Bulgaria Ski discussion board

Hi,

I am currently in the process of applying for a Bulgarian mortgage, the bank have agreed to lend me the money and they are now in discussions with the developer, it appears from the email below that the developer is holding the process up. Could someone please explain why this would be? Should i be worried?

Many thanks

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Dear David,

Everything depends on Developer - they need to review the draft of the notary deed that will be used for establishing a mortgage over your properties and agree with its text. The draft was sent to the Developer a month ago.
We call them each two-three days with request to look at it and advise if they agree with the text, but we still don't have a particular answer.

We are also concern about the delay for we have put a lot of efforts to arrange your mortgage. At this stage it seems like there is nothing we can do to speed further the process.

Once the Developer comes with positive decision on the deed, your deal could be processed and the mortgage funds will be released within one-two weeks after the mortgage over your properties has been established.

Kind regards,

I take it the property is not finished . If the developer is not chasing you for money dont worry . If the bank can complete in a fortnight then there is no real problem so just sit back and wait till everything needs finalised - you wont want to pay for a mortgage till everything is finalised and the keys are handed over anyway , keep your solicitor in the loop . When the developer is finished with the property he will send the relevent stuff to the notories and it will all go painlessly . I wouldnt be too concerned , the same happens over here too .