::Le Mag Group:: PROPERTY MATTERS

PROPERTY MATTERS, Jul 02

ADVICE FROM THE BEAUTIFUL SOUTH ESTATE AGENCY

If you have chosen the Languedoc Roussillon area for your holiday or permanent home or simply to invest in the Mediterranean way of living – well done and welcome! The Roussillon area is a marvellous region with plenty to offer; its gastronomy, culture and history, climate and a wide range of summer and winter leisure activities.

Over the next few months, the Beautiful South Estate Agency will be providing practical and legal advice to help your property purchase go more smoothly and ensure that your dream becomes a reality rather than a nightmare! They will cover many of the things that need to be considered when buying in France, including using a Notaire, capital gains tax, the new rights of the surviving spouse and the pros and cons of renting out your property. In this issue we are going to start by looking at the procedure for buying a property in France as a British citizen.

It has probably been a hard decision to make but now you are sure: you want to buy in France and you have found THE PROPERTY. You need to know that you are buying freehold so the property will definitely belong to you until you decide to sell it. Also when visiting a property, make sure that you have asked as many questions as possible about it in order to be sure that this is the one. An important part of viewing a property is getting a feel for its geographic location, so take your time.

From a legal point of view, buying a property in France is subject to French law, although with a husband and wife, the law in the country of their marriage will also provide terms of reference regarding their power to administrate and dispose of the property. In the case of a husband and wife, both will be required to sign the preliminary contract and the final deed in a Notaires office and should either one or both be unable to attend, it will be necessary to sign a power of attorney in front of a solicitor.

Once you have decided to buy an existing property, the procedure is as follows:

1) You will sign the preliminary contract (known in French as Le Compromis de Vente) and to secure the property a (totally refundable) 5% deposit is usually requested. In this preliminary contract both the vendor and the buyer will sign but only the buyer has the option to pull out within the 7 day cooling off period. It is important to note that in order to have this contract drawn up, the owners must have asked a surveyor to check for termites, asbestos, lead, and the energy consumption of the house and that this report will be added to the preliminary contact. You as buyers will be asked to provide a number of documents including passports, marriage certificate (if applicable), etc.
2) Once the 7 day cooling off period has passed, the Notaire will take between two and three months to prepare the final deed and will check that there is no mortgage on the property and for any other information that could affect or delay the sale. You will be asked to check your identity, address and status once a final draft of the deed is received. Unless you have signed a power of attorney, you will then be invited to sign the final deed.
3) The day has arrived for you to sign the final deed and receive the keys of your new home. The previous owners will have read both water and electricity meters and have forwarded the information to the relevant company. They will also have given you the details so you can set up your own services contracts and you will also need to have organized your home insurance. The Notaire will read your final deed and answer any questions you might have. You will be informed that you will owe the Taxe Foncière (Land tax) at the pro rata of the time spent in the property for that tax year and then both you and vendors sign.

Congratulations! You are owner of the house of your dreams!

The Beautiful South Estate Agency is based in Perpignan and has properties for sale throughout the Pyrenees Orientales. Contact them at:
314 Ave du Maréchal Joffre 66000 Perpignan
Tel: +33 (0)4 68 51 22 73 Fax: +33 (0)4 68 67 14 78 Email: infos@beautifulsouth66.com