Buying Property In France

In recent years more and more UK residents are choosing to buy a property in France. Some will relocate to live in the country whilst others will simply buy a home for holiday use. They may keep this for their own use or they may also rent out the property to other people when they are not using it.

There are various issues you need to consider before you buy a property in France. These include:

1. What kind of property do you want to buy, why are you buying it and where do you want it to be located?

So, you need to decide whether you are looking to move to France or to buy a holiday home and where you want to buy the property in terms of location.

2. How will you pay for the property?

If you are selling up at home to move to France then this might not be an issue but, if you are buying a second home for holidays, then you may need to take out another mortgage. You can either take out a mortgage from a UK lender as many will offer special mortgage packages here or you can look at taking out a mortgage from a French lender.

3. How will you find the right property?

You can see a lot of French properties advertised on Internet sites but many people recommend that you try and go over to France for a few weeks so that you can see properties for yourself and be on the spot to deal with the process when it starts. This also allows you to access private sales and properties that are listed with local estate agents.

4. What other fees are involved?

If you buy a property from an estate agent in France then they will add a fee on top of the selling price of the home that the buyer has set. This will usually be included in the price that the property is advertised for. You will also need to get legal help from a notaire. The fees charged here will vary. Try to retain your own notaire rather than the one used by the seller/estate agent as they will be working for your sole interests here. If you are buying a new property then you may well be liable for additional taxes so check this first.

5. How does the buying process work?

Once you find a property to buy then you and the seller of the property will need to sign a Compromis de Vente to formalise the sale. You are given a week's cooling off period after signing this at which point the purchase/sale is legally binding and you will have to pay a deposit (usually set at 10%). You may find that the agreement allows you to put in some conditional clauses that will allow you to pull out later if problems arise or if conditions are not met. At this stage your notaire will go through the searches and checking process before they can release the final contract. This can take up to three months. You will also need to be available to sign the final contract (Acte Authentique) in person or you will need to give someone power of attorney to do so on your behalf.

6. Do you speak the language?

If you do not speak any/very much French then try to appoint a lawyer or notaire that speaks good English. They can then help you understand and translate documents. If this is not possible then think about hiring a translator.