You could buy an independent property to let out. Whatever sort of property you settle on, you can decide whether to rent it furnished or unfurnished depending on whether you want to let it for short term such as holiday accommodation or for longer periods, with a tenant and monthly rent.  Whatever you choose, the tax deductible advantages such as interest and fees related to the mortgage, property renovation and maintenance as well as municipal and regional taxes are a considerable incentive (*). Sextant French Mortgages will be happy to go through the different financial options available to you, and guide you in your choice of mortgage.

(*) For further information on the fiscal implications and advantages of rental investment property, we advise that advice be sought from an independent French tax consultant, the French tax authorities or a French notary.

Your project in 5 easy steps
Step 3 – Sign your preliminary sales agreement for existing property or your reservation contract for new property being built “off-plan” and appoint a notary

Your project in 5 easy steps

Step 1 – Contact Sextant French Mortgages

Discuss your needs with one of our bilingual personal mortgage advisors and  develop your financial plan together. You can also  find out exactly how much you can borrow.  You will then receive a detailed quote based on the information that you have given.

Step 2 – Find your French property

This step involves finding your dream property and ensuring that you have made the right choice. If necessary, call on professionals for advice. The next step will be to sign the preliminary sales agreement. Once you have signed this document no one else will be able to buy the property you have chosen. However, don’t forget that you  have a 7 day “cooling off period”, should you wish to change your mind.

Step 3 – Sign your preliminary sales agreement for existing property or your reservation contract for new property being built “off-plan” and appoint a notary

If you are buying an existing property, the preliminary sales agreement or “compromis de vente” is a legally binding document that precedes the final deed of sale.
If you are purchasing new property being built “off-plan”, you will have to sign a reservation contract.
Remember to insert a clause into these documents stating that they are subject to mortgage acceptance, otherwise, you will lose your deposit should the mortgage be refused.
Appoint a notary(*) . In France, the buying and selling of property is handled by a notary, a public official who ensures that all deeds of sale are authentic. Notaries are responsible for the drawing up of such deeds and, in some cases, the preliminary sales agreement or the reservation contract. The advice they give is objective and they must act impartially towards the various contractual parties.
Sextant French Mortgages will be able to give you details of English speaking notaries in France.

(*) Usually, the seller appoints a notary who must act impartially and ensure that the transaction is carried out correctly. However it is possible for the buyer to appoint his/her own notary at no extra cost to the buyer or the seller. The notary fees will be shared equally between the respective notaries.

Step 4 – Complete the mortgage application and life insurance forms

A simple process! Once these forms have been filled in, return them to your personal Sextant Mortgages  adviser. You’ll  also have to submit a certain number of other documents concerning personal details, income and any outstandings. Following acceptance of your application you will receive your Sextant French Mortgages loan offer of which a summary will have been sent to your notary.  By law, you must wait at least 10 days before accepting the mortgage. However, be careful not to exceed a 30-day deadline after which Sextant French Mortgages won’t be obliged to maintain the financial conditions of the offer.

Step 5 – Completion – more than just a dream!

In France it can take around two to three months from the moment you sign the preliminary sales agreement to the moment you sign the final deed of sale. The notary will make a written request to the bankto release mortgage funds and they will then transfer the agreed amount to the notary.
French law stipulates that the notary retains the original deeds of sale and you will be given an official copy.