Many people from Britain, America and other countries want to buy a home in the South of France. As well as being a solid investment, a home here will let you enjoy the Mediterranean weather, relaxed lifestyle and culture of this region.
However, buying a home in France can be affected by a number of factors such as language differences, exchange rates and French inheritance laws. This guide examines these issues and explains where you can find help to make the process straightforward.
To look at properties in Montpellier, visit www.styles.fr.
Sunday, 22 April 2007
French inheritance laws and how they affect purchasing property
It is always advisable before purchasing a French property to understand France's inheritance laws and how they can affect the ownership of property after the death of the owner/owners. This is especially important where property is purchased jointly between spouses, where there are children involved either from the marriage or from a previous marriage.
The rules of inheritance in France are affected by the fact that in French law there is no concept of testamentary freedom for all, meaning a person may not merely leave assets to who ever and in whatever proportions they please, if they have children.
Making a French will is also advisable, as well a will in the country of your previous residence if moving permanently abroad.
There are several different ways to purchase in France, which can be beneficial when it comes to inheritance and making a will. A French Notaire will advise on this prior to his other role in overseeing the legalities of a purchase.
For more information about dealing with inheritance laws in France when buying property, please contact Styles Estate Agent.
Buying a French property through an SCI
A common way of buying a property in France is through the use of a Société Civile Immobilière, or SCI. The use of this method has benefits for French residents, as well as foreign residents. An SCI is essentially a fully incorporated company with a registered office in France. This office can be the property itself.
The SCI then owns the property in question. Being a company, the SCI is itself owned by shareholders, in most cases, family members. The shareholders can be resident or non-resident in France
STYLES Immobilier in Montpellier helps its customers to make the right purchase and legal decisions, and will recommend notaires most suited to the customer's individual needs. STYLES Immobilier has a full English speaking service and has helped many clients to successfully purchase French property through SCIs.
Foreign Exchange & Property Purchase in France
Exchange rates play a very important part in the process of purchasing an overseas property (assuming the purchase capital is held in a different base currency) and will directly affect the final costs of buying an overseas property either as an investment or when relocating abroad.
It is also worth noting that the price of the property is very different to the cost of the property. The "price" of the property will be in the local currency whereas the "cost" of the property will be how much of the buyer's own currency will be needed to pay for the property.
Exchange rates move constantly and by large amounts. Rates move by the second depending on the supply and demand for each currency. Given that the Euro exchange rate moves an average of 3% every month, it is not difficult to see the financial impact that exchange rates can have on an overseas property purchase.
English speaking Montpellier based estate agent Styles Immobilier guide their clients through the process and provide advice on foreign exhange rates and how this will affect purchasing property in France.
Transferring money for overseas property purchase
High street banks have traditionally been the main suppliers of consumer foreign exchange services.
However, there are also a growing number of specialist foreign exchange dealers - currency dealers - providing services and advice to buyers looking to buy an overseas property. In many cases currency dealers can provide financial, time and administrative advantages when compared to a normal branch of a high street bank.
English speaking French estate agent Styles Immobilier can advise its overseas customers seeking such help, and suggest several several excellent independent foreign exchange dealers when purchasing property through Styles.
Montpellier and its historical and architectural heritage
Montpellier is one of the most beautiful cities in France, with stunning architecture from earliest 12th century right up to the modern day. Much of the Ecusson or central Historical area still has many original buildings, renovated with careful attention thanks to the support from the Mairie of Montpellier, determined to keep as much of the heritage of Montpellier intact.
Over two centuries a large number of private mansions were built in the city, homes that were signs of their owner's prosperity. Noblemen and rich traders built nearly one hundred such luxurious buildings in the centre. Huge gate entrances, large, luminous interior courtyards, forged iron railings lined stone staircases leading up to vast apartments…
During the 17th century great architects such as Simon Levesville and d'Aviler brought major changes to medieval dwellings. The austere façades contrasted with the monumental staircase that was adorned with balustrades and which led onto an internal courtyard. It became the symbol of social distinction.
The main feature of the 18th century was the embellishment of the façades due to a generation of architects from the Languedoc, known as the Giral. Façades gradually became less sober and balconies started to boast elaborate ironworks.
Along with the bourgeoisie's ascension to power and its demand for profit, the Private Mansions became income properties. The façades and the staircases became adorned with exuberant décor, sometimes even ostentatious, inspired by the Haussman style which broke with the tradition of Montpellier. The city became richer and the first private mansions were built. This frenetic building continued until the next century, helping to completely change the face of the city. Montpellier now has over 70 private mansions, including the "Hôtels de Grâves, St Côme, Mirman..." and many more
These mansions are closed to the public, but appartments of all sizes often come up for sale through Styles Immobilier, the specialist estate agency based in the heart of the Ecusson (historiacl centre) Styles helps its customers find something really special, full of original features from a loft style top floor appartment to a large "maison de ville" ,as well as original stone built properties in the surrounding areas of Montpellier.
Montpellier's cultural heritage, music and film festivals - one of the best places in France to live
Montpellier is one of France's youngest populated cities . Its university has over 60,000 students with the medical faculty being the oldest in France. There is now a great number of medical research laboraties and institutes based in and around Montpellier, making it an important medical centre in France with an international reputation.Many international conferences are held in Montpellier.The Radio France music festival, Montpellier festival of Dance, and Montpellier International Film festival all take place during the summer months.
Montpellier is only 3 hours TGV from Paris or 1 hour by air, 2 hours from the Spanish border and Barcelona, 1½ hours to Marsaille and Provence and 6 miles from the Mediterranean beaches. Surrounded by spectacular countryside and many historical sites and medieval villages Montpellier is a young and dynamic city to use as a base, from which to visit the whole of France.
For the holdiay visitor or the professional wanting remain resident in France, Montpellier offers the best of many worlds of culture,city ambiance, mediterranean climate and easy and fast access to many other european destinations such as London, Paris,Rome to mention only a few.
Styles Estate Agent, based in the heart of the city, specialises in finding outstanding property for the discerning customer looking for something special either for an investment or for pleasure as their main residence.
Renovating and decorating a property in Montpellier
Styles Immobilier, based in the centre of the Ecusson historical heart of Montpellier, offers its customers a full "après vente" (after sales) service should they purchase a property that needs renovation, or redecoration before they move in.
Many overseas customers relocate and need to redevelop and decorate their apartment or house before moving in, but simply don't have the time nor the local contacts, or even language skills to start such a project. Styles can help by managing the entire process, and working closely with the client in carrying out exactly what they wish to achieve from their own initial design ideas and personal style - to the actual complete process of renovation and decoration.
Styles will find and manage all the necessary sub contractors - builders, plumbers, electricians, kitchen and bathroom designers. Styles has extensive personal contacts with Montpellier based designers, architects and interior design stores (Designers Guild, Farrow and Ball, RBC furniture and many other well known brands) and can arrange for a complete package - custom made for the client depending on their requirements and budget.
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