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Greenfields development, Bucharest
Adelaidebuyer (Lite Member) RE: Onix Greenfields
Posted: Jun 26 09 08:55
Total Posts: 3
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Unfortunatly you have to go to Romania and apply for residency as Legal Independance said. If you google 'getting residencey in romania' many sites will come up. One suggestion from a Romanian solicitor is that you can do it in on day. You need the following, bank statement showing you have enough funds to support yourself in Romania, a European insurance card, a 1RON fiscal stamp and a few other things, this will cost you virtually nothing. Go to the foreign office and you can get it in a day.

Return flights from Romania are as little as 100 euros return, wizzair and blueair fly there.

Do not setup a company, it is definatly the more epensive route.

I drove through Greenfields on way to the airport, actually looks really nice though the road still needs lots of work.

Hope that helps

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helene (Lite Member) RE: Onix Greenfields
Posted: Jun 26 09 09:00
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Hi - yes - we have exactly same problem - no furniture pack for Onix, and been advised by Valentina Radu to go over and register (although didn't know there was any question of financial penalties being involved in delay?). Somebody else mentioned this may not be necessary and still looking into it - also not sure whether to try and get a furniture pack from somewhere else because we are not at all convinced the MRI one will ever turn up, and it has now been empty since January. It is not cheap to go over there, so we thinking of sorting out furniture, rental, registration etc in one trip if possible. Have also lost some confidence in Legal Independence having read all the various forums - would want to be 100% certain there is no other way around registering before doing so.

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helene (Lite Member) RE: Onix Greenfields
Posted: Jun 26 09 09:05
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Hi - just seen your post. We were advised it would cost 600 euros to register - are you saying by doing it yourself it costs virtually nothing? Do you need a Romanian solicitor to help you with it? Is this solicitor someone you have used yourself and could recommend as an alternative to LI? I will certainly look at the site you mention - thanks a lot.

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Adelaidebuyer (Lite Member) RE: Onix Greenfields
Posted: Jun 26 09 12:44
Total Posts: 3
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A chap called Andrei from tarusiasociatii (dot) ro posted a post on another property site suggesting it can be done for as little as a few euros in a day. It is NOT expensive to go to Romania. You do need to go over there. Re furniture there is a HUGE IKEA just minutes from Greenfields. Go over there, get the residency and do furniture yourself, you will save a fortune and you would only need to be there a few days. Furntiture packages are a ripp off. Doing it yourslef you will more than recoup your airfare and costs

Top Tip - give the UK embassy a call in Romania. They will advise on what exactly needs to be done for residency.

There are a few rental agencies, one is based in Greenfield called DMS, they have an office their. They do seem to be very 'onside' and helpful though they used to work for MRI.

Phone them up. The more people you speak to the better idea you will have of what to do. I must have spoken to 3 differnt lawyers, 3 different rental agencies

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josh1974 (Lite Member) RE: Onix Greenfields
Posted: Jun 26 09 14:39
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Hi Adelaidabuyer, what you are saying is absolutely right.

The more people you speak to there the better picture you have. all these furniture packages are obviously nothing but a rip off, you can DIY for a third or fourth of the money. Same relates to residency - you can get it yourself at almost no cost, no need for any solicitor or other middle man at all.

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cag (Lite Member) RE: Onix Greenfields
Posted: Jun 26 09 23:18
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Hi Adelaidebuyer

Thank you very much for that information. We will certainly look up those airlines and that web site. Don't think we'd have the confidence to do the registering alone though but have lost faith in IL.

Have you or anyone got names of lawyers you could trust or recommend? Did you find lawyers and rental agencies on internet. We have been looking there but don't know who we can trust.

Good to know Ikea is there but don't think we will get money refunded for furniture already paid.

Glad greenfields looked well.

Thanks again.

Lucy

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cag (Lite Member) RE: Onix Greenfields
Posted: Jun 26 09 23:45
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Hi Helene,

We were also told it would cost 600 euros but just reading it can be done much cheaper. Would like to find another lawyer that we could trust and ask them about it before we do anything.

As for furniture packages. We also hoped to sort everything out in one visit but don't want to give up on furniture that we've already paid. Glad to hear Ikea is there if worst comes to worst and we have to fork out money again.

Don't think I'd trust dm for rentals. They gave us wrong information before.

You have completed in Jan like us. Do you know who holds the keys to your property. Is it the MRI rep in Romania till the supposed furniture gets installed?

Will keep watching these posts to see how things progress and pass on any info.

Lucy

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helene (Lite Member) RE: Onix Greenfields
Posted: Jun 27 09 08:36
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Hi Lucy, Valentina Radu in Bucharest told me they are holding the keys and can be released from them to whoever wants them. I am not happy to learn how cheaply the registration can be done ourselves - you expect a solicitor to make some profit, but 600 euros is a lot of money! I have lost confidence them - not least because they were not interested in the fact that the owner of Deutchie Management has alledged convictions for fraud. We will have to go to Bucharest in the next couple of months to sort it all out - in the meantime I am trying to tie up all the loose ends and not go for a new furniture pack too quickly just in case! Dean Masters of MRI has promised us it will be delivered within the next two months................................

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barbersfort (Lite Member) RE: Onix Greenfields
Posted: Jun 27 09 19:36
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Hi there

has anyone got a view on if Greenfields is going to be a worthwhile invstment long-term taking into account build quality, service and other charges ? I know no-one has a crystal ball but taking into account what has been discussed on this thread it'd be great to know people's views.

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shape (Lite Member) RE: Greenfields development, Bucharest
Posted: Jul 9 09 21:55
Total Posts: 8
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For information South Pacific confirmed to me this week that M(assively) R(eversed)
I(nvestments) was paid 15% of the whole purchase price from the deposits on Adelaide and Melbourne.

So, if you paid 30000 out of 100000 euros, Masters of Reduction of Income will have walked away with half the deposit right at the beginning. How likely is it that construction can be properly paid for in these circumstances one has to ask?

I have no doubt that the same scheme applied on other projects sold by the same agent and that the developers rolled the commission into the price, so that the starting position was -15% even allowing for a market that has since fallen significantly....which leads to the next double whammy - that there is a big mortgage shortfall if your property valuation for the mortgage is 20-25% less than the contract price....75% x 75% LTV = 56%.

This means automatically many non Romanians will find it hard to complete unless they are cash buyers.

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