Expat Forum For People Moving Overseas And Living Abroad banner

Status
Not open for further replies.
1 - 7 of 7 Posts

·
Registered
Joined
·
3 Posts
Discussion Starter #1
Hi Everyone,
We have found a property and are hoping to begin negotiations with the owners, with a view to running it as a small B&B. We have no experience whatsoever in purchasing property anywhere other than the UK, therefore any advice is much appreciated.

Are there any French banks or types of bank accounts which are best avoided for use during money transactions in respect of charges etc which we should be aware of?

Secondly, rather than sell our proerty in the UK we are looking to largely fund the purchase with our investments topped up with a loan to make up the shortfall (approx 80K euros) We have obtained some figures from a company who advertise in 'Living France' of whom we have no prior knowledge - I.P.F. (International Private Finance) Is anyone aware of any good or bad tales about them?
Lastly, has anyone details of 'good' money brokers for the transfer of funds.

Apologies for the monologue, but any advice much appreciated

Regards,

**** & Chris.
 
M

·
Guest
Joined
·
0 Posts
1. You WILL be subject to the ' ah, you're english - you can afford to pay far too much syndrome at EVERY level.

So, be prepared to bargain downwards on all fronts.

2. Do you know any english folks who live in the area you're buying? A local who has been through the mill can advise enourmously.

3. If the amount of land you are buying is subject to negotiation, get it staked out and witnessed ahead of the geometre coming and doing it for the seller - it's amazing how many hundreds of sq metres get 'lost' in the translation'......

4. Engage your own Notaire - one that is recommended by an english contact. Not all Notaires are as honest as the day is long.

5 Be prepared to walk away, there are many thousands of properties available, and once you've signed that compromis you will lose a shedload of money if you subsequently think of something you should have done before that point.
 
G

·
Guest
Joined
·
0 Posts
Some thoughts....

- If you are taking out a loan in euros, have you taken into account possible further depreciation of sterling against the euro. A lot of expats have been hit by this over the last year or so, and it could get worse.

- I'm sure you're aware of the sizeable notaire costs, which can be anything up to 10% of the sale price for an older property, but I'll mention them again anyway!

- If the property needs any refurbishment or improvements, one method is to work out the most you think it could possibly cost, then add on 10-15% to your highest estimate. If you're lucky the second figure might cover it. Probably not though.

- B&B rarely provides more than pocket money, once all the other costs are factored in. Unless you're professionals in the business, buying a going concern, one with a sizeable number of rooms to let.

- If you are not DIY inclined, bear in mind that French plumbers/electricians etc are more expensive than back home. Plus unless your contacts are good, most will try to squeeze at least 10% extra out of you than your French neighbours will pay...

Lastly, as MtC said, before buying it's really important to sound out any Brits or other expats in the neighbourhood. I personally know someone who didn't bother, when said long established Brit neighbour was just 200 metres up the road, and it ended up costing them several hundred thousand euros...
 

·
Registered
Joined
·
3 Posts
Discussion Starter #4
Thanks Frogblogger,

The exchange rate is an important consideration, and we intend to 'seek out' local ex pats for a chat during our next visit (Oct)
 
M

·
Guest
Joined
·
0 Posts
The property market isn't exactly booming so you might be well surprised at how little you can offer

Also - if you pay their price without a game face on they will just put you down as an easy mark.

We almost doubled the amount of land we got with this place just by hanging tough - with no significant increase in the asking price.

No-one would take offence at a bit of bartering...
 

·
Registered
Joined
·
36 Posts
All good advice I think. However, from my experience the French will not accept silly offers; they tend to go for the "I'd rather burn it" school of thought. I've tried it many times and never been successful. But the English owners are often a different story......especially now when times are hard. Personally I would use High St sources for finance- I think most offer it, Barclays, HSBC etc. And good advice about the land. Be very careful. We had a house with nearly 8 acres and one day when we arrived somebody had systematically been staking bits of it out and trying to claim it as their own. They had even put bee hives on it, and cut down trees
 
1 - 7 of 7 Posts
Status
Not open for further replies.
Top