I would appreciate any advice can offer on an Investment Property 4 of us are buying in Bulgaria. All of us are known to one another, however want to make sure that we tie everything up from a legal point of view - just incase something happens to one of us in the period. We are putting together an agreement and would appreciate comments any one has on any specific clauses we should make. Note that the property is being bought in the name of only one person, but we will have a clause to say that ownership will be between all four of us. We are all agreeing that we are going to be tied in for three years. It will only be sold prior to this if there is a unanimous agreement to, or only will be kept after this date if there is a unanimous agreement to keep it to. If anyone wishes to exit before the three years, they need to either get an existing investor to buy them out or find another investor. Thanks in advance for any comments and advice. Mike

Hi Mike I'd have to ask why you've decided to buy in Bulgaria at all? OK if you're planning it as holiday retirement home or some such for personal use, but if it's as an investment, which it clearly is from what you say, then i think it's unlikely you'll see much promising within 3 years. Are you aware of a couple of key things... - Bulgaria has already been seeing 'alleged' spectacular growth for well over 3 years so you've missed the chance to pick up property very cheap. - There is a massive glut of property....much of it owned by Brits - The majority of visitors are 'egg and chips' tourists. - There is no resale market at all. - There is no established letting market either. - Most tourists who go to Bulgaria go on packages with tour companies all in. The list goes on.... Best Dan

Just one other thought Mike, sorry but it is also a bit negative, but have you thought about when you come to sell the property and how difficult it might be to sort out the sale? If I were a purchaser interested in a Bulgarian property and found out that it was owned by 4 different people I would steer clear as it would be bound to cause delays and disagreements. I guess you are all probably 'like-minded' now but undoubtedly your situations will change in 3 years. What happens if one owner dies? Will their share get left to a spouse or dependant, not sure what the rules on Inheritance are in Bulgaria but worth looking into if you haven't already. To be honest, it doesn't sound very attractive - although you didn't ask for opinions on that count!