Buying properties in France – the process of buying your French home
After trawling through what seems like all the available properties in France, you think you may have finally found your French home. You might be asking yourself what to do next and wondering if your experiences of buying property in the UK will be applicable to France. Buying property in France is a completely different process and there is much you need to know with some potential pitfalls
Finding French property
It is always advisable to have funding in place before you embark on the search for your new French home. This way you know exactly how much money you have to spend and what properties in France to discard because of costs.
You need to decide yourself how you can best raise the funds and if you need to borrow money. The next thing you must do is find the right French property for you. You must consider property type, location and the area in which you want to live.
Making a move for your French property
When you agree to buy a French home you will be asked to sign a preliminary contract and pay a deposit of 10%. A ‘cooling-off’ period of seven days then exists when buyers of properties in France can cancel, providing they adhere to the correct procedures. The contract will contain ‘conditions suspensives’ which state that the contract will only become binding if certain things happen such as:
- the buyer obtains a mortgage
- the property stands up to survey
Obtaining independent legal advice is vital for anyone entering the market for property in France.
Getting a survey on properties in France
French homes can vary greatly in terms of their condition and so a survey is always a good idea even though it is not compulsory for buying properties in France. There is no equivalent to a building surveyor but architects and artisans will be able to advise on the structural condition of properties in France.
French homes which are not yet built are subject to a different procedure. Buyers will sign a ´contrat de reservation´ and pay a deposit of up to 5% depending on the timescales for completion. They will continue to make payments when certain milestones towards completion of the French property are reached.
Finalising on properties in France
After signing the preliminary contract for a property, or properties, in France, you will be given an appointment with a notaire (Notary Public). This is when the buyer and seller sign the final deed and it typically takes place between two and three months after the preliminary contract is signed.
The balance of the purchase cost of the French home will be transferred to the notaire’s bank account and he will pay the vendor.
After this is done you must pay any fees and taxes relating to the sale and the notaire will stamp and register the deal, a process which can take up to six months.
The importance of obtaining legal advice to keep you right when buying properties in France cannot be underestimated. There are a number of UK-based firm of solicitors specialising in international law and offer expert French property legal services; one such expert is John Howell & Co. Alternatively our service directory can be used to find UK and French solicitors and legal services to help you buy your dream French home.
