Buying in France
Buying in France is easier than what you think
Define your research
and budget
Before starting your search, best practice is to define what is your dream property and your budget. Are you looking for a house to refurbish,or new build? Deep countryside or in town? A house to spend a few weeks or for retirement? Location, size and condition of the property will define the final budget. Are you ready? Great let's start the search!
That's the one!
Onto the viewings! I can assist with identify properties and organizing virtual viewings and assisting with any language barrier!
Once you have identified the property of your dreams then starts the negotiation! Beware property offer rules are different in France to that of the UK and USA! Once your offer has been accepted, you will have to sign a first contract which is a draft to the final one. Everything important related to the property will be included, as well as the survey which is mandatory in France (paid by the seller). Be careful, you will have only 14 days to pull out of this first contract if you do not wish to continue the process!
Mortgage offer and
final contract
Between the signature of the first contract and the second (final) one, you will have 3 months to get your mortgage contract completed with your bank (if needed). Be careful, French banks take minimum 1 month to complete this process, which can create some stress! Once done, the final signature at the solicitor is only a second reading of the first contract you have signed 3 months before, but this time, you will leave with the key of your dream property!
Fees you will have to pay
1
Real estate agent fees
In France, real estate agency are transparent over their fees, which is a percentage of the value of the property. Usually, fees are around 5% to 10%, but can be negotiable, and will have to be paid on the day of the final signature.
2
Sollicitor fees
Whether you buy through an estate agent or direct through the owner, you will have to sign the contract at the solicitor (or notary). This solicitor will charge you 7.5% fees on the agreed price (i.e value of the property), on top of the estate agent fees. Unfortunately, solicitor fees are not negotiable and will have to be paid on the day of the signature.
3
Bank fees
If you require a mortgage from a French bank, they will charge you for doing their job, which can depend on the size of your mortgage. Typically, bank will charge around €1k to €1.5k, so better to include it in your budget!
Finance my property
Financing your property abroad is never an easy step, and the mortgage in France can be different from what you know in the UK or U.S.
First, you have to determine if you want to finance through your Bank in the UK/US or if you want to use a French Bank.
As you may know, the biggest advantage to go through a French Bank is the use of a fixed rate during the duration of your mortgage, which can be up to 25 years, depending on your age and the deposit you are ready to put in the project. However, French bank may ask a substantial deposit, roughly 40% of the value of the property, as well as require opening a euro bank account. If you want more information about it, please click on the link below.
Best for you to explore both option!
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Best way to travel
to Normandy