Things To Look For When You Are About To Buy French Property
It is safe to say that there are very many British people who wish to buy French property
. Their reasoning is that the weather is much better, the food and wine is wonderful, property prices are much cheaper, crime is lower and the education system is better. All are good reasons to investigate the purchase of a property in France. Clearly, before one takes such a large step, there are numerous details to be investigated, as French law is very different from British law. The following tips are things to look for when you are about to buy French property, so as not to be taken for a ride or be caught in a legal wrangle.The first step in your quest to buy French property is to decide how much money you are willing to spend and what sort of property you want. This could be anything from a holiday house at the seaside, a rustic cottage in the country or an apartment in a major city. Remember to check on the proximity of airports, ferries and other amenities. Once these two major aspects have been settled, the next step is to either start a search on the internet, or - a far better option - to go to France and find an English-speaking estate agent in the area of your interest - unless, of course, you speak very good French.
Once you have found your property agent, you will be required to sign a document stating that you will not approach the seller behind the agent's back, or buy the same property from another agent. Estate agency fees generally range from 6%-10% and are paid by the buyer. This cost is included in the advertised price of the property. The only cost incurred which is not included in the price of the property is that of the notary (notaire) - generally between 6% and 10% (which includes land registry costs and government taxes). A French notary is similar to a British solicitor, but is someone who works for the government.
The notary is impartial and it is common for him to represent both sides in a property deal. When you find the property you wish to buy, you will need to sign an offer of purchase, which the seller also signs as acceptance of your offer. The next document to be signed will be legal statement of intent to buy and, at the same time, a 10% deposit is paid. You then have a seven day cooling off period, during which time the property cannot be sold to anyone else; but bear in mind that the seller is also entitled to withdraw his offer to sell without reason. In this case your deposit will be returned to you.
Under European law certain surveys - such as for termites, lead in paintwork, the presence of asbestos, energy consumption and risks from nature (such as flooding) - have to be carried out, and are paid for by the seller. The buyer should receive a full report.
There are two taxes to be paid when you buy French property - one is similar to British council tax, is calculated on the value of the property and is paid on an annual basis; the other is based on various factors, for example how many people live in the house and if it is a second home.
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