There are some important points to consider before you purchase your property and we will guide you through all these points until you are entirely satisfied.
Before you even consider buying a property in France you need to visit the areas of France that you like or are looking to buy for investment purposes. Whatever your reasons for making your purchase you have to be clear what it is you want from the property and the surrounding areas. Committing yourself to a foreign property purchase needs a lot of thought and serious consideration. We can arrange the holiday accommodation for you prior to your visit.
We advise that at this stage you concentrate all your time on looking at what you want from the area and the villages, towns etc and what you like and don’t like. We suggest that you make a “check list” and take lots of photographs; this is a worthwhile process especially when you return home and refresh your memory in the “cold light of day” things may look different. If during your stay you would like us to visit you then this can be arranged, and is welcomed as we like to have a close relationship with all our customers during the process and we can gather a better understanding of you and your needs. When you have decided where you would like your property and what style of property you want then we can begin the property search process.
If you are thinking of choosing an older building it may require a structural survey, we can commission this work through a French or British surveyor or more commonly, use an Architect or local recommended builder. The only compulsory surveys, which are done and paid for by the vendor, are for traces of lead, asbestos and termites. Vendors are now also obliged to inform the buyer of any history to the property regarding any seismic activity, pollution or environmental issues, which might affect the sale of the property. The plans of the property and the land need to be checked together with the rights of way the access and the boundaries.
It is also important to take into consideration that the majority of properties will need re-decorating and most times re-modernising. The French don't tend to empty their properties before selling them, so often you need a certain amount of imagination, and we can assist you with the visual ideas to enable you to see the potential with design costings and the timescale involved. For some people dirty walls, old fittings and no main drainage can be off-putting but once you start getting used to seeing properties in this condition, and with our extensive knowledge and creative vision, you will soon begin to see the potential in the variations of properties available.
The Notaire will represent both the buyer and the seller; you can appoint your own at no extra cost although this is not entirely necessary, as the Notaire is obliged to act impartially. We always recommend that if you are not totally aware of the legal system to appoint your own independent French-speaking solicitor.
It is very important that all your concerns and points regarding your initial purchase of the property are communicated to the Notaire. You both then agree whereby he/she can detail all of the requirements between the buyer and the seller. A “Get-Out” clause can be put in the compris to cover e.g. planning permission, right of way, or a Mortgage application being approved. (We would strongly recommend our clients seek Mortgage advice well in advance of considering buying a property). Be sure that any clauses agreed by the vendor are also included before signing.
We strongly recommend that you do not sign anything you do not understand.
Under French law the property has to be insured on the date of completion and a bank account must be opened (all these services can be provided for you), and do remember to make your Mortgage application in plenty of time.
We recommend that you look around for a good currency deal well in advance of the purchase date and put in place preparation for any withdrawals of funds that may need to be moved from one country to another. Your chosen currency dealer will deal with the process of the currency transactions to the Notaire.
Purchasing Costs
For your peace of mind we advise that you set aside at least 15% of the value of the property for all the legal fees and property taxes involved. We endeavour to negotiate with the vendor so all of our costs are negated, but this must not be assumed by you. The French are extremely proud of their properties and this process must be handled with great care and skill, and this is where our experience in dealing with the negotiation process comes through. By liasing with the agent or seller we can ascertain the level of negotiation.
The property prices that you see on Ashworth & Co website includes the agents fees unless otherwise stated.
The fees can vary from 5% to10% and is dependant on the agents. The agent’s fees are always paid at completion stage.
The Notaire's fees
The notaire's fees vary between 6% and 7% on old properties, and reduced on properties less than 3 years old. Depending on how you purchase the property and how you wish the property to be left with regards to your children, you might need to budget for further costs. We strongly advise you seek advice from an independent Solicitor that specialises in property buying abroad before proceeding with any property transactions in France.
Surveys
This service in France is new and is not always available, should you need a survey then we would contact a French or English surveyor, or another professional such as a local builder or Architect for your peace of mind.
