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NEWBUILDS LEGGETT MAGAZINE

110110110 LEGGETTFRANCE.COM

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Cahier des Charges.

This second contract is

lengthy, complicated and in

French - by law it must be given

to you at least one month before

your signature is expected. Leggett

has a bilingual, in-house,

contracts team that specialise in

off plan sales, they will be available throughout

the purchase

process to help and advise.

You should be aware that

the contract is unlikely to specify an

exact date for delivery

of the scheme - most often it

would give the year and approximate

time (i.e 3rd quarter,

2018).

One, pleasing, aspect of the

purchase is that notaires fees

are much lower for off plan

properties. You will pay around

3% compared to 7-8% for "old"

properties.

There are certain grounds for

withdrawal from the contract. If

you fail to get a mortgage, if the

developer is beyond the stipulated delivery

date, if the price

has risen unfairly, if the promised communal

facilities are not

provided and if the property

does not match the description

in the contract.

I hope that this brief introduction to

buying property "off

plan" in France proves useful.

If this is the case then I heartily recommend

that you contact

one of our VEFA team directly so

that you can make the most of

their expertise and knowledge.

Dominique Petit is an expert in

off plan sales and an area coordinator for Paris.

T

HE NEW BUILD MARKET

in France is popular

and President Macron

sees it as important to

the economy. The Ministry of

Territorial Cohesion recently

announced a raft of measures

to help make the sector

more attractive - both in terms

of the buying process and its financial attractiveness.

Leggett has mandates with

most of the major developers

in France - this means that the

price you pay is exactly the

same as if you approach the

developer direct. What is more,

our local experts will be able to

guide you as to which properties are

currently available and

which best suit your particular

needs. Some of our clients buy

new builds for personal use and

some buy as pure investments.

The Loi Pinel offers many tax

advantages if you are a French

resident.

The beauty of buying off

plan is that you will be able to

choose a property that suits

21st century living - bright,

open spaces, fibre optic cabling

and lightning quick broadband,

energy efficient housing and garaging

for electric vehicles.

The VEFA market in France

is highly regulated, with protections in place

to protect the purchaser throughout

the transaction and beyond.

Set out below

is a brief guide as to the process

you will go through when buying a new

build property.

The good news is that your

purchase comes with certain

guarantees:

LA GARANTIE DE LIVRAISON

That it will be delivered on

time, within specification and

on budget.

LA GARANTIE DE PARFAIT

ACHÈVEMENT

Covers all major issues that

need immediate attention, for

the year after delivery.

LA GARANTIE BIENNALE

Covers minor snagging for two

years after delivery.

LA GARANTIE DÉCENNALE

Covers structural issues for 10

years.

When buying off plan it is usually a two

stage process. You

begin by signing a preliminary

contrat de réservation - be

warned that whilst this will contain important information

such

as plans, plot sizes, completion

dates and finishes it will be the

second, VEFA, contract that governs the rules of

the sale.

This VEFA contract will have

been drawn up by the notaire

and it will include details of

what is included in the sale, the

descriptif détaillé.

The VEFA contract will also

include the set of the rules that

will apply on the development.

For instance, use of the communal areas,

business use of the

property, and fully itemised service

charges - this is called the

Most off plan sales in France take place in the Alps, Paris and CÔte d'Azur

and are often bought as investments. They are known as Vente en l'état futur

d'achèvement or VEFA.

Buying property

OFF PLAN

WORDS: DOMINIQUE PETIT

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