Guide on buying a property in France
Our team has 25 years experience in the French
property market. We will use that experience to
alleviate you from the problems and worries you
may have when buying your property in France.
Our services are free of charges and you decide
how much you want us to assist.
Step by step outline of the buying process
YOU:
1. Contact one of our sales team either by email
or by telephone
2. Obtain as much information on all the properties
that interest you
3. Draw up a short list of properties from the
information
WE:
1. Call you back if you wish
2. Give you all the information you need
3. Organise a viewing with one of our associated
agents
4. Assist you with travel and accommodation
5. Remain at your disposal at all times
Booking your travel to France
This may seem obvious but if you have
not planed ahead last minute travel can prove rather
difficult and expensive despite the large number
of low fair airlines available. Accommodation should
also be considered a little while before your visit,
ask your Anglo-French agent for some information
on local hotels or maybe apartments depending on
the length and time of year you are planning your
trip.
Visiting the region
Most people tend to buy second homes in
places they have been on holiday too and visited
over a number of years or have read about or maybe
they were charmed by one of the growing number
of TV shows, in any case it is still wise to visit
the region and get a feel of local culture. Every
region in France enjoys its own local heritage
both in terms of culture and dialects much more
so than in the UK. Making an effort to acquaint
oneself with the customs of the Catalan, Basque,
Breton… will charm the locals, who generally
will enjoy distinguishing there regional identity
from their national one of Français. This
may help a little when you are putting your offer
down as a local may warm to a buyer who is interested
not only in his house but also in the local area.
Picking the property
Hopefully you will have found your dream
home in that picturesque little village you have
dreamt about whilst travelling to work on the train
or sitting in a traffic jam! However you may have
to detach yourself from whatever you dreamt about
or marvelled over on the TV, because sometimes
that house just is not on the market anymore! It
is important to keep things in perspective you
are in a beautiful part of the world and you are
going to have many happy days in your new home,
be practical: Are you going to be able to rent
it to cover the mortgage? Are you going to make
a capital gain? Is there room for a swimming pool… If
the answers to your own requirements are mostly “YES” then
act swiftly or it may all remain a dream.
Offer
French attitudes to property and the mechanics
of their property market are very different to
those in the UK, people to do not climb the property
ladder like Brits but instead buy for life, so
the sale of a house can be an emotional moment
for a lot of people in France. Bartering too hard
for the price, for example, may result in the seller
refusing to sell out of principle. At this stage
consult your agent as he will know what the seller
expects in terms of price and how eager they are
to sell, he will advise you on the offer you should
put forward.
Compromis de vente / Sous seing privé
These are two different forms of the pre-contract
which is legally binding on the buyer and the seller,
the buyer usually pays a deposit of around 5-10%
and the property is taken off the market at this
stage. If you are to buy a property with the help
of a mortgage it is vital that there is a “subject
to mortgage” clause in the pre-contract to
protect yourself. Once the pre-contract is signed
by both parties it is sent to the buyer who is
granted a 7 day period, during which he or she
has the right to withdraw without paying any penalties.
The difference between the “compromis de
vente” and the “sous seing privé” is
that the former is arranged through a notaire whilst
the latter is prepared by the estate agent.
Acte de vente
This will normally take place after about
6-8 weeks following the pre-contract allowing time
for the notaire to carry out all the necessary
searches on the property (environmental, termites,
lead…) The “Acte de vente” is
the final contract and is the equivalent to the “property
deeds” the seller must ensure that the full
outstanding purchase price as been transferred
to the notaire prior to signing the “Acte
de vente”. Once the contract is signed at
the notaires, title transfers to the buyer and
the notaire pays the seller less all the fees including
the estate agent.
The fees involved in buying
The notaire’s fees which are due
on the day the “Acte de vente” is signed
are roughly in the region of 6-8%, broken down
4.89% is government purchase tax whilst the rest
is the notaire’s legal fee. The estate agent’s
fee can vary from one agent to another but the
usual rate is about 8% of the net value, this fee
is usually included in the window price if the
letters F.A.I are displayed after the price.
What paperwork is required for the purchase
You will need a copy of your passport
and if applicable marriage certificate or divorce
papers, copy of a mortgage offer, also consider
reserving your funds at a fixed exchange rate so
that you know the exact purchase price in your
own currency prior to transferring the money for
completion thus avoiding any nasty surprises regarding
the price. |
