Buying property in France
Mar 6th 2018, 2:28 pm
#76
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Joined: Apr 2008
Location: Hérault (34)
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Re: Moving to France FAQ's
Another French quirk is a purchase "en tontine".
https://www.notaires.fr/fr/lachat-en-tontine
and other official sites, explain the advantages, but also the drawbacks.
It would suit a couple or several parties more or less of the same age, provided no children are involved. Namely, since the last surviving party "inherits" the property as if the others had had no share at all in it, children of the deceased parties would have no claim at all to their parents' former share.
Like the viager, the tontine is fairly uncommon and should be discussed in depth with the Notaire....
https://www.notaires.fr/fr/lachat-en-tontine
and other official sites, explain the advantages, but also the drawbacks.
It would suit a couple or several parties more or less of the same age, provided no children are involved. Namely, since the last surviving party "inherits" the property as if the others had had no share at all in it, children of the deceased parties would have no claim at all to their parents' former share.
Like the viager, the tontine is fairly uncommon and should be discussed in depth with the Notaire....
Mar 7th 2018, 11:11 pm
#77
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Joined: Oct 2003
Posts: 38,612
Re: Buying property in France
Mar 10th 2018, 8:59 am
#78
M.O.V.E.D. !
Joined: Mar 2010
Location: Charente Maritime
Posts: 9,346
Re: Moving to France FAQ's
Another French quirk is a purchase "en tontine".
https://www.notaires.fr/fr/lachat-en-tontine
and other official sites, explain the advantages, but also the drawbacks.
It would suit a couple or several parties more or less of the same age, provided no children are involved. Namely, since the last surviving party "inherits" the property as if the others had had no share at all in it, children of the deceased parties would have no claim at all to their parents' former share.
Like the viager, the tontine is fairly uncommon and should be discussed in depth with the Notaire....
https://www.notaires.fr/fr/lachat-en-tontine
and other official sites, explain the advantages, but also the drawbacks.
It would suit a couple or several parties more or less of the same age, provided no children are involved. Namely, since the last surviving party "inherits" the property as if the others had had no share at all in it, children of the deceased parties would have no claim at all to their parents' former share.
Like the viager, the tontine is fairly uncommon and should be discussed in depth with the Notaire....
So, when my husband passed away, all I had to do is put the house in my name (cost about 10.000 E if I remember well). Then I made a will leaving my husbands half to his 2 boys (men by now) and the other half to my family.
The big big big disadvantage is that these 2 boys will have to pay 60 % inheritance tax ....
Spoke to my notaire about this, and all I can do is sell the house and put half of the money in the UK where I have a will leaving all UK investments to the 2 boys .....
In my view it is high time that France changes the inheritance laws so that newly composed families (half of France by now) don't have this problem !
Mar 10th 2018, 9:49 am
#79
Lost in BE Cyberspace
Joined: Apr 2008
Location: Hérault (34)
Posts: 8,890
Re: Moving to France FAQ's
Can speak from experience here since we built ''en tontine''.
So, when my husband passed away, all I had to do is put the house in my name (cost about 10.000 E if I remember well). Then I made a will leaving my husbands half to his 2 boys (men by now) and the other half to my family.
The big big big disadvantage is that these 2 boys will have to pay 60 % inheritance tax ....
Spoke to my notaire about this, and all I can do is sell the house and put half of the money in the UK where I have a will leaving all UK investments to the 2 boys .....
In my view it is high time that France changes the inheritance laws so that newly composed families (half of France by now) don't have this problem !
So, when my husband passed away, all I had to do is put the house in my name (cost about 10.000 E if I remember well). Then I made a will leaving my husbands half to his 2 boys (men by now) and the other half to my family.
The big big big disadvantage is that these 2 boys will have to pay 60 % inheritance tax ....
Spoke to my notaire about this, and all I can do is sell the house and put half of the money in the UK where I have a will leaving all UK investments to the 2 boys .....
In my view it is high time that France changes the inheritance laws so that newly composed families (half of France by now) don't have this problem !
French parents of newly composed families usually make legal arrangements so that the surviving spouse and all the respective children are protected when buying property.
Mar 10th 2018, 11:56 am
#80
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Joined: Mar 2010
Location: Charente Maritime
Posts: 9,346
Re: Moving to France FAQ's
But it's only a problem in the case of purchase en tontine! And I'm sorry that your Notaire didn't point this out at the time. French parents of newly composed families usually make legal arrangements so that the surviving spouse and all the respective children are protected when buying property.
French parents of newly composed families usually make legal arrangements so that the surviving spouse and all the respective children are protected when buying property.
Mar 10th 2018, 12:55 pm
#81
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Joined: Apr 2008
Location: Hérault (34)
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Re: Moving to France FAQ's
Along the same lines, "partners" should get themselves legally bound before buying property jointly, as the surviving partner would be in the same position - 60% Taxe de Succession to pay if named in a Will, or no inheritance at all if the deceased dies intestate.
Mar 10th 2018, 1:04 pm
#82
M.O.V.E.D. !
Joined: Mar 2010
Location: Charente Maritime
Posts: 9,346
Re: Moving to France FAQ's
As I said, another French quirk, like the 60% Taxe de Succession for non-relatives named in a Will.
Along the same lines, "partners" should get themselves legally bound before buying property jointly, as the surviving partner would be in the same position - 60% Taxe de Succession to pay if named in a Will, or no inheritance at all if the deceased dies intestate.
Along the same lines, "partners" should get themselves legally bound before buying property jointly, as the surviving partner would be in the same position - 60% Taxe de Succession to pay if named in a Will, or no inheritance at all if the deceased dies intestate.
