How do we justify our fee?
BROKING
Interest Rates Savings
As brokers we have access to the more competitive interest rates in France and the UK through both lending institutions represented in the UK and those exclusively found in France. We have computerized connections to the market as a whole in the UK. This access gives us the opportunity to provide you with a true comparison of the most appropriate means of finance of the day and very often we are able to provide significant interest savings against those lenders at the forefront of the market such as UCB. Currently we can achieve savings of as much as 1% per annum year on year against those French banks specifically targeting the non resident buyer.
Maximum Advances
We can obtain mortgages in France in excess of the standard 60-80% of the net purchase price. Typically we can achieve advances to 90% or more on standard purchases including 100% of the rennovation costs and nearly 100% of the HT leaseback price and notaires fee. This often allows 100% financing of the French property, including purchase costs, if personal resources are limited or inaccessible. High income multiples, self-certification of income in the UK and flexible attitudes by lenders to ancillary income sources allows us to consider applications outside the strictest lending criteria of the mainstream. Including gites , residential/commercial ventures , buy to let even loans on French boats and cars
To receive an up to date Personalise quote go to application or contact Chris Ellis and the French team directly for more details.
SERVICES PRIOR TO PURCHASE
In addition to the possible cash savings generated by our broking expertise, we can also provide pre-qualification for a mortgage before you go out and find our property. Once instructed by you we include the following services over and above obtaining the mortgage offer:
Safeguard Deposit
We establish immediate contact with the notaire(s) informing them of your application for mortgage funds and ensuring that the "Condition Suspensive" concerning obtaining funds is adhered to, thus safeguarding your deposit.
Completion Statement
During the course of the application, and once the mortgage offer has been issued, we provide an estimate of the completion statement, verified by the notaire, giving sufficient advance notice of when and how much your contribution will need to be upon completion, in addition to the mortgage funds and deposit already paid.
French bank account
We open a bank account on your behalf and oversee the initial deposit of funds to cover the first month's mortgage payment. If required a cheque book will be obtained, and subject to status, a Carte Bleue (equivalent to a UK credit card) may also be given.
Personal tax considerations
An introductory review of the potential Inheritance Tax consequences in both the UK and France following death during possession of the property. The review focuses on French Inheritance Law, the method of ownership and their effects on the distribution of theproperty on death. Suitable recommendations are made.
The Compromis
Our role is limited to that of providing financial advice, and we recommend specialist legal advice be obtained regarding your contractual rights and obligation. We are in a position to to oversee the completion of the Compromis in respect of the terms and conditions to obtain a mortgage, and confirm the estimated notaire's fees. We are able to recommend specialist notarys and solicitors able to act on your behalf.
French Buildings Insurance
We will introduce you to insurers both in the UK and France and arrange for any existing policy held by the vendor to be abolished, if required.
Life assurance
We will organise suitable life policies in either the UK or in France, as is required, in association with the loan. In certain cases we can ask the banks to waive the requirement for life insurance or allow the use of existing policies which can offer French inheritance tax benefits
Power of Attorney
If completion is to take by Power of Attorney we will liaise with the notaire to confirm that the document is suitable for the mortgage contract, and provide instructions for legalising the document in the UK.
SERVICES AFTER PURCHASE
Newsletter
By means of a quarterly newsletter, to which subscription is free, all our clients receive up to date information of financial developments both in France and the UK which may have a bearing on French property ownership.
Complimentary Tax and Social Security Reports
Many buyers of French property either wish to generate an income via holiday or long term lettings, other intend to immediatly or eventually retire to France. Charles Hamer have several introductory reports covering a wide range of topics from French taxation of furnished holiday lettings, to the cost and obligations of adhesion to the French Social Security system. All are available to our clients on request and without charge.
What is the total purchase cost ?