Bulgaria - Changing names on deeds

[Snuggs]

I have purchased an apartment in Bulgaria with two other family members. The three of us wish to sell our share to two different family members. Is it possible just to change the names on the deeds without going through the whole procedure of selling it to them and then having to pay capital gains tax?

Many thanks

 

[auto320]

I have purchased an apartment in Bulgaria with two other family members. The three of us wish to sell our share to two different family members. Is it possible just to change the names on the deeds without going through the whole procedure of selling it to them and then having to pay capital gains tax?

Many thanks

Would you do that to your own family?

 

[Ancutza]

The singular lack of responses to this query should point-out the equal lack of basic understanding of the average punter as to the legalities involved.

The fact that none of the companies involved in selling Bulgarian property (and there are many of their reps on this site) would deign to respond should perhaps serve as a warning.

Even these guys (supposed experts) don't know the ins-and-outs of the local legal scene.

They're out there to screw as much out of the deal as they can. After that you are on your own.

 

[auto320]

If I was in the position of having to get rid of a piece of overpriced Bulgarian property, I don't think I would offload it on my own family. Not much chance of getting invited to Christmas dinners in the future!

The agencies selling this stuff don't want to hear about selling on, either to families or other punters. Their advice will be to hold on to it because it is increasing in value by (pick a figure) every year; best bet in their view is for the family members to buy another one!

 

[pipper]

some people seem too quick to put down this market.If all you want to do is buy at the cheapest way in and flip the property as soon as possible then you are in trouble!But if you visit the country and look wisly at what you are investingin then like every over investment you can make money but not 100% a year
!

 

[thetravelbug]

Well said Pipper. I live in Bulgaria and work in the property business. Sure there are some awful companies, usually the larger ones and ones that operate pushing apartments on the coast and in the ski resorts but there are some of us that pride ourselves on good service and honest advice.

To answer the original question though, I think you will need to sell to your family members, unless you can just asign your shares. You cannot simply change the names of the owners in the UK for property and cannot do the same here - you need to formally sell or assign the shares in the property. And if you are not selling to them for a huge profit (and cannot see how you could be really with market way it is along the coast) there will be no capital gain. Why not ask the lawyer you got to act on your behalf when purchasing the apartment. Should not cost much to do this.

Rachel