thank you for the replies so far..its appreciated.
I see how it comes across that something may be wrong with it. But there are no problems with the development at all. I'll try and explain. I am brand new to buying abroad. I took the plunge, but wanted to use a uk agent, so that they could help me through the whole process. I am scared (thats the only word for it) to do it myself. I have heard so many bad stories about people being ripped off when trying to buy directly in other countries.
So I put my complete faith in the uk agent and they seemed very helpful at the beginning.
But it soon became apparent that they were new to buying in Budapest and there was no set process. I was told at the last minute what papers I had to get ready for the next stage and so it went like that. Its been a mad panic.
There were so many costs I was not told about upfront and I lost faith in them..not knowing, just half way through the process, what I was going to have to budget for next.
Anyway, the agent was a bad choice and now I am literally scared of carrying on.
I know it sounds terrible, but I really dont know who to trust if I am going to carry on with this.
I thought if someone with more experience of this wanted to take on the contract then it would be a good opportunity for them.
I sound confused and scared, because I am! Not desperate, i dont think.
I thought you guys here would be able to help out with my decision to either carry on or transfer the contract.
I am told its a good location. Here are the details so you folks can tell me (or otherwise):
Kings Gardens, district IVth being built on 40,000 sqm of land. 30 metres from the Danube. Its a mix of residential and office development. with onsite leisure facilities (this is from their sales lit). I signed up for a 35,70 m2, studio third floor, with a small terrace & courtyard view. Plus I paid towards car park space and storage.
I was really excited about it. The plan was to let it, as there is, I am told, a potential demand to rent there by office workers both from abroad and the locals.
The pictures of the plan looked good to me, with fountains & gardens on the grounds and so on.
It will be ready in May/June 08.
The agent made it sound so attainable, by paying just 10% deposit now and nothing until near completion, and they would help with a mortgage and I didnt have to worry they said. I would only need to pay another 10% near completion and that was it.
Also, as I didnt have time or spare money visiting Budapest, I thought having an agent here would eliminate this, but especially as dont understand the process, I thought having an agent here would save me making any mistakes.
However, as I live in Scotland, I've had to make trips to London to sign papers in the Hungarian embassy. I wasnt aware of this. The agent said there was no other way. Then when trying to organise the mortgage, I would have to make another visit to London or Budapest..all this is costing me much more than I realised, as there are fees to pay, travel costs, etc.
Plus, I didnt know I would have to pay mortgage for almost a year before I even get the keys!
The plan was to pay the mortgage from the rent.
Also, my husband didnt want to be involved in the buying of this. But at the last minute, the agent said he had to be on the mortgage or I had to pay to get some legal thing done so that he is not on the paperwork.
But, he would also need to make a trip to London or budapest to sort out the legal side (show them his passport, etc) even if he didnt want to be on the mortgage. This is confusing.
That was the last straw for me.
So, I asked the agent to sell it for me (which was part of their original sales ploy, that 'dont worry, if you change your mind, we can sell it for you anytime.'
They got their big commission.
But when I decided to ask them to sell it on, they stopped returning my phone calls and ignoring my emails. They have been doing this since last Oct.
Basically, this has frightened me so much, as I feel I'm on my own with this now. Totally the opposite of what i needed.
So, now I dont know if I should continue (with another agent of course but I dont know who to trust), or ask someone who knows what they are doing, if they would want to take on the rest of the sale.
Maybe, amgd28, you say you sold through a lady in London. Can you PM me her details? That could be an option.
I know this sounds really pathetic, but I wish I had been on this site before and did my own homework as folk here have been suggesting. That way I would have had more confidence in this and realised if the agent knew what they were doing or not.
If I dont continue, I would just want my 10% back. There are thousands of pounds spent already which I know I wont get back (agency fees, legal charges, travel costs, Hungarian paperwork fees, etc).
And I know its going to cost me more to transfer the contract (legal fees and perhaps another agent), but if I get something back, maybe I wont regret this so much.
If I continue, I dont know how much more I am going to have to pay (the hungarian lawyers want an annual fee for 'maintaining' the mortgage.) There are probably many other costs, so I dont know if I am actually going to have to pay out of my own pocket to keep the flat going if I let it, such as letting agency fees, local taxes, property mgt fees, etc). The agent told me I would make about 7-9% income from rental. But I have lost faith.
thank you.