New property in France & the buying procedure
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Financing your purchase
a. French Mortgages: French banks will lend up
to 85% of the property purchase price on a second
home. Rates offered are variable or fixed, the term
is usually between 7 years and 25 years and it will
generally be on a repayment basis. Mortgage offers
should be in place within one month of signing
the reservation contract, as stated in the contract
terms and conditions. We highly recommend that you
investigate the possibility of obtaining a mortgage
even before you make your site visits.
b. UK Mortgages: UK mortgages are classed as a
cash purchase for the purposes of the reservation
contract. We strongly recommend, however, that they
are in place or agreed before the contract is signed.
Reservation contracts cannot be signed subject to
the sale of another property.
French notaire
French Notaires are independent and do not act solely
for the buyer nor the vendor. They are appointed to
handle the conveyancing administration. The Notaire
is the only person authorised to register the title
of ownership for your property in France. As a
government representative, his or her role is to
collect the taxes involved in buying a property and
ensure that all legal documents are properly
registered. Although it is not compulsory for
purchasers to appoint an independent Notary, some
buyers choose to instruct a UK based Notary Public at
their own cost for independent advice and signing of
the Power of Attorney.
Delivery dates
French Construction companies endeavour to give the
most accurate delivery schedule possible. Over the
years our experience has shown that in general,
schedules are met. However, circumstances outside
their control may lead to alteration of the schedule.
Dates of delivery are not confirmed until written
notification is given by the developers approximately
4-6 weeks before construction is completed.
Property insurance
The property owner is responsible for insuring the
French property from the date of the handing over of
the keys, to include building, contents and public
liability (responsabilité civile). For
apartments some buildings insurance may be provided
by the management company.
Running costs
a. Rates and Taxes: Residential Tax (Taxe
d’Habitation): Invoiced annually. The owner of
the property is liable for this payment. Our
particulars give an estimation of amount as a
guideline.
Property Tax (Impot Foncier): Invoiced annually. The
owner of the property is liable for this payment. Our
particulars give an estimation of amount as a
guideline.
b. Service Charges: Called “charges de
co–propriété”, they cover
the maintenance of the on-site amenities and communal
gardens. They are invoiced quarterly by the
management company (syndic de
co-propriété) and calculated on the
habitable area of the property. Our particulars give
an estimation of these charges as a guideline only
and are not contractual.
c. Utility Bills: Water and electricity are
metered. The property owner is responsible for the
bills which are payable according to consumption. For
apartments the water bill may be included in the
service charges.
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For FAQs about French new property go to our
Buying off plan guidelines page
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