Step by Step Guide to buying a property in France

Let's make that dream come true ....

Buying property in France is quite different to buying in the UK or other countries and is regulated at each step of the transaction. We'll explain what happens and when .....

Step by Step

Your very first step should be to find out the amount you can borrow - it's a waste of time looking at property that is out of your price range and it will save you from disappointment as well.

We've made this easy for you. On our website http://www.mortgagefrance.com/ you will find the 'Initial Enquiry' form. From just a few questions we will be able to calculate the maximum mortgage you can afford, and we'll give you a guideline of the price range you should looking at.

A rule of thumb guide is to take a third of your monthly income. This amount should cover the monthly cost of your existing loans and financial commitments (if you are a tenant and paying rent, that is classed as a financial commitment).
The monthly cost of your French mortgage and the life assurance cover have also got to be included in the 33% of your monthly income.
* For French taxpayers, deduct your social charges from your monthly income.
* For other nationalities, you can use your gross monthly income (do not deduct tax)

Step 2.

Start looking at properties. There are literally hundreds of immobilier websites and you'll get an idea of what your money will buy. Contact some estate agents or property finders to help you find your perfect property. View the property as many times as you can to assure yourself it is exactly what you want.

Step 3. Now you'll need to be thinking about which bank to use for your mortgage, and we have another questionnaire for this very purpose - the 'Request Quotation' form. It asks the necessary questions about you and the property you want to buy, and we'll do exactly as the form implies - we'll request those quotations for you.

Step 4. You'll be asked to sign the Compromis de vente - that's the sales agreement. You'll also be expected to pay a reservation deposit to secure your purchase of the property. You'll need to appoint your notaire as well (he's the French legal chap). If you wish you can use the same notaire as the person selling the property to you.

Step 5. Contact us, at mortgagefrance.com and we'll send you the necessary application forms you will need. You will need to supply other documents to support your mortgage application, such as proof of identity, payslips, tax returns, bank statements - we'll send you the list as well.

Step 6. Complete the mortgage application forms, gather together all the supporting documents and send the whole package to mortgagefrance.com. We will check your file and submit it to the bank for underwriting.

Step 7. The bank will underwrite your file, then the property will be valued, and after your life assurance application has been accepted, your mortgage offer will be issued.

Step 8. When you receive your offer letter you must wait at least 10 days, but no more than 30 days before signing and dating it, accepting the mortgage offer and returning it to the bank. When you sign the offer, you are committed to the purchase, and the life assurance cover will commence from that date. The bank will send the details of your mortgage offer to your notaire who will then prepare a deed of sale for your signature.

Step 9. Arrange for buildings/property insurance to take effect from the day of completion.
Instruct the notaire to request the release of mortgage funds, and make an appointment for the completion date.

Step 10. Completion day at last. Sign the relevant documentation with your notaire and the vendors. You are now the proud owner of your French property.

Congratulations !!