Your French Property offers a fully comprehensive service free of charge
Your French Property are specialist providers of French property to the overseas market. Whether you are seeking a leaseback investment, a holiday home or a permanent place of residence in France we can help. Due to our long standing relationships within the French property industry, we are able to cherry pick the best properties as they come on the market and represent the major developers and estate agents in France. Our dedicated team of bilingual staff are on call to help you locate the perfect property and to assist throughout your purchase, simplifying the process and helping you free of charge.
Mortgage
Staged Payments for New Properties
New build properties in France are paid for during the build process by staged payments. The staged payments are governed by French law and would typically be something like:
The staged payment schedule would be detailed in the Preliminary Reservation Contract for each property.
When each staged payment becomes due, purchasers would receive a request for payment along with an architects certificate.
When these are received it is important that the purchaser forwards them immediately to their lender along with permission for the lender to release the funds. On reception the lender will then release the amount of funds required directly to the developer either by cheque or in some cases transfer.
French lenders are very used to dealing with new build properties and payment in this way is standard for all new properties in France, whether they are leaseback or normal properties.
Some lenders have even set up their mortgages so that you only pay your mandatory life insurance during the build process, deferring interest and capital payment until the building is complete. The obvious advantage to this is that it avoids you needing to pay monthly repayments before you start earning your rental income.
