Mortgages in France - Guidelines for puchasing property
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Guidelines for purchasing a property in France
• We strongly advise that you should take out appropriate independent legal advice before signing the 'promesse de vente' to ensure that you avoid problems with agents immobiliers or Notaires. The bank that is financing you will need a copy of this document along with the application form before they can accept your request for a loan, however it is important that you sign this document 'subject to mortgage finance' as once this is signed it is legally binding whether you have received approval from the bank or not.
• Where possible; it is advisable to arrange mortgage finance before you agree to buy a property.
• You will need to have a French bank account, to do this you will need relevant relve d'identite bancaire.
• Be aware that the Notaire may incorporate their cost with the mortgage, therefore you should establish the Notaire's cost before applying for your mortgage.
• You must take out a suitable life assurance policy that is assigned to your mortgage, some lenders may offer this free of charge.
• Not all lenders in France , survey/value your property, so you may wish to have this done independently.
• Properties can be purchased by an individual, in joint names or in the name of a civil real estate company (S.C.I.). Independent legal advice should be sought before purchasing under the name of a S.C.I.
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