France has always been a popular location for UK residents buying holiday homes, retirement homes, permanent homes or just property investments. Buying property in France is an appealing thought with stunning countryside, beautiful food, and its proximity to the UK, amongst other factors, have made France such a popular destination for UK residents looking to buy property abroad or gain capital growth.
If you are contemplating buying property in France, for whatever reason it is important to consider the financial implications of exchanging large amounts of money from Sterling to Euros. The foreign exchange specialists at HiFX can advise you on the complete currency exchange process when buying property in France. Fluctuating exchange rates can seriously affect the amount of money you need to complete your purchase. HiFX can offer you the best possible exchange rates for money needed to buy your French property; rates that many banks only give to large corporate clients.
So once you have decided to buy property in France what should you do to make the process as trouble-free as possible?
It’s well worth considering finding yourself a respected local lawyer who is capable of speaking both French and English. Buying property in France, as you would imagine, requires a fair amount of paperwork and having an able lawyer will make the steering through this as stress free as possible.
It is a common occurrence for you to be required to pay a reservation fee while your lawyer draws up the relevant paperwork. Also, while this is happening, France will require you to apply for residency in their country if you plan to buy property there; this is a normal procedure and is generally granted to all legal buyers so it is nothing to worry about.
A Place in the Sun Magazine - Buyers Guide offers more information about buying property in the French Riviera.
Foreign Exchange for Buying Property in France
Buying property in France requires cautious financial planning and management.
For example, some UK residents buy ‘off plan’ property in France. ‘Off Plan’ property describes purchasing a new property development before it has been built and this process usually requires a number of separated currency transactions. An initial down payment is required, a number of ‘stage payments’ are required during development and a final payment is required upon completion.
The overall price is agreed before the start of the development but fluctuating exchange rates can mean that you are paying different amounts for each payment.
When buying property in France, in our experience it is highly advantageous for the customer if they understand as much as possible about the potential foreign exchange exposure they face. As a result HiFX provides regular market updates to clients immediately upon registration. The service is free and carries no obligation to buy currency.
HiFX has helped over 40,000 people buy foreign currency since 1998.
If you are buying property in France and you would like further information on our services, please call our Private Client Desk on 01753 859159 or alternatively visit the HiFX call me back page to have one of our representatives call you at your convenience.