France has some of the most attractive locations in Europe, with stunning countryside, magnificent mountains and breathtaking lakes, as well as some of the most beautiful beaches in the world. France, our nearest neighbour, is a very popular destination for British citizens buying a holiday home overseas.
The purchase of a property is a big investment for most people and buying a property abroad requires expert legal assistance to be sure that there are no problems or issues that you do not recognise or understand. Giambrone & Partners' highly experienced English-speaking real estate lawyers in our Lyon office will guide and assist you through the entire process.
Angela Falqui, an associate in the Lyon office commented "there are some differences in the way property is purchased in Francecompared to the United Kingdom. The real estate team has years of experience in assisting British purchasers to acquire a holidayhome in France" Angela further pointed out "once we understand your objects we can advise you on the best way to proceed, providing the best strategy to safeguard your interests and achieve your aim"
There are different types of sale and purchase contracts in France, depending on your circumstances and how you buy your property must be carefully considered as the choices made may have an impact at a later date.
Giambrone & Partners will be exhibiting at A Place in the Sun Manchester https://www.aplaceinthesun.com/exhibitions/manchester on 3-5 March 2023 at Manchester Central. If you would like to attend you will be able to speak directly to our specialist property rs and learn all you need to know about buying a property in France.
Property Purchase in France
When you have completed your search for a property through an Agence Immobilier (even if it is not mandatory to find a real estate agency) you may then make an offer to buy. A formal written offer, an offre d'achat, is then made. You can make this offer alone or with the help of a real estate agent, in front of a Notary or expert lawyer. You will then need the services of a Notary (Notaire) a deposit is paid which forms part of the purchase price.
The type of avant-contract that should be considered is a promesse unliaterale de vente is is one in which only the seller , called the promisor, undertakes to sell their property, the buyer, called the beneficiary, is given a period of delay to decide whether or not to exercise the option.
Alternatively, a compromis de vente (or promesse synallagmatique de vente) is legally binding for both parties, provided any conditional clauses are fulfilled, they are both obliged to complete the transaction. The compromis is a reciprocal contract.
How a couple holds the property is of vital importance as it has an effect on inheritance if the couple is unmarried. If the property is held en indivision on the death of one party their half of the property is inherited by their heirs in accordance with the laws of succession in France. If the property is held en tontine the deceased half of the property passes to the surviving partner.
It is strongly recommended by our expert real estate lawyers that at an early stage you should review all the documents relating to the property you are proposing to purchase. This document shows the boundary lines of each property and is the official public register of property ownership. The Notaire should provide you with copies when you sign the sale and purchase agreement.
It would be wise to consider a budget of between five and ten percent of the purchase price for the additional costs and fees you will have to pay during the course of the transaction.
Immigration
Once you have bought your dream home in France If you would like to relocate to France or visit for longer than 90 days you will require a visa, which is easy to obtain once you are the owner of a French property. You may wish to apply for a Long stay visa valid for residence (VLS-TS). This is required for those who wish to stay in France for longer than 90 days and less than one year.
Long Stay Visa
During its period of validity, the long-stay visa is equivalent to a Schengen visa, enabling you to move around and stay in the Schengen Area outside France for periods not exceeding 90 days during any period of 180 consecutive days, under the same conditions as if you held a Schengen visa. For foreign executives wishing to invest in the French economy and settle in France, the specific residence permit is the multi-year Talent Passport 'Business investor' residence permit which can be applied for personally or via at least 30% of company ownership. Direct investments include share capital investments, reinvested earnings or 'loans between affiliated companies". Exclusively financial investments are therefore outside the scope of the scheme. The validity period of this permit is variable.
Talent Passport Passeport Talent
Should the planned length of stay is less than a year, foreign investors can apply for a long-stay visa equivalent to a residence permit ('VLS- TS') marked Passeport Talent ('Talent Passport'). This is valid for up to 12 months. If foreign nationals wish to stay in France beyond this period, they may apply for a four-year Talent Passport residence permit. After ten years of ownership, you can apply for French citizenship. Alternatively, if you invest to the required financial level you can obtain French citizenship within five years.
Angela Falqui provides valuable support and insights in matters relating to immigration, corporate and commercial law and real estate. Angela's areas of expertise include international law, in particular, international contract law, French law and comparative procedures between Italy and France, European Law and EU regulations, real estate, immigration law and she has gained experience in Tunisian law.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
