Brittany Property - Estate Agent

Buying property in France without the help of a market expert has the potential to turn into something of a nightmare for the UK buyer, or indeed anyone else who is not a French national. The system is fundamentally different to that of the United Kingdom – the legal process and tax system, for example, as well as the need to confront the inevitable language barrier. Using aplaceinbrittany.com’ ‘insider’ knowledge and experience will bring you peace of mind throughout the process, allowing you to focus on the most important thing: finding the property of your dreams!

Once you have decided to take the plunge and buy a French property, your first task will be to choose the right area for you. The secret of successfully buying a place in France is research, preferably before you even venture abroad. You may, of course, be fortunate and buy the first property you see without doing any homework and live happily ever after. However, a successful purchase is much more likely to occur if you thoroughly investigate the towns and communities in your chosen area.

Having your finances in order is another important step of the process, which may be sorted out with the help of your bank or (often better) with a bank specializing on French mortgages . We strongly advise you to sort out your finances before any viewings in France, as doing this will save you a great deal of time and money before starting a search

As soon as you will have found your dream property in Brittany, you will have to sign what is called the “compromis de vente” (the reservation contract) at the Notaires office. This is in order to secure the property, and it should at this stage be taken off the market. At this point you should already have decided whether or not you are going to take out a mortgage or if you will purchase cash – if you do decide to take out a mortgage, you should make the arrangements before signing the compromis. Most agents will ask to see the “decision in principle” that you should have requested to your bank prior to your visit in France, as proof that you are credit worthy. This is to discourage people from beginning the purchasing process when they are not in fact in a position to complete the sale. You will also be asked to write down in the "compromis de vente" if you plan to finance your purchase through a mortgage or cash.

If you are taking a mortgage out and you already have your “decision in principle” from your bank, you must have everything arranged and agreed before you sign your "Acte de Vente" (final deed of Sale) at the notary's office. This usually takes place two to three months after you have completed and signed your reservation contract ("compromis de vente").

There are certain things to take into consideration involved in borrowing money in another currency. With the right advice, however, even the most inexperienced borrower can successfully buy his dream home.

French banks are willing to lend money at very attractive rates and terms. As a non-resident you can currently obtain a 15-year mortgage for 80% of the property value with a 3.65% interest rate (French residents can borrow up to 100% of the property value, European residents up to 80%).

French mortgages are not based on the UK model of multiple incomes. Typically the calculation works on the principle that the total of the French mortgage payment, plus any UK mortgage or rent, plus any other long-term borrowings, should not exceed a third of the buyer's gross monthly income.

The actual process of applying for mortgages in France, again is not difficult, and usually takes at most 2 to 3 weeks but can be done even quicker.

In summary, obtaining a mortgage for a French property is straightforward, especially with our help

Opening a bank account in France
Opening a bank account in France is essential to pay the monthly instalments on your mortgage. In order to open an account in France, you just have to bring a few documents (copy of your passport, proof of address in the UK and bank statements), fill out an account application form and the bank will send you your account details with a RIB (Releve d'Identité Bancaire or bank account identity slip). It is that simple! To find out more about French Mortgage email us at mail@aplaceinbrittany.com. We can assist you in arranging the finances to buy your dream property in Brittany.

Bear in mind that the French market is quite fast paced. Once you have found the property of your dreams, do not delay - you may not be the only client who is interested!

At that stage of the buying process, you should make an offer, usually in writing. If your offer is accepted by the vendor, you sign a 'Compromis de Vente' which is a written contract of sale agreement. It legally binds the seller and the purchaser. Although they vary slightly from case to case, each “Compromis de Vente” should clarify details of both purchaser and seller, details of the property and details of the purchase (price, fees related ).

You may also require some clauses to be inserted into the “Compromis de Vente” which are called “clauses suspensives” (get-out clauses). These clauses allow you to withdraw from the purchase if for example you are refused a request for outline planning permission or if you are turned down for a French mortgage .

Once the contract is signed by both parties, the property is taken off the market. By law, the vendor is not allowed to accept a higher offer from another party.

You then have a 7-day cooling off period, in which you can withdraw from the buying process without incurring any penalties.

If you are buying a holiday home or investment property overseas, the timing of your transaction is crucial. With currency markets in constant fluctuation, trading at the right time will mean your money goes a lot further.

Aplaceinbrittany and CURRENCIES DIRECT have been working together for the last 5 years, aiming to make sure you get the most for your money when buying a property in France.

Exchange rate fluctuations
Fluctuations can have a huge impact on the Sterling value of a Euro-based property.

Getting more for your money
If you leave payments until the last minute, you will have to accept the rate that the markets offer at the time of transfer.

Once the “Compromis de Vente” is signed, the Notaire will check records and documentation regarding the property and land, such as land boundaries or right of ways. The Notaire is responsible to make sure the necessary searches are done; that the termite, lead and asbestos inspection reports are complete and available for the buyer’s inspection, and to inform the buyer of any servitude rights or the new laws regarding septic systems. A “Notaire” is legally bound by law to act in the interest of both parties and must disclose to buyers and sellers all the legal requirements prior to a sale. It generally takes 2 to 3 months to complete this process.

Both the buyer and the seller will then meet at the Notaire’s office for the signature of the “Contrat de Vente” (deed of sale). You will be given the keys of the property on that day

Just bring the cork screw and deck chair, you now own your dream property in Brittany

Buying in Brittany