Six Hot Tips For Buying Property In France

 

Purchasing property in France can be a challenging prospect for some as the process is so different from the UK or Ireland. To assist you we have assembled six leading ideas to help you from your property browse right through to viewings and the final sale. These pointers ought to assist you not only be more efficient and more pleasurable however likewise give you an understanding of exactly what your home purchase in France involves.

 

1) Spend a few days- its worth it!

 

If you are serious about your purchase in France then you need to invest at least a few days if not a week or more in the area in order to get a really good feel for your environments but also to see enough property in order to make the journey rewarding. A longer journey will likewise stop you from making rash choices about a property purchase merely because you are brief on time and desperate to get your foothold in France.These additional days will allow you to send out in a local contractor to inspect the structure of the property and to offer you estimates on any work that is needed. It will likewise offer you the chance to pop into the local mayor's office where you gather information such as any planning permission given in the area so you can see how it may affect your property- if at all.

 

This is particularly vital if you plan on requesting an extension to your property as you will need to be familiar with the local authorities fairly well and keep them in your corner. If remodeling or developing new these additional days can likewise wisely be spent with a regional designer so that he can offer you suggestions on exactly what can and cannot be done and possible costs. All these checks are well worth doing before you go back to the UK and ideally prior to you make an offer on the property as it will give you a much clearer idea of exactly what you can do with the property and its value to you. Get interesting information about french vineyards for sale from www.francepropertymagazine.com .

 

2) Don't hesitate to work out

 

As I write this we are seeing offers of up to 10 % off being accepted by the supplier because the market in France is currently a bit slow in certain locations so now is in reality an excellent time to go property searching with excellent offers to hand. Assist and suggestions when negotiating on price is in reality one of the lots of locations where Leapfrog properties can assist its clients.

 

3) Get a survey/structural appraisal

 

The process of sending in a property surveyor to check the structure of the property and to provide you a report as you would anticipate in England is exceptionally uncommon in France. There are a couple of French surveyors but the majority of are based in Paris and focus simply on commercial property. You are therefore entrusted 3 choices: do nothing, choose an English surveyor who has actually transferred to France or do what the French do themselves which is request for an appraisal of the property by the regional home builder or designer.The last choice is most suggested as it is sensible to get a specialist's opinion prior to you make an offer whilst the time it takes to get among the handful of British surveyors to see your house it could have currently been sold. If it is more a concern of peace of mind as supposed to bargaining power then you can sign an initial sales contract subject to a survey being done by the surveyor of your option. If the study returns reporting flaws to the level that you do not want to go on with the purchase then you can withdraw without any charge.

 

4) Don't hesitate of signing the initial sales agreement

 

The "compromis de vente" (initial sales agreement) is created to secure both the buyer and vendor. If you make an offer on a property and the representative soon after asks you to sign a compromis de vente this isn't really because he/she is a pressure salesman it is merely because that is the method things are carried out in France Once this file is signed by both the buyer and the vendor there is effectively say goodbye to space for settlement and the property will be removed the market while all the required checks are performed by the appointed notaire.This is in raw contrast to the procedure in the UK where an offer can be accepted by a supplier then gazumped a few weeks later on by somebody with a much better offer.

 

In the UK you send out in your property surveyor after an offer has actually been accepted then following the credit report you then have further room for negotiation up till exchange of contracts. This is not the case in France as you cannot be gazumped if both signatures are on the sales agreement which is why we advise you have a couple of days spare while on your watching trip to carry out any checks/appraisals. Equally if you like a property there is no point returning to the UK before you make an offer as the property is typically with 4/5 other representatives and could quickly be offered, plus the time it considers the documents and agreements to be signed by both parties if you are in another nation could likewise enable another purchaser to step in. There is a seven day cooling off period during which you can pull out of the purchase for any reason whatsoever without charge so if it is simply a question of desiring a bit more time to decide then you are better off signing the agreement to prevent losing the property and if possible get the vendor's signature on it at the very same time.

 

5) Get your mortgage agreed prior to your trip to France.

 

This cannot just be discouraging however also waste time for everyone involved. Typical repayment home loans are currently around 3.5 % and finance for resale properties can easily be arranged up to 70 % while finance for New build/leaseback properties can typically be as high as 95 % due to the high demand and ease of leasing of new build properties in France.

 

6) Use a currency specialist

 

When sending money from the UK to France there is lots of money to be made or lost depending on how you do it and with whom. If you simply ask your high street bank to send your money to a French bank account in Euros they will not only charge you a transaction charge however are also most likely to offer you rather uncompetitive rates on exchange. You might likewise lose money on exchange rate variations adversely influencing the strength of the pound to the Euro.To avoid any of these damaging impacts and charges it is best to use a currency specialist who not just offers the most competitive rates on exchange however also does not charge commission on the money sent. They will likewise offer you the possibility to buy your currency in advance of the completion date which is often 3 months after the finalizing of the preliminary agreement and far more if purchasing off plan. This will make sure that you know precisely the number of British pounds you will be investing as much as 2 years in advance rather of playing the high-risk currency video game which might end up costing thousands.