Mortgages in Bulgaria
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0845 108 0505
Buying Property in Bulgaria
Loans are available up to 80% Loan To Value of the property valuation. This valuation will be done by a valuer on the lenders behalf. The cost of valuation depends on the size of the property.
Process followed by all parties |
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1. Seller sends electronically or by fax or by floppy disk to the bank’s solicitor a draft Purchase Deed, a draft Mortgage Deed, ownership documents, plans of the property and Act 16 Certificate for them to be checked and agreed. 2. The seller presents the signed and registered Purchase Deed to the Bank’s legal department in Bulgaria. 3. Following the acceptance on behalf of the Bank’s legal department of the above, the buyer or the solicitor acting on behalf of the buyer must present the original Purchase Deed to the local tax authority to register the property in the name of its new owner, paying the transfer taxes at the same time and obtain a Certificate that the buyers have no outstanding tax obligations. 4. Buyer or the buyer’s solicitor collects from the Notary Public the registered Mortgage Deed and the Certificate of Encumbrances now showing that the Bank has first ranking interest in the property and sends these to the bank’s legal department together with the insurance policy document. 5. Upon receipt of the above documents, the Bank’s legal department notifies Piraeus bank London confirmation that all documents have been received and are in order. |
6. On receipt of the above confirmation, Piraeus Bank London Branch issues a letter confirming to the seller that a loan has been approved in the name of the buyer for the purchase of the specific property. 7. Piraeus Bank, London branch makes funds available as per borrower’s drawdown notice and confirmation from the seller (the two must agree for drawdown to take place. |
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