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Family doctor: "I buy a house at bidding - but how do I make sure I get a mortgages permit?
We are the first purchasers to participate in our third real estate auctions next week, having previously sold for 12,000 - on a 135,000 euro building - and a seller who changes his minds that particular date. Do we have to take out immediate insurance for the real estate, or is it still the owner's own business?
Hopefully it will be the third happiness for your aspirations for a house under a mallet when it drops next months. Houses auctioned are by no means necessarily the latter, but many financial institutions and savings and loan associations have adopted highly conservative opinions about the value of auctioned properties. Thus while you could readily offer 120,000 for a dilapidated two-room house with potential, they cannot value it at more than 95,000 pounds.
But if you are auctioned successfully, you have only 28 working day - the acceptable bidding period - from your bids to the sorting of your home loan. "Mortgage loans in general just show that the creditor thinks you are worthy of credit - it has nothing to do with an real property," he says.
"Call your creditor and make a claim for a loan as soon as possible that will allow your creditor to evaluate the real estate himself." Personally, I know of a hypothecated auctioneer who won the 95,000 pound sale for a fire damage plot in need of major refurbishment.
A fortnight later, when her request for a loan went through, her creditor set her value at only £80,000. Not being able to find the additional money on schedule, she was losing the ownership - and her 9,500 pound payment.
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When you are planning to buy or renovate a home in France that will become your primary home, then you may be entitled to a number of different subsidies and loan options. Hopefully it will give you a good base, and when you get the ball rolling in France, it's often a surprise what you come across.
It is the public authority that monitors most of the home subsidies and the various organizations that either enforce or advise them. There are three main kinds of projects deemed eligible: making your home more environmentally friendly, making it more livable, increasing security and sanitation or adapting it for a handicapped person.
Subsidies for the installation of photovoltaic modules are no longer available. Subsidies are almost always demand-tested, often requiring a reasonable amount of individual effort and usually requiring the provision of manpower and gear or the purchase of accredited specialists, with all bills presented and substantiated. It may be allowed to skilled or seasoned construction specialists to carry out the work themselves as long as they are supervised by a third person.
Community building owner, landlord and co-owner may request these subsidies as long as the amount of the grant is at least ?1 500 and the budget revenue does not go beyond certain limits. They are subdivided into three main groups - very low-income families, low-income families and low-income families with a higher marginal grant.
As a rule, property managers can receive between 20% and 70% of the cost, lessors between 15% and co-owners between 35% and 70%. Maximal subsidy for improvements is 10.000 for property and 14.000 for landlord, for more complex works 25.000 ? and 28.000 ? respectively.
The good thing is that these subsidies can be paired with other loan and grant schemes, with the sole proviso that you have taken advantage of a government subsidized 0% mortgages loan to purchase the real estate (see below). Such subsidies are subject to relatively high compliance standards, in particular with regard to usage times.
After renovation work, the owner must remain in the building for at least six years, while the landlord must keep the building ready for rent for at least nine years after renovation. L'éco-prêt à tal 0% (zero interest eco-loan) As one of a series of measures introduced in France to increase savings in the use of electricity, the interest-free eco-loan is available to anyone carrying out energy-saving or eco-construction projects.
No need test takes place and you can request the loan directly from most major financial institutions in France. This loan can be used to fund investment schemes such as isolation, twin glazed windows, more effective central-heating, or the construction of renewables based power plants. Loan amount is limited to 30,000, which varies according to the amount of workload.
All work should be finished within two years of the loan being granted and again performed by experts with all bills to the banka. They can also request the eco-loan to fund the modernisation or renovation of a sewage treatment plant. It' s noteworthy that this is a'one-off' loan, so if you can manage it, it is best to add as many enhancements as possible to your'bouquet' in order to get the most out of the zero interest rates.
You can combine an eco-loan with an interest-free mortgages. This state-supported zero interest rate mortgages applies only to the purchase of the first house in France and must be the main place of domicile. The 0% loan is available primarily for the purchase of a new house, the construction of a house or the adaptation of an old one for use as a residential house. This loan is measured according to your personal earnings and the duration of the loan payment, as with a regular application for a loan.
It is also tied to the total costs of the house, its efficiency and the number of persons who will use it. Under certain conditions, you can get the loan for buying an older house, but this is less common. They must reside in the real estate within one year of the date of sale or construction being completed.
While many subsidies and appropriations benefit those who have minimal funds, the latter support France's middle to higher income groups, who can claim back up to 50% of the costs of a wide range of goods and provision of certain social security benefits in the shape of taxes deducted at the end of the year if they settle their accounts.
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