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The financial and legal aspects of purchasing a
property in France are important considerations.
Although straightforward we advise our clients to
look into these matters before proceeding with the
reservation of a property. It will allow you to walk
for the train instead of running for it when you are
ready to go ahead!
Mortgage in principle:
Whether you raise a mortgage in the UK or in France
do make sure that you have an agreement in principle
from the bank before travelling to France to
view properties. Mortgage applications can take
several weeks and French reservation contracts to
secure a property have strict deadlines with regard
to mortgages. If the bank has all the details it
requires in advance it will be able to confirm
whether or not a mortgage can be granted. This in
turn will allow you to establish your maximum budget
and confidently reserve a property when the right one
is found knowing that finances can be raised. Your
mortgage offer can then be finalized and signed
within the one month deadline of signing the
reservation contract. We can assist in contacting
banks and brokers on your behalf.
Currency exchange rates:
Do look into this. The Sterling/Euro rate fluctuates
daily and the exchange rate will make a difference to
the overall purchasing budget. Once you have made
your decision to go ahead with reserving a property
in France our advice is not to take any risk in
currency fluctuations. Currency exchange
professionals will advise you and can help you secure
the best exchange rate for both the deposit payment
and all future money transfers and payments. They are
able to fix exchange rates for up to 2 years.
Currency exchange companies often offer better rates
than high street banks and in many cases do not
charge any fees nor transfer costs. Our aim is to
ensure that you are given the best advice possible on
these matters and will be happy to recommend the
currency professionals with whom we work.
French inheritance law and legal advice:
French inheritance law differs from UK law and
it is important to be aware of these differences and
their implications. Most buyers will buy their French
property in joint names but it is necessary to know
all the other options as personal/family
circumstances vary. This will require a bit of
homework prior to making any decision and we cannot
emphasize enough the importance of being well
informed. A Place in France is in contact with French
legal specialists and we will be happy to make
recommendations.
We speak from experience. Should you have any
questions on these matters please call or email us.
enquiries@aplaceinfrance.co.uk
Buying a home in France has to be an enjoyable
project and we aim to make it as simple as possible.
Viewing trips are an investment. To make it worth
your while do find out as much as you can before
setting off.
A Place in France
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