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Loading ...BUYING A HOUSE IN FRANCE
If you are one of the 400,000 people who are currently leaving or thinking of leaving Britain, here are a few considerations when buying a house in France. Remember that French bureaucracy, still largely based on Napoleonic Law, can be totally frustrating. Buying French property provides no exception.
Having found the dream house, it is essential to find out if the asking price includes commission and legal fees, or in other words what is the total price. As in the UK, a private sale will save you a good 6% on agent’s fees. In this respect a thorough reconnaissance of the desired area could provide you with information from the locals on people in the area selling or thinking of selling property. Bars in small villages and towns are the ideal source for such valuable information. A private sale without agents involved is the ideal.
As in the UK, Notaries (legal) fees cannot be avoided. and usually add 10% to the price. A Notaire may represent both parties since he or she represents the State. The 10% fee includes the local and government taxes and the French equivalent of stamp duty (Currently 19.6%) If you fancy renovating a “ruin” the duty is half this amount. Any commission or fees should not be asked for before the normal seven day cooling off period that follows the signing of the “Compromise de Vente” ( contract) and should only then be a deposit.
If you are not a cash buyer the fees will increase if the Notaire is involved in the work of obtaining a mortgage. Some UK banks will lend against foreign properties. The other option is to obtain a mortgage from a foreign bank. The requirements for borrowing in France are quite stringent. Repayments must not exceed 33% of joint or single earnings and a deposit around 15% is normally required. The good news is that interest rates are generally lower in France than the UK. Obviously, as in Britain, cash buying is the better choice.
Having said all that, France has many advantages and despite the bureaucracy is a beautiful country in which to live. Happy house hunting and enjoy your new life in France.
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