Avoid mistakes. Understand how the French real estate buying process works with ESREA France
If you own or plan on owning French real estate it is a good idea you read up on the new international succession laws that come into effect August 17th 2015. You need to see if you are impacted.
As of August 17 2015 The European Regulation on international successions comes into effect in the European Union.
At this time the law concerns all member states except the UK, Ireland and Denmark.
Read full details in English on the French notary’s site here then consult your personal legal adviser.
Perhaps you are British and you are in France shopping for a new investment in French real estate and you are wondering what sort of tax considerations you need to review.
Thanks to Blevins Franks Top Ten article linked to below you can have a super quick review of what you need to consider about taxes in France at this time.
Are French Mortgage Rates the Same Everywhere in France?
In general, French mortgage rates are not the same everywhere in France.
French Mortgage Rates as set by national banks like BNP have guidelines on their rates to offer to clients. However, adjustments are made according to the region where the borrower is located and the competition from other banks in the field.
In addition, mutual banks like Credit Agricole have guidelines for rates that may appear to be more unified, however, again it is not impossible to see higher or lower rates in another region.
It is important that you speak to a French bank in the area you wish to buy in or contact a mortgage broker who works with banks in your area of choice.
If you would like to be connected with an English speaking French mortgage broker you can contact us for guidance.
As a result of the new French real estate laws enclosed in the Loi Alur owners of French real estate that is rented as a furnished rental must have the following equipment included:
One
Bedding including duvet or blanket
Two
Devices to darken rooms intended to be a sleeping area such as a bedroom
Three
Hotplates also called a stove top
Four
Oven or microwave
Five
Refrigerator with at least one freezer
Six
Dishes enough to serve a meal to the occupants
Seven
Cooking tools
Eight
Table and seats
Nine
Storage shelves
Ten
Lighting
Eleven
Housekeeping materials adapted to the characteristics of the dwelling
The equipment must be in working condition when the renter moves in.
More details are sure to follow from the government. This rule is apparently set to come into effect September 5th 2015.
You can read the source article in French here.
Note: If you have a challenge with your property rental please contact the property owner or real estate management company. We cannot help you. This information is for educational purposes only.
French Mortgage Interest Rates continue their gradual increase according to the CSA.
CSA is a French institution that studies the trends in French mortgage interest rates. They forecast that in the coming months the rates will continue to increase. It appears the decline in rates has ended.
The increase in interest rates on average when you are buying a pre-owned home in France may only be .05 percent comparing July to June 2015 according to the CSA, however, this always means you are paying more money for the loan of the same amount of money. The increase affects also what you can afford on your current income.
If you have a plan to buy in the current French real estate market we recommend you speak to your English speaking French real estate broker. If you need guidance please ask us.