Property in France: Money transfers

Published 29th Aug 2007

Money transfers can be a headache, especially as a notaire will never dream of completing a sale until the cash is in the bank.

I can't tell you how many tears I've seen when UK buyers, assembled in the notaire's office and just an hour away from getting the keys to their French home, find out that their money has not arrived.

And there is no way a notaire is going to go ahead with completion until the purchase money is safely in his bank account.

Although you can pay on the day with a bankers draft drawn on a French bank, by far the most common and - theoretically - simplest way is transferring your balance (you will have paid a 10 per cent deposit when you signed your compromis) to the notaire just before completion.

For some inexplicable reason, UK high street banks insist on telling clients that these transfers take three to four days and many offer an express, same-day or 48-hour service for an extra fee.

Don't believe any of it!

The money may indeed leave the UK within the specified time.
It may even get as far as some sort of central banking system in Paris. Where these monies go AWOL en route from the UK to rural France is anyone's guess.

But it is extremely unlikely to have cleared into your notaire's account in under a week to ten days.

If you don't want to be the person with the kids, dogs and cats in the car, the furniture arriving - but no home, don't check with the UK bank that the transfer is done, check with the notaire's office.

No amount of proof that the money is on its way will impress him since, as soon as the act is signed, he has to pay the vendors. I'd recommend sending your money about two weeks before the date you have been given for completion.
By Miranda Ingram

Source: ' Telegraph '

View All Latest Articles