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Check The Law Buying Your Dream Home In France

28 February 2007

If you’re thinking of buying your dream home in France, then you need to know about three new changes in the law which may affect you.

Inheritance

In France, the general rule when you die is that you can’t disinherit your children. They are entitled to a specified portion of your estate which can create complications – particularly for a surviving spouse. But from January 2007 children can waive their rights to their parents’ estate. There are also a number of other ways you can provide security for the surviving owner. These include: buying ‘en tontine’ - where the property will pass automatically to the surviving co-owner rather than following the general French rules - and for married couples, entering into a French matrimonial contract allowing the surviving spouse to inherit the property free from any rights of children (the children only inherit on the surviving spouse’s death).

Swimming pool safety

All in-ground swimming pools must now have one of four approved safety systems otherwise you face a fine of €45,000. Before you buy, make sure you ask for a safety certificate for the pool.

Septic tank upgrade?

All septic tanks must be upgraded to comply with new specifications. If the seller hasn’t already carried out the work, the costs involved could be high, so you need to know what to budget for.

Six key differences between buying property in France, as opposed to the UK, are: 

  1. Usually, one notary acts for both seller and buyer and will not give you advice, so you should consider appointing someone to act for you. It’s also a good idea to get help with the language if your French is patchy
  2. It’s easy to end up with a binding contract early on, so take advice before signing any documents
  3. It’s not the norm in France to instruct a surveyor to report on the property but it’s recommended that you know the state of the property you are buying
  4. In many areas, the local town hall is given the right to purchase land before anyone else, which could affect your purchase
  5. Paying the deposit happens much earlier than in the UK – and probably before any searches are carried out. The contract should stipulate the conditions that need to be fulfilled before completion. A buyer is given some protection, with a seven-day cooling-off period
  6. The ‘Acte de Vente’ (completion stage) must be signed in the presence of the notary, requiring either a trip to France or appointing someone to sign on your behalf


You should also consider the following issues:

  • If you’re buying the property with someone else, how will the ownership be defined – for example ‘en indivision’, ‘en tontine’, through a company?
  • Who will own the property when one of you dies?
  • What inheritance tax, both in France and the UK, will be payable on your death – and can you reduce the bill?
  • You should review your English Will once you own property abroad

These are all points that we at Furley Page can advise on. We can help you purchase the French property of your dreams, giving advice from start to finish.

For more information please contact Sarah Bogard, Associate & Chartered Tax Adviser.
 

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