It all went down hill when plans were changed on the Windows to Paradise site - a friend buying elsewhere with them went to check their 'finished' place and it was a big mess. I've only lost my deposits - but then so have two of my colleagues who bought on my recommendations. I'm following up with legal advice. It's good to hear that others with different companies are happy and enjoying Bulgaria - I'm sure it's a great place to be.

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we were sold a 'dream' by BDB in the form of the 'Grand Bansko' developmentin November 2006, we were presented with impressive brochures on the development, A top quality development which would be complete end of January 2008. It is now Feb 2009 and It is still not complete, they have our money, we have no chance of using the apartment and despite the contract giving us compensation 'rights' for any delay - they do not keep to this. The get out clause is a 'force majeaure' basically an 'act of god' which they say prevents them working on the building i..e snow!! Mnn well they must have known we would get snow during the winter. This excuse has been used for the winter 2006, 2007 adn now 2008 basically they never got to the agreed roof stage in May/June 2007 so they were behind coming into the 2008 season BUT they then never got the roof stage until around august 2008, how snow can put it back that long I will never understand. We were promised it would be ready for December 2008 and people paid their remianing money and are now stuck with an empty un-finished building. Requests to terminate contracts (which contracts have a clause to say buyers can) have gone ignored. Our dream is a nightmare and we have lost around £40000 to date. Bulgarian dreams are not the only con happening in Bulgaria there are others like our development also. BDB do not respond to any contact and we have now found out it appears they have sold out to someone else, not had that confirmed yet.

Hi I bought in Cedar Heights III and would be interested to meet with, talk to other owners in that block to get the issues resolved, thank you Pete.

To alpharobson (& any other Cedar Heights 3 owners) -
There is an owners support group for Cedar Heights 3 in existence. BBC blog rules prevent the contact email address being listed, but please enter 'Cedar Heights 3 owners group' into Google and check the results listed to track down the group.
Thanks

I have now had an email from The International Law Partnership and they have set up a meeting for this Saturday in London to discuss the possibility of setting up a Rescue Group and the options available to people affected by this.

Any advice given at the initial meeting will be free but please speak to The International Law Partnership for full details.

Please let them know if you want to attend the meeting or know someone else that might want to.

Bulgaria dreams were managing Waterside Quays Balchek sales and after a long delay they have disapeared off the map.

If anyone is interested in joining an interest group then please post.

l have read these stories with dismay, giving Bulgaria and its markets for investors a poor reputation.

l do not know the rights or wrongs of your circumstances but can advise l met and dealt with Mr Jenkins and his wife who is Bulgarian several years ago.

l did not pursue business with them but l did attend their home in Bulgaria, Mrs Jenkins and her family were based in Velingrad, 85 km east of Sofia

l wish you all the best of luck, do persist, these people should not be allowed to avoid their responsibilities

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Re: Bulgarian Dreams Rescue Seminar with the International Law Partnership LLP

Hi all

I feel it is important to give people some feedback to a Seminar I attended on Sat 21st Feb 2009 with 23 other Bulgarian Dreams purchasers and a firm of Solicitors called The International Law Partnership LLP in London.

This was following information posted on the BBC Watchdog website and advice given by the AIPP.

Just to make things clear this post is advice only. I am a purchaser in Phase 3 of The Orchard who is at a loss as to what to do next following Bulgarian Dreams collapse. I am not an agent/promoter or legal representative but just an individual that has invested a large sum of money that seemingly has been lost or so I thought.

I found this seminar both enlightening and concerning but ultimately has given me some hope that I may be able to persue legal proceedings against either the now defunct Bulgarian Dreams or their associated Building Developers.

There was a turnout of 23 people plus a further 13 that couldn't attend all of which have invested in Bulgarian Dreams Developments throughout Bulgaria including The Orchard, Bansko like us.

Mr John Howell (Senior Partner) and Ms Lyubov Jones (Bulgarian Solicitor) held this seminar at their offices in London and are going to act on our behalf as a collective in the first instance and then as individual groups following their initial findings in 6 weeks.

They have asked each person attending to post on as many relevant websites/forums that we use to get other owners in a similar situation to contact them and to instruct them to act on their behalf.

There is a fee but this will reduced the more people that instruct them.

If you are in a similar situation as me whether it be Phase 1 full payment made awaiting Act 15 or initial deposit on an apartment in Phase 3 there is still hope and options but you must act quickly.

There is too much to explain from the seminar to put in this post surfice to say the longer we sit on our hands and hope for the best the worse it will get.

I hope this helps in some way.

Good Luck

Mark

The International Law Partnership LLP can be found on the internet and posted on various forums

I have just checked through my correspondance with Bulgarian Dreams and guess what Simon Jenkins was active in their office last year. Family name by coincidence? Maybe! One for your files if you are pursuing this family for compensation

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Someplace Else, Someplace Else... has anyone lost their deposit like me. I put down nearly 20,000 Euro on Mechi Chal Phase II near Pamporova but have encountered problems with this English Company who have recently moved to Oxford although they have a London number still and an active Web Site. I have dealt with [personal details removed] who, while sounding very plausible and promising to return my money, has been stalling for a year now. I am taking legal action but would like to find out who else may have lost money with this organisation. I recently visited the Someplace Office in Plovdiv but it had closed and the new organisation occupying the space had no idea of where it had moved. [personal details removed] through Someplace Elseis is now selling properties in Argentina and is purported to be there most times I phone the Someplace office and he presistently refuses to return my calls.