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A Guide To Buying A Property In France

Buying property abroad is not necessarily the same as buying in the UK, there is other essential information you need to be aware of both before and during your property purchase.

It is of paramount importance to seek independent advice from an overseas solicitor. 

You need to ensure that you will have full title to the property on completion and that you have the appropriate documents available for the lender.

Lenders will not advance funds to purchase or renovate properties that are currently uninhabitable, but will consider applications, possibly on a reduced loan to value basis, where all the relevant planning permissions and building licences are in place. 

Before signing the "Compromis de Vente", the bank will require a copy of this document to be forwarded with the relevant application form.  However you are able to sign this contract with the clause “subject to mortgage finance” as the contract, once signed is legally binding.

You should be aware that not all French lenders carry out valuations and/or surveys.  You may wish to have one carried out independently, and this is advisable as this will highlight any structural or building defects such as subsidence, damp, wiring etc. and most importantly, any valuation should point out any potential boundary disputes.

Properties can be purchased either individually, in joint names or in the name of a civil real estate company, known as an SCI (Societe Civile Immobiliere), under French civil law.  For an SCI at least two people are required.  If you need further advice or information regarding SCIs, check with a French independent lawyer.

You should check with the estate agent and/or your lawyer that you are aware of the costs charged by legal and Government authorities for buying a French property.  The lender will also have their own legal costs for assigning the loan, the cost of which they will normally advise you when they issue the mortgage offer.

Please note that all mortgage offers have an 11 day cooling-off period from the day of receipt before they can be accepted and returned to the lender, this is unavoidable.

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