Purchase process
Sep 19th 2019, 7:13 am
#1
Just Joined
Thread Starter
Joined: Sep 2019
Posts: 6
Purchase process
Hi All
First post so please treat me gently! My wife and I are looking to retire early to France and will be funding the purchase of a property with the sale of our UK property. But I’m curious to hear from others how they managed the sale of a UK property and the purchase of a French property in the same process I.e how you would do it normally in the UK.....complete on both on the same day and make the move on the same day. It looks like getting things to work like that might be difficult so how have people managed that process before? Sell the UK and rent while you get France sorted, take out a loan on your existing house for a short period to cover the purchase in France while the UK sales goes through, etc?
I look forward to hearing back from someone
Thanks
Simon
First post so please treat me gently! My wife and I are looking to retire early to France and will be funding the purchase of a property with the sale of our UK property. But I’m curious to hear from others how they managed the sale of a UK property and the purchase of a French property in the same process I.e how you would do it normally in the UK.....complete on both on the same day and make the move on the same day. It looks like getting things to work like that might be difficult so how have people managed that process before? Sell the UK and rent while you get France sorted, take out a loan on your existing house for a short period to cover the purchase in France while the UK sales goes through, etc?
I look forward to hearing back from someone
Thanks
Simon
Sep 19th 2019, 7:40 am
#2
BE Forum Addict
Joined: Apr 2009
Location: Scotland & Touraine [37]
Posts: 3,019
Re: Purchase process
Hi Simon,
Welcome to the forum.
The French property market is not like the UK market.
You should not look on a French property as an investment.
I have had my French property for almost 11 years and I am unlikely to get back what I paid for it - and that is in a good resale area.
The French sales process can also be slow and it is unlikely that you can complete purchase and sale on the same day.
I suggest that you rent somewhere initially - say for perhaps a year in order to confirm that you have made the right choice of area and that the lifestyle is what you expected.
You could consider renting out your UK property to fund your rent in France.
We have had members who have sold up in the UK and for whatever reason after a period decided that they would like to return to the UK.
Unfortunately, they have found that the sale of their French property would not allow them to purchase a reasonable property in the UK.
Property can also take several years to sell in France.
You should also consider the effects of Brexit.
Will you have the right to live in France?
Will you be covered for healthcare?
If you have children - especially not jointly - then inheritance and inheritance tax need to be considered.
Do not rush into this in case you find that it is an expensive mistake.
It is possible and lots of Brits have done it but you need to do lots of homework beforehand.
Check out the FAQs at the top of the forum.
Good luck with your project
Welcome to the forum.
The French property market is not like the UK market.
You should not look on a French property as an investment.
I have had my French property for almost 11 years and I am unlikely to get back what I paid for it - and that is in a good resale area.
The French sales process can also be slow and it is unlikely that you can complete purchase and sale on the same day.
I suggest that you rent somewhere initially - say for perhaps a year in order to confirm that you have made the right choice of area and that the lifestyle is what you expected.
You could consider renting out your UK property to fund your rent in France.
We have had members who have sold up in the UK and for whatever reason after a period decided that they would like to return to the UK.
Unfortunately, they have found that the sale of their French property would not allow them to purchase a reasonable property in the UK.
Property can also take several years to sell in France.
You should also consider the effects of Brexit.
Will you have the right to live in France?
Will you be covered for healthcare?
If you have children - especially not jointly - then inheritance and inheritance tax need to be considered.
Do not rush into this in case you find that it is an expensive mistake.
It is possible and lots of Brits have done it but you need to do lots of homework beforehand.
Check out the FAQs at the top of the forum.
Good luck with your project
Sep 19th 2019, 8:18 am
#3
Lost in BE Cyberspace
Joined: Jan 2012
Location: Dépt 61
Posts: 5,254
Re: Purchase process
Agree with Cyrian about renting in France first. It makes things easier because you don't have to try to synchronise your sale/purchase (which would be virtually impossible to do in any case) and also, it would help you get it right first time with your purchase.
If you are going to need visas post Brexit, it would also be wise to be absolutely certain you will get them before you sell your UK property!
One way and another I think the main message is Don't rush into anything. Spend time as visitors in your chosen area of France before committing yourself 100%, say a couple of months in summer and a couple of months in winter, and get a feel for it will be like living there year round. Look into the practical aspects of life that are different from the UK (for instance, under French law children have a duty of care towards parents; if you have kids you should talk to them about this because if one day one of you needs residential care in France, it will be paid for out of your estate or failing that your kids will be obliged to pick up the bills). Wait for everything to fall into place. When everything feels right and you're confident you haven't overlooked anything, then you'll know it's time to sell up in the UK, get your visas and move to France.
If you are going to need visas post Brexit, it would also be wise to be absolutely certain you will get them before you sell your UK property!
One way and another I think the main message is Don't rush into anything. Spend time as visitors in your chosen area of France before committing yourself 100%, say a couple of months in summer and a couple of months in winter, and get a feel for it will be like living there year round. Look into the practical aspects of life that are different from the UK (for instance, under French law children have a duty of care towards parents; if you have kids you should talk to them about this because if one day one of you needs residential care in France, it will be paid for out of your estate or failing that your kids will be obliged to pick up the bills). Wait for everything to fall into place. When everything feels right and you're confident you haven't overlooked anything, then you'll know it's time to sell up in the UK, get your visas and move to France.
Sep 19th 2019, 4:15 pm
#4
Quien no sabe
Joined: Dec 2012
Posts: 3,989
Re: Purchase process
As has been said don't treat it like the English investment, Personally from experience the only houses here that tend to sell and break even on make any form of profit and it won't be big are new builds and post 1955 houses that are brick and square and have proper right angles, Stone houses with a hint of renovation any money pits and you will never see a return on investment and whatever a builder says it will cost to do up triple it and have some spare just in case.
French purchase contracts can have the sale of another property written into them as a condition but that then tends to make the seller wary, they may exist but the chains you see in the UK don't tend to happen here.
French purchase contracts can have the sale of another property written into them as a condition but that then tends to make the seller wary, they may exist but the chains you see in the UK don't tend to happen here.
