Frequently Asked Questions about buying property in France
Below are answers to some frequently asked questions, which should be used as a general guide and not as statements of fact.
Q: [Who represents my interests when
buying a property in France?]
A: [A Notaire will typically represent anyone looking to buy
property, although his/her responsibilities are typically limited to
valuations, mortgage arrangements and the purchase of land.
It is important to bear in mind that most French Notaires do not
give advice; they are merely required to ensure a transaction
complies with French Law. Therefore anyone looking to buy a property
in France should make sure they are represented by a solicitor with
a proven track record of managing property purchases in France.]
Q: [Can I instruct a Notaire to act
solely on my behalf?]
A: [Yes, two Notaires can be instructed in a sale transaction, one
representing the Vendor, the other the Purchaser. The Notaire's fees
remain the same and will be split between them.]
Q: [How much are the Notaire's fees?]
A: [The Notaire's fees, disbursements and taxes amount to
approximately 6.5% of the purchase price if the property is more
than 5 years old.]
Q: [Who is responsible for the Agent's
commission?]
A: [It is usual practice for the Vendor of a French property to
settle the agency's commission. However, this depends on the
negotiations. You should ensure that the price you agree is clearly
stated inclusive or exclusive of commission and that the Vendor is
responsible for this. ]
Q: [When should I send the deposit and
to whom?]
A: [It is advisable to pay the deposit to the Notaire. You can send
the deposit either on signature of the initial contract (Compromis
de Vente) or at the end of the seven-day cooling off period as
arranged between the parties.]
Q: [How long does it take to arrange a
mortgage?]
A: [It usually takes approximately 2-4 weeks for a mortgage offer. It
is possible to pre-qualify for a mortgage so once a property has
been found the mortgage application will be processed much quicker.]
Q: [What are the cost implications for
an unsuccessful application?]
A: [If your mortgage application is unsuccessful you will not
usually be expected to pay anything. However, you may find that your
deposit may not be returned unless you take special care and have
someone with experience backing representing your interests. We can
assist in this respect.]
Q: [Can I let my property in France?]
A: [Yes. However, the rents received will be subject to French tax.
You should also ensure your buildings and contents insurance covers
any third party occupation of, including short term lettings.]
Q: [Are there any risks associated with
fluctuating currencies?]
A: [For people based in the UK it is important to bear in mind that,
as well any potential rises and falls in the exchange rate, there
are additional factors to consider.
if you borrow in Sterling your actual debt will remain in sterling
while the value of the property could decrease in sterling, which
could result in negative equity.
if you borrow in Sterling you may be faced with substantial costs
when converting the entire purchase price from your local currency
into Euros. The true cost of which can be as high as 5% in real
terms.]
Q: [How do I make my French mortgage
payments?]
A: [You will typically be required to set up a bank account in
France and pay the mortgage through the French equivalent of a
Direct Debit (Autorisation de Prelevement Automatique). This account
will also be used to pay for other expenditure relating to the
property, e.g. local (community) tax, utilities etc.]
Q: [What should I do when I find the
property of my dreams?]
A: [The agent may well propose you sign a contract on the spot so as
to secure his/her commission. This is not a legal obligation and you
should take the time to make enquiries and instruct a solicitor. As
in the UK, it is normal practice for the terms of the contract to be
negotiated and checked.]
Q: [Is it possible to obtain a survey of
the property?]
A: [Yes, although this is not usual practice in France, you should
instruct an architect or a UK trained surveyor to carry out a survey
on your behalf. We can arrange this.]
Q: [How long does the transaction take
to be completed?]
A: [It varies from one case to the other. However, from the moment
the Compromis de Vente is signed and the notification of the cooling
off period has been received, a two month delay is reasonable. This
is extended however if an administrative authorisation or a search
has not been received at that time.]
Q: [How do I arrange the transfer of all
services and insurance?]
A: [The Agent will normally take care of this for you. It is usual
practice for him to transfer the insurance policy and the services
into the Purchaser's name. It is then to the new owner's discretion
to change suppliers and cancel the existing contracts.]
Q: [How should I approach French
inheritance law?]
A: [You should ensure that you seek advice with regard to French
inheritance law in order to set up the appropriate method of
ownership prior to completing. Post-completion arrangements are not
possible.]
Q: [
Which method of ownership should I adopt?]
A: [There are various ownership options to suit different
circumstances. We should be pleased to discuss the best option with
you.]
Le spécialiste de la maison de campagne
dans les
Deux-Sèvres
et la
Vendée
Thanks to their closeness to the sea, the Deux-Sèvres and Vendée
départements enjoy a gentle climate with 2,600 hours annual sunshine
on average, similar to the Côte d’Azur in the south of France, but
have the additional attraction of verdant countryside.
Our agency is situated in the centre of Parthenay, close to
the Town Hall and the Tourist Office
If you are looking to buy a property, long term rent or
sell a property, we are the agency for you. All of our staff are
bilingual and we will guide you through the whole process from the
initial viewing to the handing over of the keys. All of our offices
are ideally located with very easy access to the number of airports
serving the Poitou Charentes, along with the excellent motorways
from most of the ports along the North West coast.
-
Quiet rural areas
-
Herbaceous or vegetable gardens
-
New or modern well-situated properties
-
Older houses with walls in good condition; any
necessary refurbishment can be carried out by our
builders -
Welcoming communities where you won’t be
lonely for long
-
Very reasonable cost of living