Review contracts before using international mortgages

Mon, 05 Dec 2011
Britons using international mortgages to purchase property in France need to get the right legal representatives.

This is according to Justin Postlethwaite, editor of FrenchEntree.com, who noted people should employ someone with knowledge of French law.

They can then interact with a "notaire" - which is an impartial notary - who will be charged with drawing up an agreement.

However, Mr Postlethwaite remarked individuals need to make sure they have this contract looked over before they put pen to paper.

"Note that if you intend to purchase with a mortgage, a condition relating to finance must be inserted so that you can pull out of the transaction if your mortgage application is unsuccessful," the specialist went on to note.

Mr Postlethwaite continued by saying that when pushing through deals in France, there is no fixed date for completion, as people will be used to in the UK.

Last month, Peter Mindenhall, a researcher at IPINglobal, observed French property represents a stable investment opportunity at the moment.

He added the country has consistently tried to encourage foreign ownership.
 
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