Buying property in France is more straightforward then in the UK. The
process is well regulated and a good deal more ‘buyer-friendly’
than in the UK. However the unfamiliarity of a different process and
a different language can still make it quite stressful. Assets only
use registered agents in Dordogne, Charente and Limousin who are used
to dealing with property purchasers from the UK, most of our agents
have native English speakers working for them or speak English fluently
themselves.
The most obvious difference to the English and Welsh system is that in France both the buyer and seller are committed financially to the sale at a much earlier stage in the process. This relieves a great deal of the stress caused by the lack of certainty and commitment until the last minute when selling in England and Wales. It does also means that in the vast majority of cases when you intend to buy property in France you need to have either have funds in place or to have exchanged on the sale of your UK home before commencing with the purchase of the French property.
Another big difference is that in France the conveyancing process is handled by a Notaire. The Notaire is a French government official and is required by law to act impartially and although it is possible to have two notaires in a sale it is normal practice for one to represent both parties.
Assets deal with a number of registered French agents across Dordogne, South Charente and the Limousin (Haute Vienne). Due to the sheer number of properties we have available it is perfectly possible to book a week of viewings with our agents alone. It is strongly advisable to book your viewings well ahead of time so we can ensure you have an English speaking member of staff with you, especially during spring and summer months when the market is at its busiest. It is also sensible to leave some free time in your viewing trip in order to re-visit any properties you shortlist.
When you have found the French property you want to buy, you will need to put an offer forward. This will be put forward to the property owner for consideration and once accepted the purchase process starts with signing the ‘Compromis de Vente’ (promise to buy). This is the provisional sales contract and sets out the main terms of the agreement between the buyer and seller and the provisional final signing date. Once signed you have a seven day ‘cooling off’ period during which the buyer can withdraw from the sale for any reason without financial loss. At the end of the seven days the contract becomes binding and a 10% deposit is due, which is deducted from the final purchase price. If you withdraw from the purchase from this point onwards you could lose this money.
It is possible to insert ‘clauses suspensives’ into the Compromise de Vente, these allow you to withdraw without penalty under certain specified circumstances which may include for example, being turned down for a French mortgage or a planning permission request being declined.
Once the Notaire has performed an exhaustive process of searches and checks on the property, you will receive notice of the final signing date and the breakdown of costs with the amount that you need to transfer to the Notaire’s account prior to the date of signing. It is crucially important that you allow enough time for the funds to arrive in the Notaire’s account before the final date. It is strongly advisable to be present in person for the final signing as the Notaire will go through the paperwork corresponding to the French property sale however it is possible to nominate a power of attorney to sign in your absence.
MORE PROPERTIES THIS WEEK - COTTAGES UNDER 100,000 EUROS AND FAMILY PROPERTIES WITH GORGEOUS VIEWS.
