We are seeing an increasing number of clients realise their French Property purchase by borrowing a small or larger amount to top up their 'cash' and buy the house of their dreams.

We have 3 distinct options to enable people to do this so take a look at our mortgage partners who will be happy to chat with you, on a no obligation basis of course.

The quickest and easiest way to contact each of our partners for more information is on the Cle France website following these links:

U.K Mortgages / loans:

http://www.clefrance.co.uk/index.php/clubclefrance/stag-mortgages

Speak to Tim for a no-nonsense approach.

English speaking French Mortgage Broker:

http://www.clefrance.co.uk/index.php/clubclefrance/mortgages-cafpi

Speak to Kathleen our English speaking partner in France.

International Mortgage Broker:

http://www.clefrance.co.uk/index.php/clubclefrance/ipf-mortgages

Speak to John, Russell or Simon for impartial advice.

Blog submitted by: Sharon at Cle France.

Client's Question: “What information will I need to provide when buying, and when we go to sign the compromis what documents should I take with me ?"

 The notaire will require the following information and documentation when drafting the initial contract:

For all parties to be included on the deed:

-         full names/addresses

-         occupation

-         martial status

-         passports

You should take copies of the following with you:

                   -birth certificates

                   -marriage certificates

                   -divorce papers

Blog submitted by: Alex at Cle France.

So, you have found a property, What is your next step? 

You will make an offer, in much the same way as you would in the U.K. There are no hard and fast rules about what level of offer is acceptable, as much will depend on the seller’s circumstances, and the market conditions at the time. The agent will be able to give some guidance on this, as to what might be acceptable to the vendor.

Once you have agreed a price, and whether or not certain fixtures and fittings are to be included, the initial contract, the Compromis de Vente, is drawn up. Either the notaire or the agent will prepare this document. It is at this point that any suspensive clauses (clauses suspensives) will be entered in to the contract. These can include such items as the completion of building work, mortgage approval or planning permissions being in place. The contract will also indicate a possible completion date, but this date is flexible as the notaire will have to undertake searches on the property, and the final signing date is arranged so that all interested parties can attend.

This intial contract will also detail the cost of buying the property, including a breakdown of the cost of the purchase including the deposit due (usually 10%), the net vendor price, the notaire’s fees and the agency fee, thus providing you with the total amount due to be paid as cleared funds into the notaire’s account prior to final signing day (Acte de Vente or Acte Authentique). A feature of the French purchase process is the seven-day cooling off period. The time runs from when you receive your signed copy of the Compromis de Vente and allows you to back out from the sale without penalty. Once the seven days are over, the rest of the sale will take approximately 8-12 weeks to complete.

It is at the Compromis de Vente stage that you will pay your 10% deposit. The payment is made to the notaire. The deposit will only be refunded if strict conditions are met, so if you do withdraw after the 7 day cooling off period you will lose the money.

It is our job, along with our partner agents, to keep you informed throughout this process, and to assist with the progressing of the sale through to completion.

Blog submitted by: David at Cle France.

Client's Question: “I’ve heard that when I buy a house I will get a survey report; what will this cover?”

When a property is sold in France, the owner is obliged to commission and pay for a set of ‘diagnostiques’, which cover certain compulsory elements of a property. These include reports on the presence of lead and asbestos, the condition of the gas and electrical installations and whether the property is at risk from environmental factors such as flooding. There will also be an inspection for the presence of termites, in those affected areas, generally south of the Loire. The ‘diagnostiques’ will also include the DPE rating, the ‘Diagnostique Performance Energetique’, which assesses the energy efficiency of the property.

It should be pointed out that these reports make no reference to the structure of the property, nor is there any onus on the part of the vendor to put right any anomalies noted in the reports. They are provided merely for your information.

Blog submitted by: Sharon at Cle France.

Client's Question: "I’ve heard that if I sign a ‘Compromis de Vente’ I will be obliged to go through with the purchase, is this true?"

The ‘compromis de vente’ is the initial sales contract drawn up either by the notaire or the agent in France. This is the most common form of sale agreement used in France, and will outline the terms of the sale, including such details as the price agreed for the property, the fees which will be paid to both agent and notaire and an expected completion date.

It is an important document, and can include what are called ‘clauses suspensives’: these will include terms which must be met before the sale can go ahead, so for example if you require a mortgage in order to complete the sale, this will be included here along with details of the amount to be borrowed, and the time needed to process the mortgage application and obtain the funds. Another example might be if you are buying a building which requires a ‘Certificat d’Urbanisme’ (outline consent to convert a farm building to a residence), it would be wise to include this as a ‘clause suspensive’.

The ‘compromis de vente’  will be signed by both vendor and buyer: the vendor is not able to back out of the sale once they have signed, but the buyer has a 7 day ‘cooling off period’, during which they can withdraw from the sale: this must be done in writing and by registered letter to the notaire handling the sale. Once the cooling off period has expired you are required to send your deposit to the notaire, usually 10% of the net vendor price. If you withdraw after this point (unless it is for reasons detailed in the ‘clauses suspensives’), you will lose your deposit, which would be used as compensation to the vendor, who still has the right in law to continue the proceedure and insist that the sale go ahead.

Blog submitted by: Sharon at Cle France.