Buying an existing property
Whether you’re after a character stone property, typical cottage, longere or chateau, or even a contemporary home, there may be a chance that you will have some renovation work to address.
Whatever path you decide to take, Sextant French Mortgages will find the best solution for your project.
• Buying “off-plan” *
If your heart is set on a new property, buying “off-plan” is a popular option that enables you to choose from the extensive range of “ready to go” projects available on the French property market today. The parties will be required to sign a reservation contract that stipulates, among other things, the price of the home when built. If you’re buying “off-plan”, Sextant French Mortgages can ensure that for up to 36 months monthly payments are kept to a minimum whilst construction is in progress. This means that you can start paying back the loan from the moment that you take possession of your new property.
This deferment option can take 2 forms: either deferment of capital payments only, or deferment of both capital and interest payments. Whatever option you choose, the very minimum you will be required to pay is the monthly insurance premium, if applicable, during the deferment period.
* Subject to conditions. Please contact your Mortgage Adviser for further information.
• Building your own home
If you dream of designing your own home in France with or without the help of an architect in the location of your choice.. this can become more than a dream! You will need a house building contract known as a “CCMI” (Contrat de Construction de Maison Individuelle), which means a contract for the construction of an individual dwelling. Having found a plot of land it is advisable to seek advice from local authorities in order to obtain planning permission. You will then sign a preliminary sales agreement for the purchase of the land and a separate contract with your builder and possibly with an architect. Once you have signed these documents, Sextant French Mortgages will be happy to advise you as to your various mortgage options and take into consideration your application.
Your project in 5 easy steps
Step 1 – Contact Sextant French Mortgages
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 and appoint a notary
The preliminary sales agreement or “compromis de vente” is a legally binding document that precedes the final deed of purchase. Remember to insert a clause into this document stating that it is 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. 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!
French law stipulates that the notary retains the original deeds of sale and you will be given an official copy.
We always prefer to have an open discussion on the phone so we can talk about your project in detail. You can call us on 020 7428 4918 or if you are busy at the moment you can fill in the form below and we will get back to you shortly, at a time convenient to you.