Discuss your needs with one of our bilingual personal mortgage advisers and together, develop your financial plan or find out exactly how much you can borrow. You will then receive a detailed quote based on the information that you have given.
Then, find your property and ensure that you have made the right choice. If necessary, call on professionals for advice. To obtain leaseback financing and fully benefit from the scheme the property must be new or in the process of being built and part of a BNP Paribas International Buyers approved development programme. The management company must also handle the letting.
The next step will be to sign your reservation contract. Once you have signed this document no one else will be able to buy the property you have chosen. However, don’t forget that you still have 7 days should you wish to change your mind.
Remember to insert a clause into this document stating that it is subject to mortgage acceptance, otherwise, you will lose your deposit should the mortgage be refused.
Appoint a notary(*). In France, the buying and selling of property is handled by a notary, a public official who ensures that all deeds of sale are authentic. Notaries are responsible for the drawing up of such deeds and, in some cases, the reservation contract. The advice they give is objective and they must act impartially towards the various contractual parties.
BNP Paribas International Buyers will be happy to provide you with details of English speaking notaries in France.
(*) Usually, the seller appoints a notary who must act impartially and ensure that the transaction is carried out correctly. However it is possible for the buyer to appoint his/her own notary at no extra cost to the buyer or the seller. The notary fees will be shared equally between the respective notaries.
Nothing could be simpler. Once these forms have been completed, return them to your personal BNP Paribas International Buyers mortgage adviser. At the same time, you will also need to submit a certain number of other documents concerning personal details, income and outstandings. Following acceptance of your application you will receive your BNP Paribas International Buyers loan offer of which a copy will have been sent to your notary. By law, you must wait at least 10 days before accepting the mortgage. However, be careful not to exceed a 30-day deadline after which BNP Paribas International Buyers will not be obliged to maintain the financial conditions of the offer.
Completion of a leaseback investment is subject to the fulfilment by the different parties involved of a certain number of conditions precedent. It may in general take from six to twelve months from the moment you sign the reservation contract to the moment you sign the final deed of sale. The notary will make a written request to us at BNP Paribas International Buyers for the first release of mortgage funds and in turn we transfer the agreed amount to the notary. The rest of the mortgage funds will be released gradually as the construction of the property progresses.
French law stipulates that the notary retains the original deeds of sale and you will be given an official copy.