Notaires 'best source of advice on French property'

Investors have been advised to seek out legal advice before sending money to France and purchasing a property.

Managing director of Leapfrog-properties.com Niclas Dowlatshahi warned people it is wise to consult a professional before signing any contracts.

Despite the potential language barrier, he recommended using a French notaire – an impartial notary – who can explain the details of a deal in depth.

Mr Dowlatshahi advised individuals that speaking to such an expert would be more beneficial than going through a solicitor in the UK that has a French department.

"The knowledge of a notaire is usually greater since they have done all their studies in France and are the ones who actually perform all the transactions," he explained.

It was suggested investors need to take their time discussing the finer details of a property deal before making any payments, so finding an expert willing to discuss this thoroughly was recommended.

According to Mr Dowlatshahi, two new laws have just been introduced in France, which will be likely to affect those looking to purchase a home in the country.

The first is the increase in the threshold for wealth tax, which is set to roll out from the start of the new year.

Meanwhile, reforms have also been made to the capital gains tax, which is to stay at the same rate, but will be reduced over a 30-year period rather than a 15-year time frame.

This rule is to take effect from February 1st 2012, Mr Dowlatshahi commented.

Editor of FrenchEntree.com Justin Postelthwaite recently reminded investors that inheritance laws in France differ from in the UK, with succession regulations favouring children rather than spouses.

It was warned that holiday homes in the nation fall under these rules and so offspring become the heirs of an estate.

Posted by Thomas Smith

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