Stories of French notaries holding up property transactions that involve foreign buyers shouldn’t deter British people from buying in France as in the rare instances that this happens, the siutuation is usually resolvable, let alone preventable in the first place, advises information provider the Overseas Guides Company.
Article written by The Overseas Guides Company
When purchasing or selling French property, using a currency exchange specialist rather than your bank to transfer funds between the UK and France is always the best option and guaranteed to save you money. Some French notaries, or notaires – legal officials that oversee all conveyancing transactions, though are not always willing to accept payments unless they come direct from an account in the name of the buyer, or in the case of a sale go to an account in the name of the beneficiary. However, establishing a relationship with your notaire and, if possible, opening your own bank account well in advance of completing a property transaction in France will typically avoid any unnecessary complications.
“The situation is usually resolvable with a few phone calls and provision of extra documentation, but when things are left to the last minute, as it typically the case, an awkward notaire can cause added pressure for the British buyer,” said Richard Way, editor at the Overseas Guides Company. “But with very little preparation, this really needn’t be the case. Using a currency exchange specialist that understands the French buying process and how to navigate it, such as Smart Currency Exchange, makes a huge difference too.”
Matthew Cameron, a partner at leading specialist French law firm Ashton KCJ, adds: We generally try to avoid any problems by warning the notaire in advance that our clients’ funds will be coming via a currency exchange specialist, and that typically prevents any glitches. We will also ask the clients to forward some proof of despatch of funds from their UK bank account to their currency exchange specialist and then ask the currency exchange specialist to forward us confirmation of onward transfer to the notaire in France, thus creating an entirely transparent trail of funds. It’s that simple.”
More often, difficulties come about when British residents need to repatriate the proceeds of an inheritance in France, and in this case using an experienced law firm, such as Ashton KCJ, becomes even more advisable.
“A typical situation I see is heirs trying to repatriate the proceeds of the sale of their deceased parents home,” continues Matthew Cameron of Ashton KCJ. “French notaires often insist on sending funds directly to the account of the beneficiary, rather than agreeing to transfer them, quite legitimately, into the segregated account of a currency exchange specialist. If you don’t have a bank account, making your notaire aware of the situation well before any funds need repatriating helps the situation.”
You can view properties for sale in France by looking at the French listings on Rightmove Overseas. To speak to a currency exchange specialist who could save you money when buying in France and assist with a smooth buying process, visit the Currency Zone or download Smart Currency Exchange’s free report here.
To understand the full step-by-step process to buying a property in France, collect The Overseas Guides Company’s ‘France Property Buying Guide’
The views and comments herein are those of the author and do not necessarily reflect the views or opinions of Rightmove Overseas, Rightmove Group Ltd or Rightmove Plc