Buying and Selling a French Property

The conveyancing process in France is very different to that in the UK. Rather than buyer and seller having their own legal advisers acting for them, a French Notaire can act for both buyer and seller, ensuring that the general transaction process is followed correctly. You will still want detailed advice on your position to be certain that the advice is given in your best interests, and you understand how the law applies to your own position.

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Property is “sold as seen”. Responsibility is placed on the buyer to make a thorough inspection of the property and ask detailed questions. Questions should be asked about the property to make sure that all relevant information is known before committing to the transaction. Both buyer and seller must act in good faith towards each other. 

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The preliminary sale contract is a conditional contract, meaning that the parties are relying on certain conditions being fulfilled after the first contract has been signed, and in order for completion to take place.  

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The importance of getting the ownership structure right between two or more people buying should not be underestimated. Buyers would be advised to consider their succession plans at the time of buying, to make sure everything is set up in the best way to, as far as possible, achieve their objectives.

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The capital gains tax rules on a French property sale are different to the UK tax rules. Great importance is placed on providing evidence of expenditure on a property to be able to claim deductions. If you are resident in the UK you will need to understand both your French and UK tax liabilities. 

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These are just a few reasons why a buyer or seller might look to a French-speaking professional for support, advice and guidance through the conveyancing process. A specialist in French property law can help to fill in the gaps of knowledge not only of the process but also the implications of becoming a property owner, succession planning, and the responsibilities and obligations on providing information when selling.

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