Raising funds from your UK property maybe the solution
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I was clearing out some images from a very old computer this week when I came across some photos I had stored of the first house I bought in France back in 1991; there were also photos of me with a full head of hair, but we won't go into that!
I always remember when we first saw the property we could not quite afford it BUT it was so 100% right for us we had to find a way of getting the money together.
We did this with a re-mortgage of our UK property and it actually worked out that by changing lender and getting a lower fixed rate deal we were able to buy our house in France and have the monthly repayments reduced.
At the time it felt like we were getting the house for free, of course we weren't but with a lower payment going out of my bank account it certainly felt like it and it turned out that by putting my money into 'bricks and mortar' it was the best deal I ever did.
SO if you are considering borrowing to buy a house in France don't just go down the 'French mortgage' route, contact Tim Durkin and see what options you have closer to home for buying your dream second home in France.
We are proud to work in partnership with STAG Mortgage & Insurance Services. Tim Durkin is your specialist contact in this British owned and managed company.
Whether you have found the perfect French home for sale or still looking at the options for buying French property Cle France and Tim Durkin at Stag Mortgages and Insurance Services can help you to find the best solution to make it happen.
Raising the finance to buy your dream property in France can be achieved from various French and euro loans and mortgages available. However for those of you who would like the added peace of mind to deal with this at home, within the UK and in your own language then Tim at STAG Mortgages could be your best option.
Blog submitted by: David at The French Property Network - Cle France.
UK Help to buy scheme
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The anectodal feedback we getting from the lenders in general is to simply ignore thinking of any of the technical features of the Help to Buy scheme, leave that to them they say, the perspective buyers simply need to concentrate on getting the minimum 5% deposit together and leave the rest to the lenders.
As the government are underwriting the first of any potential losses they have put a few tighter lending rules in place. It all then gets a bit complicated! so best advice is to speak to our expert Tim Durkin at Stag Mortgages.
Blog submitted by: David at Cle France.
Help to buy scheme announcement
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David Cameron: "I'm not going to stand back while people's aspirations to get on the housing ladder... are being trashed"
A controversial scheme allowing people across the UK to take out 95% mortgages will be launched next week - three months earlier than planned.
PM David Cameron made the announcement as the Conservatives gathered in Manchester for their annual conference.
He rejected fears the Help to Buy scheme will fuel a housing bubble.
He told the BBC's Andrew Marr show the market was "recovering from a very low base" and first-time buyers needed help to get on the housing ladder.
"As prime minister I am not going to stand by while people's aspirations to get on the housing ladder are being trashed."
He added: "If we don't do this it will only be people with rich parents to help them who can get on the housing ladder - that is not fair, it is not right."
Blog submitted by: Originally from a BBC news article.
Cle France are proud to work in partnership with STAG Mortgage & Insurance Services. Tim Durkin is your specialist contact in this British owned and managed company. Ask Tim if this news will help you find some extra funding for that property you want.
Whether you have found the perfect French home for sale or still looking at the options for buying French property Cle France and Tim Durkin at Stag Mortgages and Insurance Services can help you to find the best solution to make it happen.
Making an offer on a French House for sale
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Making an offer is pretty much the 'done thing' in France these days, it did not used to be so and one had to be careful not to offend a French Vendor with a cheeky offer. Current market conditions over the last few years have meant that offers are more readily entertained.
It does depend on the property but our properties are valued by a local agent with the local market in mind so the asking prices are generally pretty accurate in terms of value. We are seeing that offers within 5% to 10% of the asking price (depending on the asking price) are being accepted or the vendors are open for negotiation. Although it is worth pointing out that French vendors do not like the 'start low and edge up' routine that is seen in the UK where you bat back and forth a few thousand here and there, they tend to not like that approach at all.
So how do I decide what to offer? my advice would be to make the offer you genuinely want to pay. If you view a property and you feel that for example, on an asking price of 100k you really wouldn't be comfortable paying more than 85k, then that is the offer you should submit, and if that is refused, you walk away because you don't want to pay any more.
What if I really want it and offer full asking price? If a French estate agent gets a full price offer for a vendor, the vendor is legally obliged to accept it; if they don't the agent can sue them for breach of contract.
The reason this is written into French law is for consumer protection, it stops a vendor trying to get two potential purchasers into a bidding war, which is a good point for buyers to note. Find out more about the Buying Process in France.
Blog submitted by: Sharon at Cle France.
Translation of the contract
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Client's Question: Will the notaire provide a translation of the contract, or conduct the sale in English?
It is not common practice for a notaire to either provide written translations of documentation, or to conduct the sale in English. Given that he is responsible for the legal process of the sale, it is understandable that he would only wish to conduct the transaction in his native language, rather than run the risk of misinterpretation that speaking/writing in English may cause.
It is the buyer’s responsibility to employ a translator, and to ensure that he/she understands all aspects of the purchase. That said most agents will know someone they can call upon to escort you to the notaire’s office for the signing, and who will be able to translate for you. Some agents sometimes provide a translation of the ‘compromis’ (initial contract), but if in doubt it is as well to get your own appointed translator to look at any documentation provided to ensure that the translation is accurate.
For a more detailed or specialist translation need contact Karine by clicking here.
Blog submitted by: David at Cle France.
