BUYING PROPERTY IN PROVENCE
Once you have decided that you definitely want to move to Provence, it is important to set your financial budget. If you decide that the Var region of Provence is where you want your new life to begin, you must be aware it is not one of the cheapest areas of France. The Cote d'Azur, approximately 1 hour from the Central Var region, is arguably one of the most expensive areas in France, outside of Paris. Due to the area's proximity to the wonderful coastal resorts of Cannes, Nice, St Tropez, Cassis and Bandol (to name but a few), house prices have steadily increased over the last 5 years.
Once you have set your financial budget for your new property, please ensure that you have taken into account any additional costs, such as Notaires fees, Agents fees, Bank or Building Society Costs. Before proceeding with any negotiations for a property in France, we strongly advise that you have an offer in principle from your preferred lender. There are many UK banks and Building Societies who will lend to foreign buyers and also French Banks. Be aware, that dealing with a French Bank can be a lengthier process than you might be used to elsewhere in the EU!
BRIEF OUTLINE OF THE BUYING PROCESS
The compromis (first contract)
This is the most important legally binding first contract to be signed by the purchaser and the vendor. This first contract ties both parties into the purchase whilst the searches are undertaken and other procedures completed. Once you have signed this contract, the price of the property cannot be changed. In other words you cannot be 'gazumped' once you have a compromis under your belt. The purchaser now has a statutory cooling-off period of 7 days, so if you are going to change your mind, you'd better be quick!
Once this 7 day period is over, you will be required to send the 10% deposit to the Notaire or Agent. If you fail to complete the purchase by the due date (usually 3 months after the signing of the compromis) you will forfeit this deposit. If you are using a UK legal advisor, make sure you keep the pressure up, to ensure you meet these dead-lines.
LEAD, ASBESTOS AND TERMITE REPORTS
These reports are required by French law and are undertaken by the Vendor. Ensure that you are happy with the contents of these reports, as any problems need to be identified at the early stages of the process. If there are problems, you need to ensure the Vendor will undertake any works.
Many agents in the Var region of Provence now have a pre-prepared compromis in English, but we would always advise you to consult your legal representative prior to signing and, if necessary, have all legal documents and reports translated for your own peace of mind.
COMPLETION DAY
We recommend that you are in France for the final signing, which will take place in the Notaires office, with the Vendors and Purchaser present together with the French Agents. Very often, the Notaire will request that you have a certified translator present at the signing (an extra cost). We recommend prior to signing the final contract that you have a look around the property to ensure that everything is as agreed. This is also a good time to find out essential information about the property such as location of water stop taps and electricity meters!
After what feels like pages of signing and initialling, the process will be finally completed and you will be handed the keys to the property, together with an attestation of ownership. The original deeds will be sent away to be registered (this normally takes about 6 months), but dont forget to chase them up later.
FINALLY
Now the proud owner and key-holder. In our experience, we have found that the majority of French Agents are not only to willing to help you throughout the purchase process, but will assist with all manner of procedural and other matters after the event (such as ensuring that the electricity, gas and water supplies are transferred into your name). Obviously, there will be exceptions to the rule, but you should find that most Agents will be happy to help at a future date if you have any queries.
