Mortgages

Notes for property purchase in France

Mortgages for French properties When buying a property in France it is vital that you have full title to the property on the sales completion and can produce the appropriate documents to the lender when required.

If you are buying a new property you will need to find out the date the property will be registered in you name(s) as the lender will not want to lend money on the security of the property until it has been correctly registered or if the property is currently uninhabitable.

Be fully aware of the costs involved. You should also check with the estate agent/lawyer of any costs that will be assigned to the loan. The lender will also have their own legal costs for assigning the loan.

It is important to take independent legal advice prior to signing the "promesse de vente". The bank will require a copy of this legal document. The "promesse de vente" along with the relevant application form should be forwarded to the bank. Once you have signed, the contract is legally binding but you will be able to sign with the clause that it is "subject to mortgage finance"

 

All home loans need to have a relevant life assurance policy assigned against them. Some lenders will include the offer of free life assurance on the first applicant. You should arrange a mortgage before agreeing to purchase a property.

Some although not all French lenders will carry out surveys or valuations and you may wish to have one carried out independently.

You will need to open a French bank account and the relevan relve d'identite bancaire will be required before the release of any funds.

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