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Completion, Exchange & Conveyancing

 

Found a buyer? Next step to receiving the full balance of funds is conveyancing.


We can work on your behalf to prepare documentation so that you don't need to travel to Bulgaria or pay high legal fees to your solicitor for 'non legal' tasks.


Conveyancing:

This is the transfer of legal title of property from one person to another, if you have accepted an offer you will require this service in order to complete, exchange and receive your funds.

In Bulgaria all exchanges of property deeds are overseen and authorised by a registered Notary, which is in effect a government appointed solicitor. No transaction is legitimate without a Notary providing final approval, thus no sale can happen without their prior and express consent. In order to satisfy the Notary a series of official documents relating to the owners, the buyers and the property itself must be prepared and submitted. Naturally this process takes time and has a cost.

Any vendor selling through NewEstate is entitled to free conveyancing, there is no additional charge for our work and you will only need to pay for the government documents involved (approx. 250-300 Euros).

If you found a buyer through another agent or directly and only require NewEstate to represent you in Bulgaria and complete your conveyancing, the cost is 400 Euros + the documents. If you require our in-house solicitor to represent you we can also provide this service.

Once you have accepted an offer you can either appoint a solicitor to deal with your conveyancing (at your own cost, approx. 700 Eur + document fee) or you can instruct us to act on your behalf for no additional charge. The best avenue is the one that you are most comfortable with.

The sales process is not simple but is something we undertake 8-10 times each month, as such it is routine for us. The involvement for you is minimal and generally it takes 4-6 weeks from the day of receiving the deposit to when you receive the funds in your bank.

 

Steps of the process:

  • Sale price agreed and reservation documents signed by buyers
  • Deposit collected
  • Vendor appoints NewEstate for representation
  • NewEstate drafts all necessary documents relating to the vendors for the sale (Power of Attorney, Marriage Status Declarations etc)
  • Vendor visits either the Bulgarian embassy in London or Dublin to sign the above documents in front of a Bulgarian Notary. Alternatively, the vendor visits their local Notary Public (UK or Ireland) to be officially identified and then sends the documents to the Foreign Office for Apostille stamping.
  • Vendor then sends all documents back to NewEstate in Bulgaria allowing NewEstate to act officially on behalf of the owner
  • NewEstate pays any due council tax, amenities bills, maintenance fees or similar from the deposit funds
  • NewEstate then represents the vendor at various institutions in order to receive necessary documents for the sale, which include:
    • Building schematics,
    • Bulstat,
    • Title deeds,
    • Registration with the Cadastre,
    • Proof of no encumbrance,
    • Tax valuation,
    • Proof of paid taxes
  • Upon receipt of the above a Notary appointment is booked and the buyers or their representatives are invited to attend the completion and exchange.
  • The buyers make payment on the day of completion.
  • The Notary agrees the sale is legitimate and issues the new deeds in the new owner’s name.
  • The deeds are registered with the court, which takes 2-3 days.
  • After registering NewEstate takes the new deeds to the bank to confirm the sale of the property. This enables the transfer of funds from Bulgaria to the vendor’s personal bank account in the UK, Ireland or anywhere else.

For any questions regarding any aspect of this service please contact us in our London Office; 0207 9934197.

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