Buying A Property In France – 4 Easy Steps

The process for buying a home in France is a little different to that for buying in the UK, but should not present any problems if you know what to expect.

This section provides an overview of the stages you will need to go through to complete the purchase of a French property.

This example will assume you will be getting a French mortgage for your French home, but would apply in pretty much the same way to a cash purchase or UK mortgage.

 

1. Arrange Finance

Although you won’t be able to finalize a French mortgage quote before finding a property, most lenders will be happy to make you an offer in principle, indicating how much they will lend you and on what terms.

To make sure you know exactly what you can afford, it is a good idea to choose your lender and go through the initial application process with them before you start making offers on properties.

 

2. Find Your Property

The next stage is to find a property you would like to buy. For a UK buyer in France, there are three main ways to do this:

– Contact French estate agents, many of whom are familiar with UK buyers and will speak English (especially in popular areas)

– Contact some of the specialist UK estate agencies that offer French property for sale

– Look through the listings in the many UK-based magazines and websites that offer French property for sale

Once you have made a shortlist, pay a visit to the area and arrange to visit each property.

You will probably have to sign a “bon de visite” when viewing property in France – this does not commit you to buying the property, but means that if you do buy it, you purchase it through the estate agent that showed you the property.

 

3. Find A Notaire (Solicitor) To Conduct The Purchase

A Notaire plays a slightly different role in property purchases to that of a solicitor in the UK.

A Notaire’s role is not to represent you directly but to take an impartial role in the sale and to ensure that it is conducted in a correct and legally binding manner.

The Notaire undertakes all searches and contractual work, will normally hold your deposit (interest-free) until the sale is completed, and will often represent the seller (vendeur) too.

To avoid any communication problems, however, it is wise to find a Notaire who is bilingual in French and English, or to retain a UK solicitor who is bilingual and familiar with both French and English law.

Your estate agent or French mortgage lender may be able to recommend a suitable Notaire.

 

4. Have a survey carried out

Surveys are not customary in France in the way they are in the UK, but you should look for a knowledgeable local builder or architect to assess the condition of your prospective home and the cost of any work that might need doing to it.

It can also be wise to check for any planned new developments or roads near to your house – visit the Town Hall and check the zoning plan (Plan d’Occupation des Sols).

 

5. Negotiate The Sale

Assuming you have got provisional mortgage finance in place and are happy with the survey results, it is now time to negotiate a sale price for the property.

Although it is perfectly acceptable to make an offer below the asking price, it is not acceptable to make a ridiculously low offer to start the process off with (as you might in the UK).

French sellers often see this as a sign that the buyer is not serious and may well withdraw from the sale process as a result. If you are not sure, discuss your proposed offer with the estate agent, and take their advice.

 

6. Pay Your Deposit & Sign The Preliminary Contract

Once you have agreed a price, you will have to pay a 10 per cent deposit from your own funds, normally to the Notaire, who will hold it in trust until the sale is completed.

You will also have to sign the “Compromis de Vente” – an initial contract stating your intention to buy the property subject to approval of your mortgage finance.

You cannot withdraw from now on without losing your deposit, unless your mortgage is refused and you have tried and failed to obtain alternative financing.

 

7. The 7 Day Cooling-Off Period

French law requires a 7 day cooling-off period following the signing of the Compromis de Vente. During this period both parties can withdraw without penalty and deposits will be refunded.

You should also now seek to get your mortgage offer finalised, while your Notaire will begin to draw up the final contact – the Acte de Vente (Deed of Sale).

 

8. Searches and Contractual Preparations

As with UK properties, a number of legal searches now need to be carried out to confirm the ownership of the property and whether it is free from encumbrances – debts or other charges on it.

This work will all be carried out by your Notaire, and will typically take 10-12 weeks.

 

9. Completion

Once the searches have been completed, your mortgage offer confirmed and accepted and the Acte de Vente (Deed of Sale/Contract) drawn up and approved, you can complete the sale.

Your Notaire will arrange for the transfer of funds and the signing of the contract by both you and the seller in the presence of the Notaire. The property will then be yours.

As soon as the property is complete, you will be required to have valid property insurance for it – most mortgage lenders will also offer you this with a new mortgage.

 

10. Fees & Taxes

Following completion of the sale, the Notaire’s fees and all applicable taxes will need to be paid.

These usually total around 10 per cent of the property’s purchase price, which you will pay to the Notaire in a lump sum. He or she will then ensure that all taxes and other costs are paid to the correct parties.

The Notaire will then register the Deed of Sale with the French Land Registry, completing the transaction.

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