Wills, Buying & Selling, Buisiness Fairs & Seminars, Buisiness Registration, French Administrative Help, Certified & Sworn Translations
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Furley Page Solicitors
39 St Margaret's Street
Canterbury
Kent
CT12TX
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Sarah Bogard: 0044 (0) 1227 763 939
Florence Richards: 0044 (0) 1227 763 939
Anna Berry :0044 (0) 1227 763 939
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The Basics of Buying French Property
- The process of buying French property is quite different to buying a property in the UK.
- Having a survey done is not obligatory, but recommended because the French property is “vendue en l’état” (sold as seen) which means that you take the property with any hidden defects which you could have discovered by searches or inspections.
- The price, sale of any chattels (furniture etc) and conditions of the contract are agreed with the seller.
- The seller produces a set of reports for you known as the “Dossier Diagnostique Technique”.
The obligatory reports, depending on age and location of property, include those on the presence of asbestos, termites, lead in the paintwork, and risks in the local area (such as flooding or landslides). For co-ownership properties (“copropriété”) will also be included a report confirming the size of the property to be sold if it is more than 8 square metres. Note that reports have only a certain length of validity (e.g. termites report is only valid for 6 months) so check the dates of the reports carefully. You can also make your own enquiries at the “Mairie” (town hall) to find out if an area is susceptible to termites or environmental risks etc.
- The process quickly moves to the signing of the first contract (“compromis de vente”) at which point a deposit (usually 5-10% of purchase price) is paid. This is a binding contract.
The “compromis de vente” is either drawn up by the estate agent in charge of the sale, or the notaire is instructed to draft it. This document contains a lot of information about the property and the surrounding area. It includes conditions precedent (“conditions suspensives”), which must be fulfilled in order for completion to take place. There are standard conditions that are included (such as the condition that the title deeds do not show any charges registered on the property other than those that will be paid from the sale proceeds) but sometimes it is advisable to include others. For example, if you want to develop the land you could request a condition that planning permission (or preliminary permission) is granted before you can complete to ensure you can do what you intend with the property.
- If you are a “non-professional” purchasing a residential property or land for residential construction, you benefit from a 7 day cooling off period after having signed the “compromis de vente”. If you decide that you no longer wish to purchase the property, you can serve notice on the seller. There is a very short time limit and if you have any concerns about the property you should ideally resolve them before signing the contract.
- You should investigate mortgage options at an early stage. If you decide to apply for a mortgage, it will be a condition of the sale that you obtain a mortgage offer, but you must comply with strict time frames for your application in order to benefit from this condition.
- It usually takes about 2 to 3 months between signature of the “compromis de vente” and the completion deed (“acte de vente”). During this time, the notaire carries out his searches and you get your mortgage arranged. The notaire will then confirm the date of completion.
Please note that the notaire represents both the seller and the buyer and he acts impartially. You are free to appoint your own notaire, at no additional cost as the notaires have to share the fees between them. The notaire’s fees are calculated on a set scale (not freely negotiated with you) based on the value of the property. The notaire’s fees are usually paid by the buyer. The notaire will hold the purchase funds in an account pending completion. You must ensure that the funds are paid to a designated account, and it is preferable to pay to the notaire rather than the estate agent. It is recommended that you get legal advice on how best to structure your legal ownership of the property, taking into account various inheritance rules on death and inheritance tax.
- You can give power to attorney to someone to sign on your behalf, but it is recommended that you make a last inspection of the property before completion of the transaction takes place. It is also possible that there may be last minute amendments to the ”acte de vente”.
- On completion day, the final balance of the purchase price is paid, you are given the keys to the property and an “attestation de vente”. Registration of ownership can take up to 6 months to complete.
- You must organise insurance from the date of completion, and sort out reading meters and getting service contracts with utility providers.
For further information please contact Sarah Bogard.
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Your French Matters17 rte. du Grallet
17920 - BREUILLET | Laura MORLEY
Telephone: 06 79 14 21 03
yourfrenchmatters@gmail.com
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Help and Advice for all your Professional and Personal Administrative Matters
I have lived with my family in France for eight years. We began our adventure in the Charente area of France but relocated to the Charente Maritime and the coast in 2006. In the UK, I was a primary school teacher and upon moving to France studied and gained a diploma with honours to Teach English as a Foreign Language (TEFL).
As well as giving English lessons to French individuals, I had my own retail enterprise and have spent 4 years in a chartered Accountancy firm as head of the foreign section, completing over 200 income tax declarations annually and dealing with all administrative issues encountered by the UK expatriate in France.
Local Taxes: I have studied local tax impositions and verification of the French Tax Foncière and Tax d’Habitation in order to check that the tax impositions are based on realistic information and requesting recalculation when appropriate.
Business Setup: I give help and advice on grants and financial help available for business set up and personal situations with the CAF (social security and family allowance organisation in France).
I help people to understand, register and run their business under the micro regime and auto entrepreneur regime and help deal with the social organisations such as RSI and URSSAF.
Sworn Translations: I am a sworn translator via the TRIBUNAL DE GRANDE INSTANCE de SAINTES and have recently been awarded accreditation to complete and certify Capital gains declarations.
Tax Reimbursement: I also deal with obtaining reimbursement of tax paid twice for clients that relocate to France from the UK or other European countries and dealing with pension forecasts and other administrative issues involving the relocation from one country to another.
Works Undertaken: Annual French Income Tax returns (residents and non residents), Completion of UK administrative forms (P85, R105, France Individual etc), Help understanding Social charges and Social Contributions, Business registration and advice under the Micro regime or the Auto entrepreneur scheme, Issues surrounding local taxes such as Taxe Foncière & Taxe d'Habitation, Help with planning permissions, Certified and Sworn Translations (registration via the Tribunal in Saintes)
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