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You want to buy a French holiday home, or you
want to move to France to start a new way of life?
The first thing to do when you have made a
decision to buy a French property is to ask yourself a few questions:
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What type of property? A cottage
in the country, a town apartment, a fermette, a chateau!
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Where in France? France is so
varied, that you really need to know what area to begin your search
– are you looking for a holiday home by the sea – do you want the
hot climate of Languedoc or the more English climate of Brittany, or
maybe the continental climate of the Centre region.
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Can I afford it? If you have sold
your UK home, it is quite likely you have a reasonable lump sum of
money - beware - it can run out very quickly if you buy a place to
renovate. You need to consider your income once you have established
yourself in France. Finding work in France is not easy - so think
very carefully before doing anything. Consider renting a French
property before hand - French rentals are considerable cheaper than
in the UK. (From just 200€ a month - minimum 3 month contract and
usually long term if required).
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Should I consider a French Mortgage?
Getting a mortgage may be a sensible option for you,
particularly if you are not sure whether to sell your own home in
the UK. You can get a French mortgage from 7 years to 20 years. It
is quite an easy process and very soon more details will be added.
Once you have selected your key areas
its time to make a property search.
There are hundreds of websites now with
properties being advertised from all over France.
Property may be sold through estate agents
or private sales. French properties that are sold through estate
agents normally command a fee of 10% to 15% on top of the seller’s
asking price (this is normally included in the advertised selling
price).
So, if you are on a budget, you should seriously consider the
Private Sale. There are many sites where people advert their
properties privately (including this one) and you will be able to tell
from the advert is they speak English! If you want to buy, they will
probably suggest you use their own Notaire - there is nothing unusual
in this. It will probably be one local to the property.
Buying through an Estate Agent can
have additional and helpful resources such as they take you through
the whole process. There are many estate agents now that offer English
speaking assistance, but BUYER BEWARE! There are many English people
who have moved to France who find themselves in need of extra income
and set themselves up as agents with little or no training or
understanding of property markets. If you must buy through an estate
agent, choose an established reputable company and check that the
person guiding you through the process has substantial experience.
There is another fee that is normally
charged on top of the final selling price – the Notaire’s fee – and
that is around 7% of the final selling price.
Once you have selected a number of
properties to go and see, you need to get out here to France as
quickly as you can – as properties can sell very quickly. It has been
often quoted that prospective buyers have lined up 5 or 6 properties
to view and found out on arrival in France that they are all sold.
This can be very frustrating if you again are on a budget, or have
very limited time off work to come and view properties.
If you are not restricted by job
commitments, it is recommended that you come to France for maybe 2 to
3 weeks or even longer. You can normally get very good rates in low
season (October to May) from gite owners (typically around £150 a week
and sometimes monthly rates of around £300). And it is good to see
properties in their "worst light" so to speak - visiting on a rainy
day can reveal a properties true nature!
Taking a few weeks will give you enough
time to view plenty of properties, and if you are lucky enough to find
your ideal property, then you will be available to sign the first
formal piece of paperwork – the Compromis de Vente – which is drawn up
by the Notaire handling the sale (or by the Estate Agent) and both
parties sign. This is legally binding – you have a one week “cooling
off period” and then you are expected to pay a 10% deposit. Once you
have signed this contract you are obliged to buy – apart from only a
few “get out clauses” (explained later).
Take advice about what clauses to insert
in the contract. There are many issues to consider - such as married
couples and the issue of inheritance laws, and even more importantly
unmarried couples and those with children from previous relationships.
(More on this soon - as there is some good news).
If you pull out of the purchase for any
other reason than the clauses stated in the contract, you will lose
your deposit. On the plus side, once this contract has been signed,
the seller is not permitted to show anyone else the property. It then
takes about 2 to 3 months for the Notaire to complete searches and
draw up the final contract which you should be present for to sign. It
is quite normal to be shown the property on the day of the final
signing as the property is “sold as seen”.
More pages coming very soon with more
detailed information - which will be found via links from this page.
LINKS TO PROPERTY SITES:
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Gateway to French Property Sale and Rental Properties
across France. Property Virtual Tours, Website Design and search by
region.
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