Coast and Country, New Build, France


The purchase of a new property as opposed to a resale offers numerous advantages: Reduced notary fees: 2-3% as opposed to 6-7% Guarantees (see below) Possible choice of fixtures & fittings Benefit of strict building rules covering such issues as energy conservation etc


New properties in France are generally delivered entirely finished with the exception of the kitchen, which is generally left to the purchaser to install. Depending on the state of advancement of the building there is generally a choice of wall & floor coverings. In some cases modification to the plans of the property may be possible but this is rather exceptional.


In many cases the purchase is made Off Plan¯ which in France is a process that is strictly regulated with stage payments being defined within a legal framework. Having found the property that interests you will be required to sign a Reservation Contract with the payment of a 5% deposit to be held in an escrow account until the signature of the final purchase document or Acte Authentiqueā€¯ in front of the notaire, which occurs typically 2-3 months later but not before construction has started. As of the signature of the Acte Authentique you are the owner of the property and will remain so assuming you adhere to the agreed payment plan. Typically this plan provides for stage payments as follows:


New developments in France come with a ten year structural guarantee, two year fixtures and fittings guarantee and a one year general guarantee. They comply with latest building regulations and quality assured standards (labels de qualite)


French banks will usually lend up to 80% of the property purchase price on a second home. Rates offered are variable and fixed and the duration is usually between 7 and 25 years. Mortgage offers should be in place within one month of signing the reservation contract, as stated in the terms and conditions. We strongly recommend that you investigate the possibility of obtaining your mortgage before you make your site visits.

UK mortgages are classed as a cash purchase for the purpose of the reservations contract. We strongly recommend, however, that they are in place or agreed before the contract is signed.