Buying and Selling
Many notaries in France are estate agents
as well. Most agents are buying agents, and can therefore negotiate the purchase
of a house for you, they may be but are not necessarily the vendor’s agent,
as in England. Some agents buy in the properties they sell
rather as we would expect a motor dealer to act, and if you buy from such
an agent, you may find that in addition to the usual and properly demanded
fees, he is making a profit on the transaction. Check wherever possible, who
is the owner. You can find that the
price that has been paid by the agent to buy the property in is significantly
lower than the price asked of you.
Have a
survey in advance if possible.
Regrettably, there are some
agents, who use the details provided by notaries as a source of business. They pretend to be the vendor’s agent, but
have in fact merely photocopied particulars of other agents and notaries. Look for the notaries stamp on the particulars. Such an agent will try to get you to sign an
agreement of doubtful legality, binding you under either English or French Law
to buy the property through them. In
many cases, you will still have to pay the notaire his fee as well and it could
be expensive.
Prices in France are rising, but
not as fast as in the UK, and the cost of a
property in France will often be much
less, and quite properly so, than an equivalent property in England. Some agents in France will buy in a
property, contact an agent in England and market the property
in the English market at a higher price, which appears reasonable in English
terms, but is outrageously inflated, given average French prices. Always try to use the local French agent,
even if you have to try to speak French.
There are a number of English
firms that will provide a service, and of course they speak English, but the
local notaire is often very reliable.
His role is different however, he is there not specifically to protect
your interest, but to ensure that the title to property is properly transferred
according to French Law. A subtle but important distinction. It is possible to appoint a notaries to look
after your interests, but this must be arranged in advance, although fees are
not increased.
Finance for a house can be
raised using the security of a property in the UK, or by using the
security of your French house. However,
it should be noted that French lenders do not normally lend on one house to
provide funds to renovate or repair another.
If that is what you have in mind, then a UK lender may be able
to help. Try the FPO Mortgage Enquiry Service to obtain an
idea of the possibilities. Note also
that the protection offered by French Law to buyers unable in the event to
obtain a mortgage, is only available to loans by French lenders. Take advice before proceeding to sign a
buying agreement when you have not got signed and sealed your mortgage
arrangement.
If you do not have the time to
spare to search for a property yourself, these firms will do so for a fee. This does not do away with the eventual costs
of purchase: estate Agents and Notaires fees, Surveys etc. However, if you have
a clear idea of what you want, a lot of time can be saved.
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