French Property Survey
What is a French Property Survey and do I need one?
The English type of property survey is almost unknown in France. There is not even a word for Surveyor; the nearest being ‘Expert de Batiment’ or ‘Maitre d’Oeuvre’.
There is a legal requirement for a French vendor of a property to provide the purchaser and the Notaire with a report identifying the presence of asbestos in the property, the presence of lead in paint and, in the south of the country, the presence of termites (this last point is generally extended to other parts of the country to include all parasites). The report will also comment on energy consumption in the house.
It is expected that the scope of the report will be extended in the future to include septic tanks and electrical safety.
Specialist businesses, who have the necessary equipment to perform the required tests, provide these Reports (written in French). These Companies do not provide structural surveys, they are not looking at the general structural stability of the building, nor at any of the other services such as water, gas or electricity.
Survey
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French Mortgage
Lending criteria in France are far more complex and restrictive than in the UK and the whole process of getting a French Mortgage can take quite a lot longer than most people expect.
French Mortgage lenders expect clients to put down a deposit of at least 20 per cent and to have a reliable income stream. If a client is able to put down a deposit of 40 to 50 per cent, other aspects of the loan may be offered on more favourable terms.
Lenders stipulate that a client’s debts and liabilities must not exceed around 35% of income. French lenders will ask for details of other mortgages as well as current account statements, to ensure there are no other debts repayments that may have been overlooked. Some French banks will take into consideration income from buy to let houses and other non salary income, all of which can help when presenting a loan request to the bank.
As in the UK, lenders do not like a loan to go beyond a client’s 80th birthday. It is better, though, if the loan will be repaid by age 65 for the simple reason that French mortgage lenders insist upon life cover being effected, generally via their own insurer. If life assurance cover starts after a 65th birthday, costs rise considerably.
Categories: Property Tags: bank, credit, France, french, local law, mortgage, No Going Back, United Kingdom
French Bank Account
French Bank Account
Do you really need a French bank account , especially if you’re only buying a holiday home and not moving to France permanently?
Well, it is certainly preferable to have a bank account in France, especially for those looking to move abroad and work, in order to have their salary paid. You also need a French account if you have a French loan or mortgage so that the repayments can be made to your provider.
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