France is an extremely popular country for British nationals considering investing in overseas property. There are a number of attractive locations from the beautiful coastal regions to wonderful mountains and lakes as well as the highly attractive rural locations. The close proximity to the UK is also an advantage if the property is intended as a holiday home.

The decision to buy a property overseas is usually undertaken after extensive consideration, the purchase of any property is a big investment and buying a property abroad requires adequate research to ensure that you are making the best choice. It is strongly advised that expert legal assistance should be sought to scrutinise all aspects of the purchase to be sure that there are no problems or issues that you are unaware of. Giambrone & Partners' highly experienced English-speaking real estate lawyers in our Lyon office will guide and assist you through the entire process.

Angela Falqui, an associate in the Lyon office commented " The real estate teamhas years of experience in assisting British purchasers to acquire property in France" Angela further pointed out "once we understand your objectives we can advise you on how to achieve them and guide you as to the best way to proceed, including providing a strategy to safeguard your interests and accomplish your aim"

Whilst the purchase procedure in France differs from that in the UK with the right assistance, your purchase should not be any more challenging than property purchase in the UK. There are different types of sale and purchase contracts in France, depending on each purchaser's circumstances. How you buy your property must be carefully considered as the choices made may have an impact at a later date.

Giambrone & Partners will be exhibiting at A Place in the Sun Manchester March 2024 at Manchester Central. If you would like to attend you can buy tickets here https://aplaceinthesunevents.com/manchester/. Our overseas real estate lawyers will be able to outline everything you need to know about buying a property in France.

Residential Real Estate Purchase in France

Once you have made the decision to buy a property in France the best way to find a house is almost certainly through an real estate agent Agence Immobilier . Once you have decided on a house you may then make an offer to buy with a formal written offer, an offre d'achat. A deposit, which is part of the purchase price, must be paid when the offer is made. You can make the offer directly or enlist a professional such as a real estate agent, expert lawyer or a Notary (Notaire). In France Notaries oversee the property purchase and represent both the buyer and the seller. It is recommended that a British national buying property in France should instruct an English speaking real estate lawyer who will ensure that the purchase is sound and as far as it is possible to establish that there are no breaches or any other issues that will impact on your purchase.

You should have legal advice as to the type of contract (l'avant-contract) is best for your purchase. A promesse unliaterale de vente is a contract where the seller, called the promisor, undertakes to sell their property, the buyer, called the beneficiary, is given a period of delay to decide whether or not to exercise the option.

Alternatively, a compromis de vente (or promesse synallagmatique de vente) is legally binding for both parties, provided any conditional clauses are fulfilled, they are both obliged to complete the transaction. The compromis is a reciprocal contract.

How a couple holds the property is of vital importance as it has an effect on inheritance, particularly if the couple are unmarried. If the property is held en indivision on the death of one party their half of the property is inherited by their heirs in accordance with the laws of succession in France. If the property is held en tontine the deceased half of the property passes to the surviving partner.

It is strongly recommended by our expert real estate lawyers that at an early stage that you instruct real estate lawyer to review all the documents relating to the property you are proposing to purchase. Including a document which shows the boundary lines of the property and the official public register of property ownership. The Notaire should provide you with copies when you sign the sale and purchase agreement. fantastic

It is recommended that between five and ten percent of the purchase price is allocated for the additional costs and fees incurred during the course of the transaction.

Immigration

Once you own your property in France and if you intend to relocate to France or visit for longer than 90 days you will require a visa, which generally is easily obtained as the owner of a French property. You may wish to apply for a Long stay visa valid for residence visa long séjour valant titre de séjour "étudiant" (VLS-TS). This is required for those who wish to stay in France for longer than 90 days and less than one year.

Long Stay Visa

The long-stay visa is equivalent to a Schengen visa and enables you to travel around and stay in the Schengen Area outside France for periods not exceeding 90 days during any period of 180 consecutive days, under similar conditions to holding a Schengen visa. For foreign buisness executives wishing to invest in the French economy and settle in France, the most appropriate residence permit is the multi-year Talent Passport 'Business investor' residence permit which can be applied for personally or via at least 30% of company ownership. Direct investments include share capital investments, reinvested earnings or 'loans between affiliated companies". Exclusively financial investments are therefore outside the scope of the scheme. The validity period of this permit is variable.

Talent Passport Passeport Talent

Should the planned length of stay be under a year, foreign investors can apply for a long-stay visa equivalent to a residence permit ('VLS- TS') marked Passeport Talent ('Talent Passport'). This is valid for up to 12 months. Should foreign nationals wish to stay in France beyond this period, they may apply for a four-year Talent Passport residence permit. After ten years of ownership, you can apply for French citizenship. Alternatively, if you invest at the required financial level you can obtain French citizenship within five years.

Angela Falqui provides valuable support and insights in matters relating to immigration, corporate and commercial law and real estate. Angela's areas of expertise include international law, in particular, international contract law, French law and comparative procedures between Italy and France, European Law and EU regulations, real estate, immigration law and she has gained experience in Tunisian law.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.