RBL ESTATES PURCHASING COSTS

Notary Fees: The French legal system is divided into distinct areas of activity. In the area of conveyancing, this is dominated by lawyers known as Notaires and they have the monopoly in relation to the transfer of real estate in France. A Notaire undertakes independent legal conveyancing for both parties in a property transaction. The Notaire is a public official and has a duty to ensure that the transaction is carried out legally and accurately and his authentication gives the transaction incontestable validity. Their fees are charged on a sliding scale related to purchase prices.

The Notaire is usually appointed by the developer in the case of new developments or seller/buyer in the case of resale (revente) property. Buyers can actually appoint their own notaire who will work along with the one already appointed. This does not affect the cost to the buyer as the fee payable by the buyer is actually shared between the two notaires.

Transfer Tax or Land Registry Tax is payable on resale property @ 5%. If the property is less than two years old, 2% of Purchase Price is payable.

Mortgages: French banks will lend a maximum of 85%, provide up to 25 year loan terms and will charge up to 1% arrangement fees.

RBL is an appointed agent for six French banks and will guide you in detail through the French mortgage product range and assess you for mortgage affordability levels.

Translators/ Legal Advisor's: For complete comfort and security, you can’t depend on the Notaire to scrutinise issues not within their remit and additional translations may well be required. There are legal professionals in the region who provide a service overseeing the transaction, providing peace of mind. These can be lawyers (Avocats) who may often also provide taxation advisory services such as income tax returns, forward tax planning, purchase structures and inheritance planning and preparations.
RBL can introduce you to reliable advisor's based in Ireland or France.

ONGOING COSTS:

Maintenance: An annual management charge will apply to all apartment and/or group villa developments.

Management: Obviously a local professional is required for the related services. An annual cost applies – 10 to 15% of the rental income plus costs.
RBL can supply a list of property letting agents who all provide management services.

Taxe Fonciere: Annual Property Tax payable by the owner. New properties are exempt for the first two years.

Taxe D’Habitation: Equivalent of rates; payable annually by the occupier. Calculated according to the square metres of the property.

For more information on Purchasing Costs please Contact RBL Estates