Sunday, 29 November 2009

Bargain hunting

Bargain hunting With the property market fairly quiet, there are always some great opportunities to snap up a bargain. Being in the best position to negotiate a good sale, i.e. with cash in your pocket, or even better your £s already exchanged into Euros, puts you a step ahead of the competition. There are quite a number of very large price reductions now on our website, and this provides the astute buyer with a fantastic chance to buy a French property at a significant discount. See our website or telephone or e-mail for the latest bargains .... Peter Elias (Agent Commercial), La Moinerie, 79500 Paizay le Tort, Deux-Sèvres, FRANCE
Tel: 00 33 (0)5 49 27 01 22 Mob: 00 33 (0)6 62 28 02 25

Sunday, 22 November 2009

Renewable energy, & mortgage lenders

A week ago we were driving back from the Algarve, passing through Portugal and Spain en-route back to the Poitou Charentes. What was immediately evident was the extent of the efforts that have gone into providing renewable energy sources in those 2 countries. Wind farms appear on many horizons as you make the drive. Whether you like them or hate them, they do appear to lie idle for an awful lot of the time, either because there is too much wind, or conversely, because there is not enough. However, given that they have a projected life span of 20 years, and they take 15 years to break even, we remain to be convinced about their value. What was noticeable on this journey, was an increase in the number of solar powered projects. Sitting in football sized fields, the panels are low level and unobtrusive, quite a difference to the modern éolien (wind mill), that stands 140 meters high and is visible for many miles. In fact, you almost miss the solar fields because they are so discreet. It is therefore a bit of a puzzle why this region of France has opted to invest in so many wind farms, (34 parks planned for our department alone), with a complete absence of solar energy except for small individual installations. It is acknowledged that we enjoy well over 2,200 hours of sun per annum, and the area is the 2nd sunniest in France, the decision to opt for wind power baffles me. Enough on this subject for the moment – now for another moan ... Mortgages - I often arrange mortgages for clients and have previously had good experiences with all French lenders. This year, we have been facing one problem after another with one particular lender. Earlier in the year, they were keen to promote their Equity release mortgage, which is a relatively new product here in France. I consequently submitted a number of cases to the lender, and found that each case was rejected by the office that we dealt with, as the rules had apparently changed retrospecively. We subsequently found that the same clients were able to arrange these loans via another branch of the bank, despite assurances to ourselves that this could not be done. Recently, I have had 2 on-going sales where the buyers wanted to take advantage of low French interest rates and finance their purchases via a mortgage. Both cases stood up very well on income and valuation, and both were approved in principle quite quickly. However, the bank’s underwriters started to request information that had already been provided several weeks earlier in both cases. As a consequence, both loans were significantly delayed, although finally approved. The annoying thing was that the completion for both sales had to be rescheduled, to great inconvienience to all parties, and causing a significant amount of stress. No apology has been received to any of the parties, and we feel that this reflects upon our business, as it is us that have made the recommendation to use the lender. We have to seriously question whether we could ever recommend this lender again. (I am quite happy to name and shame the lender to any interested parties).

Sunday, 15 November 2009

Chateaux for sale

There is always a great choice of exceptional properties for sale in France, but perhaps the best value for money is within the Chateau or Manoir category.
The styles very tremendously, from glamourous homely estates, to enormous palaces, and of course, fortified castles.
If you are looking for something extra special don't hesitate to contact us, we will certainly have something extra special for you.
Peter Elias (Agent Commercial), La Moinerie, 79500 Paizay le Tort, Deux-Sèvres

Sunday, 1 November 2009

A new exclusive development in France’s beautiful Mervent Forest

This new exclusive development in France’s beautiful Mervent Forest is a ‘Turn Key’ Self Build Project. As a result you will buy the plot and then enter into a separate building contract to create your detached property. Plans will be drawn up to detail the design of your property based on a 2, 3 or 4 bedroom template together with the plot you have chosen. A company will handle the project management of the build and your property will be delivered to you complete in circa 30 months following exchange of contracts on the land. Options to tailor your purchase to state of the art sophistication are available such as private swimming pool, furniture package, interior design and intelligent home functionality.
Stunning elevated position above the meandering River Mervent, nestled in amongst trees and wildlife, whilst benefiting from panoramic views of France and surrounding villages. Just 5 minute walks to a man made beach at the river itself, other facilities that can be enjoyed in the immediate vicinity are: · Sailing & Canoeing Centre · Horse Riding Centre · Coarse Fishing · Mountain Biking · Walking and Rambling · Tree Top Adventure Park
The managing company has secured this land project significantly below market value, and furthermore by using the benefits of self build and bulk buying we are able to deliver the completed units considerably below the current market value too. Blue Sky has structured this opportunity, for investors to take full benefit of the discount. Subsequently investors will buy at less than 80% below market value. The remaining discount of 20% is effectively your equity. Investors will also be able to take advantage of various financing options to purchase their property.
A reservation fee of €5,000 secures your plot for 60 days at the current discounted price. These funds will also cover any architects costs associated with your purchase. A build quotation will then be issued to you based on your plot and a mortgage (if required) will be ‘approved’ for the total amount of the land and build costs in total. Any extras such as swimming pools should be decided on at this stage in principle so they can be included in the mortgage. A contract for the plot will then be issued, signed and exchanged. A further contract for the build at a fixed price will then be issued signed and exchanged. The mortgage will then be drawn down in installments relative to the progress of the build, initially settling the land in full.
For legal costs including associated mortgage and notary fees you should budget 8-9% of the land costs only, (a significant saving against the normal purchasing costs in France), which will be payable on exchange of the land.
The project itself will be 99 individual detached dwellings both modern in design but sympathetic to local surroundings, materials, features and architecture. Contact us now for full details via
Peter Elias (Agent Commercial), La Moinerie, 79500 Paizay le Tort, Deux-Sèvres, FRANCE