Bulgaria Ski discussion board
Woodlands Spring
Author:john davies
posts : 44 (Beginner)Date : 10-26-08 11:26re: Woodlands Spring
Hi Linda.I think that we have had the same letter but regarding Boadicea Heights, they've built up to roof level, stopped, and cant finance the second fix.
Were still going out in February, cant miss the skiing.
re: Woodlands Spring
Hi Gaynor ,I am also a purchaser in block 1,with all the same concerns as the other buyers,from your message are you saying your solicitor has stated BRITANNIA are going bankrupt, or is this just her opinion they may take this option,obviously worrying times for us all,I am waiting for a repley from my solicitor in Bulgaria,I will post any info to his response.regards PAUL.re: Woodlands Spring
This is the risk of buying a cheap off plan property. The developers use your money to build the next place, which is fine unless you are in the last place, which you are. If you pull out the company will have no money and if you try and sue they will simply declare bankruptcy and you will get nothing. You might however have a better chance of seizing their assets if they (or their directors) have some sort of UK presence - have a look at Companies House. Your other chance is to sit and ...
This is the risk of buying a cheap off plan property. The developers use your money to build the next place, which is fine unless you are in the last place, which you are. If you pull out the company will have no money and if you try and sue they will simply declare bankruptcy and you will get nothing. You might however have a better chance of seizing their assets if they (or their directors) have some sort of UK presence - have a look at Companies House. Your other chance is to sit and wait and hope they get more cash in 2-3 years to finish the place.
re: Woodlands Spring
Dear Everyone
Tom (my partner) and I have discussed this at great length and have run through all of the scenarios that you have. Like Gaynor we briefly thought we could 'cut and run', but there is no money to refund to us. We are prepared to sit and wait it out, I do think that it will be a couple of years before we see any sign of a finished property but we went into this for the long run and not short term financial gain. I can't see any point in pushing for bankruptcy as we will ...
Tom (my partner) and I have discussed this at great length and have run through all of the scenarios that you have. Like Gaynor we briefly thought we could 'cut and run', but there is no money to refund to us. We are prepared to sit and wait it out, I do think that it will be a couple of years before we see any sign of a finished property but we went into this for the long run and not short term financial gain. I can't see any point in pushing for bankruptcy as we will ...
Dear Everyone
Tom (my partner) and I have discussed this at great length and have run through all of the scenarios that you have. Like Gaynor we briefly thought we could 'cut and run', but there is no money to refund to us. We are prepared to sit and wait it out, I do think that it will be a couple of years before we see any sign of a finished property but we went into this for the long run and not short term financial gain. I can't see any point in pushing for bankruptcy as we will all loose out. I apppreciate that not everyone may be in a position to sit and wait.
Let me know what you think.
Regards
Linda
Tom (my partner) and I have discussed this at great length and have run through all of the scenarios that you have. Like Gaynor we briefly thought we could 'cut and run', but there is no money to refund to us. We are prepared to sit and wait it out, I do think that it will be a couple of years before we see any sign of a finished property but we went into this for the long run and not short term financial gain. I can't see any point in pushing for bankruptcy as we will all loose out. I apppreciate that not everyone may be in a position to sit and wait.
Let me know what you think.
Regards
Linda
re: Woodlands Spring
Linda, our thoughts are the same as yours and Toms,i have friends and family who have bought in Bulgaria,and their developments have gone 1 to 2 years over finish time,we would rather see a return in the future, Bansko was never going to be a short term investment, the amount of developments out there makes this self evident.If we ask for refunds we will all lose out.RegardsPaul.
re: Woodlands Spring
Hello Paul
Sorry if I did not explain myself but Woodland Springs has only sold just under half of the properties, therefore there is no money in the pot to continue with the project, I have been in touch with Mariya in Sofia Bulgaria who is dealing with this matter, I have paid three quarters of the property and according to the contract you are eligible to pull out at this stage because of delay, (but Mariya has said that they have no monies ...
Sorry if I did not explain myself but Woodland Springs has only sold just under half of the properties, therefore there is no money in the pot to continue with the project, I have been in touch with Mariya in Sofia Bulgaria who is dealing with this matter, I have paid three quarters of the property and according to the contract you are eligible to pull out at this stage because of delay, (but Mariya has said that they have no monies ...
Hello Paul
Sorry if I did not explain myself but Woodland Springs has only sold just under half of the properties, therefore there is no money in the pot to continue with the project, I have been in touch with Mariya in Sofia Bulgaria who is dealing with this matter, I have paid three quarters of the property and according to the contract you are eligible to pull out at this stage because of delay, (but Mariya has said that they have no monies to refund. So I can pull out with no monies refunded to ourselves, and then fight it in the courts, for trying to claim the money back, which could take a couple of years. Eventually I will still be at a loss as Britannia Overseas Properties will claim bankruptcy on the site and also say it is to do with the Credit Crunch so Mariya says.
They are still running a business in Swansea, Mumbles and now have new projects in Bulgaria on the go, I just cant understand it.
P.S. That was quite interesting from Mat to find out their creditability from Companies House, to see if they have assets in this country.
Anyway its nice to share my discussion with you, and if anybody has any update or information please get touch.
Night for now.
Gaynor and Christian Cooper
Sorry if I did not explain myself but Woodland Springs has only sold just under half of the properties, therefore there is no money in the pot to continue with the project, I have been in touch with Mariya in Sofia Bulgaria who is dealing with this matter, I have paid three quarters of the property and according to the contract you are eligible to pull out at this stage because of delay, (but Mariya has said that they have no monies to refund. So I can pull out with no monies refunded to ourselves, and then fight it in the courts, for trying to claim the money back, which could take a couple of years. Eventually I will still be at a loss as Britannia Overseas Properties will claim bankruptcy on the site and also say it is to do with the Credit Crunch so Mariya says.
They are still running a business in Swansea, Mumbles and now have new projects in Bulgaria on the go, I just cant understand it.
P.S. That was quite interesting from Mat to find out their creditability from Companies House, to see if they have assets in this country.
Anyway its nice to share my discussion with you, and if anybody has any update or information please get touch.
Night for now.
Gaynor and Christian Cooper
re: Woodlands Spring
Gatnor.Thanks for your response,it seems we must wait and hope.ref checking BRITANNIAS creditability with company house,I believe they are not a limited company so they would not be registered ,just a company formed between a group of people.I know the director NIGEL HOLE bought land in several parts of bulgaria many years ago.I spoke to his rep on a visit to varna in may while looking at property in BALCHICK AND SOZOPOL.I still think they are a genuine company and will progress given ...
Gatnor.Thanks for your response,it seems we must wait and hope.ref checking BRITANNIAS creditability with company house,I believe they are not a limited company so they would not be registered ,just a company formed between a group of people.I know the director NIGEL HOLE bought land in several parts of bulgaria many years ago.I spoke to his rep on a visit to varna in may while looking at property in BALCHICK AND SOZOPOL.I still think they are a genuine company and will progress given finance and sales,cheers PAUL.
re: Woodlands Spring
Hi, have you noticed on the Britannia website that they are selling land in Varna! Let's hope this sells quickly so they can fund their unfinished developments, they maybe genuine but are doing themselves no favours by not replying to calls and emails.re: Woodlands Spring
Hi Linda,
Sorry to hear all the bad news that Britannia are in trouble but you cant say I did not worn you...
Please contact your solicitor to find out if their is a Mortgage on the land, if so you need to find out who owns the land.If for any reason the company you have paid funds to goes bankrupt then the bank owns the property if their is a mortgage on the land this means you have a very good chance that the project will be completed by the Bank.
Please also find out who the ...
Sorry to hear all the bad news that Britannia are in trouble but you cant say I did not worn you...
Please contact your solicitor to find out if their is a Mortgage on the land, if so you need to find out who owns the land.If for any reason the company you have paid funds to goes bankrupt then the bank owns the property if their is a mortgage on the land this means you have a very good chance that the project will be completed by the Bank.
Please also find out who the ...
Hi Linda,
Sorry to hear all the bad news that Britannia are in trouble but you cant say I did not worn you...
Please contact your solicitor to find out if their is a Mortgage on the land, if so you need to find out who owns the land.If for any reason the company you have paid funds to goes bankrupt then the bank owns the property if their is a mortgage on the land this means you have a very good chance that the project will be completed by the Bank.
Please also find out who the construction company is as normally they have part funds in the build.
since 2005 the mayor of Bansko put a hold on all construction in end of October to End of march due the the roads not being road worthy for Large lorry's this is still in force, this has been normal for many years but you will not be told this.They blame it on the open season in which you can understand as you wouldn't want lorry's driving up and down the streets when on holiday.I have to say Bansko is a wonderful place and in 10 years time all will be forgiven.
Studio in Bansko £30K
Studio flat in France £250K
If you need any more help let me know.
Good luck
Pedro
Sorry to hear all the bad news that Britannia are in trouble but you cant say I did not worn you...
Please contact your solicitor to find out if their is a Mortgage on the land, if so you need to find out who owns the land.If for any reason the company you have paid funds to goes bankrupt then the bank owns the property if their is a mortgage on the land this means you have a very good chance that the project will be completed by the Bank.
Please also find out who the construction company is as normally they have part funds in the build.
since 2005 the mayor of Bansko put a hold on all construction in end of October to End of march due the the roads not being road worthy for Large lorry's this is still in force, this has been normal for many years but you will not be told this.They blame it on the open season in which you can understand as you wouldn't want lorry's driving up and down the streets when on holiday.I have to say Bansko is a wonderful place and in 10 years time all will be forgiven.
Studio in Bansko £30K
Studio flat in France £250K
If you need any more help let me know.
Good luck
Pedro
re: Woodlands Spring
Hi everyone
I too have contacted Mariya and whilst there are problems with funding there is no mention of Britannia going bankrupt at this stage and Britannia are not the only company in Bulgaria going through this crisis. It is a fact that Britannia have no money availalble to pay anyone who decides to cancel their contract, they can't pay out what they don't have. I do think it is a mistake to demand funds back at this stage as this will , potentially, push the company towards ...
I too have contacted Mariya and whilst there are problems with funding there is no mention of Britannia going bankrupt at this stage and Britannia are not the only company in Bulgaria going through this crisis. It is a fact that Britannia have no money availalble to pay anyone who decides to cancel their contract, they can't pay out what they don't have. I do think it is a mistake to demand funds back at this stage as this will , potentially, push the company towards ...
Hi everyone
I too have contacted Mariya and whilst there are problems with funding there is no mention of Britannia going bankrupt at this stage and Britannia are not the only company in Bulgaria going through this crisis. It is a fact that Britannia have no money availalble to pay anyone who decides to cancel their contract, they can't pay out what they don't have. I do think it is a mistake to demand funds back at this stage as this will , potentially, push the company towards bankruptcy and then we will all loose out.
Britannia have stated that they will contact everyone within 60 days, (whilst they are trying to get additional funding). I think the only option is to wait and see what happens then.
Pedro, thank you for your concern but I am not unduly worried at this stage and I am aware of the Mayors hold on constuction during the winter months and I agree with you that Bansko is a wonderful place. Are you based in Bansko by any chance as I am wondering how the Mayors building is progressing, he has had his block built right next to Woodlands Spring Phase 1 for anyone who does not know this. Be interesing to see if his construction has been hit by the credit crunch. Any one know anything about this let me know.
Regards
Linda
I too have contacted Mariya and whilst there are problems with funding there is no mention of Britannia going bankrupt at this stage and Britannia are not the only company in Bulgaria going through this crisis. It is a fact that Britannia have no money availalble to pay anyone who decides to cancel their contract, they can't pay out what they don't have. I do think it is a mistake to demand funds back at this stage as this will , potentially, push the company towards bankruptcy and then we will all loose out.
Britannia have stated that they will contact everyone within 60 days, (whilst they are trying to get additional funding). I think the only option is to wait and see what happens then.
Pedro, thank you for your concern but I am not unduly worried at this stage and I am aware of the Mayors hold on constuction during the winter months and I agree with you that Bansko is a wonderful place. Are you based in Bansko by any chance as I am wondering how the Mayors building is progressing, he has had his block built right next to Woodlands Spring Phase 1 for anyone who does not know this. Be interesing to see if his construction has been hit by the credit crunch. Any one know anything about this let me know.
Regards
Linda
