Looking at buying property in France....

pauliepie

Hi there,

We are looking at buying a property in Normandy which we saw on the internet through an English estate agents.
We have arranged a viewing of the property with the english estates agents in France who are English and a Notaries.
We just need to know what the process is involved in buying a property in France, are there any pitfalls, etc..
Are there any good websites we could look at about buying property.
I was told its easy to buy a proprty in France but it can get complicated when selling?
Any information would be very usefull...

Hopefully, we can do a bit of moneysaving if we know what to look out for...
THATS WHAT THIS SITE IS ABOUT - MONEYSAVING!!!!

Many Thanks
PAUL

martyn4764

Hi
Question's too vague to give specific info, but:

Read David Hampshire's "Living & Working in France"
Check out the forums at livingfrance.com

And ask any specific questions you like here

Martyn

csarina

Can only second what Martyn has said, be aware of the pitfalls and go in with your eyes open, its not something you should do on a whim.

martyn4764

Yes, it does sound a bit spur-of-the-moment, doesn't it?

Paul, re-reading your post I'm not sure why you'd have an appointment with a Notaire at this stage?

Please be careful (not least because a number of those UK-based agents have a 'variable' reputation).

pigeonpie

Are the vendors french or English? Do you speak any french? The same property could be on sale locally for quite a lot less. English agents charge English buyers top whack (often).
It's a good idea to see a notaire up front as the tax planning implications of buying a home are governed by french law, whether or not you are tax resident in France & the rules are different if the property is a primary res or a hol home. Their CGT and IHT will need explaining to you. If the notaire is clear that he is going to act for you on the property purchase, his advice should be part of his fees (frais de notaire). If not, ask him up front what he charges for the consultation. Most notaires take their job terribly seriously so try to be deeply respectful!!

Estate agent fees are a lot higher than here (7% or just under depending on the price of the property) and to get their fees deducted from the amount the notaire's fees are calculated on (french stamp duty basically: 7% roughly for anything over 5 yrs old generally) you now have to write the agent a letter requesting this. They should be able to assist you. I wouldn't ask the notaire how to pay less of his frais!!

When you sign the sous seing prive/compromis you have a statutory 7 day cooling off period in which you can officially withdraw from the purchase - this has to be done by registered letter.
If you don't withdraw during the 7 days, you have to buy the house. Once you have signed, you can't be gazumped as no other offers can be considered.

It's worth doing some research that is up to date so check the publishing date of the many books out there on buying a property in France. For what it's worth, a notaire we consulted (we haven't yet found a flat) said don't be pressurised into signing a promesse d'achat/offer to purchase as it can detrimentally affect your rights. There are agents that try to make you sign these.

It's not as complicated as here and things don't fall through as often once the 7 days is up.
bon courage.

josie

Another good book is "Buying a Home in France 2006" - it gets updated every year. Got my copy out the library!

ManAtHome

If it's MoneySaving(Expert)TM you're after, take my brother's advice and avoid English EAs - saved him around £20k...

Nothing to add to PidgeonPie's very informative post - check out the tax and inheritance stuff!

never_enough

Excellent explanation pigeonpie! Important you sort out inheritance issues if you have children (esp from a previous relationship).
Don't do anything if you're not certain. There will be other houses.

josie

Yes, we're having a bit of a mare with inheritance issues, as my husband has kids (well, grown up ones) from his first marriage and we don't want them to inherit 2/3, if he dies first as would be the case currently.

The en tontine clause only covers you for properties up to 76,000 euros and if I buy in my name and die first, he'd get clobbered for 60% inheritance tax - ouch!

Any advice gratefully received!