Newsletter 29, Q3 2008

2008 is proving to be a difficult year. Undoubtedly the US credit crunch has impacted here in France, and for the 1st time since the turn of the Millennium houses are ‘sticking’ on agents’ books. Buyers from the UK have found their purchasing power diminish from buoyant highs of around 1.55 € to as low as 1.20 € in recent days. In this newsletter we are looking at ways to help all concerned in the French property market.

Our Top Tips

1. Mortgage Refinance We are able to offer very significant cost savings to many people with existing UK or French mortgages. Via an interest only mortgage, monthly repayments can be significantly reduced.
2. Mortgage Finance If you are about to buy a French house we have access to various schemes at competitive rates. Using our expertise, you can benefit via lower repayments rather than just choosing the best known lender. Even if you don’t need a mortgage, it could make good financial sense to borrow Euros and repay later when Sterling improves provided you don’t have an early redemption penalty.
3. Currency Exchange Even now, despite the plethora of companies offering currency exchange services, many people choose to use a bank for their transactions. Our preferred company and dedicated dealer will ensure that you get the best rates on your currency deals and could literally save you thousands of £s.
4. Viewing Visits Maximise your available time. Give us as your agent the maximum information about your ideal specification and advise which areas you are happy to compromise upon. A list of must haves and must avoids is always useful. We at Allez-Francais will then only show properties meeting your requirements. We always suggest a minimum of 1 day with us to view property. Just choosing 1 or 2 properties to view doesn’t work in our experience. Help us to help you!
5. Negotiation Where possible we will negotiate a ‘deal’ on your behalf. In a buyer’s market, very few properties are achieving the full asking price. We also have selected properties at reduced agency fees to make our vendors prices more competitive.
6. Insurances For all clients agreeing to a purchase via our business before 31/12/2008 we are offering a special incentive of 6 months free property insurance via our selected insurance company. We can also help with motor, school and health insurances.
7. Gite / Maison d’Amis If you are coming to live in France, and are described as ‘non-active’, (not working and below state pension age), consider buying a property with extra accommodation. The declared income will get you into the French healthcare system until you qualify as a pensioner – saving private insurance costs.
8. Legal aid Most buyers are happy to buy the French way and use the trusted Notaire, especially where they speak good English. Some clients prefer to engage a UK based solicitor to oversee matters and we can introduce such clients to one French legal expert at a discounted rate of 10% from normal charges.
9. E-mails Bombard us with e-mails in the month ahead of your visit. We will respond quickly and supply additional information / photos for properties. We can even send pre-marketing material where a house is coming on to the market very soon.
10. Reading “Taxation in France a Foreign Perspective 2008” is the absolute bible for people planning to move to France. Well written and very comprehensive, absolutely invaluable in our opinion. Written by Virginie Deflassieux, the French Tax Senior Manager of PKF (Guernsey) Limited.

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