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French Leaseback Costs

France - French Leaseback Costs

Purchase costs

When purchasing leaseback property there are a number of costs that are not included in the purchase price of the property. These commonly include:

- Notary fees: purchasers should allow approx 3.5% of the VAT inclusive price for new build and between 7–12% for resale.

- Mortgage registration fees: these are applicable when purchasing with a French mortgage – purchasers should allow approx 2% of the VAT inclusive price.

- Solicitor fees: contrary to popular belief, the French notary does NOT work on behalf of the purchaser and is independent, acting more as a paperwork administrator than anything else. It is highly advisable for purchasers to instruct a bilingual solicitor qualified in French law to act on their behalf. Prices vary although are commonly between 600-2000 GBP depending on the level of service.

- Proxy fees: if the purchaser closes on the purchase at a public notary in the UK, they will need to pay the UK based notary a fee for them to notarise the document. This varies from region to region but generally comes in at about 100 GBP per document.

- Accountancy fees: to claim back the VAT an accountant will normally charge between 300-500 Euros.

Costs involved during the lease

The following is an outline of the costs involved during the lease period. It should be noted that they may vary from development to development and do not include income tax liabilities.

- Taxe Fonciere: Land tax paid in France by owners. Averaging a cost of between 300–500 Euros per year for a studio or one bedroom apartment.

- Accountant's Fees: to prepare VAT declarations and keep accounts averaging a cost of between 300–500 Euros per year depending on the firm.

- Frais de Syndic: these cover some of the insurance liabilities which are paid by property owners and costs vary from development to development.

- Quote Part de frais des co-propriétés: Some property management firms (although these are not the majority) will only pay part of the co-ownership charges and leave a part for the owner to pay. These are usually between 15–20 Euros per metre squared each year. Where this is applicable it is set out in the lease contract.

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