Dear readers, I apologize for my recent desertion. Mea maxima culpa , I could not quench your thirst for tickets as approximate and uninteresting now trying to fix this. This explains my absence temporary addition to the accumulation of professional duties last minute - we feel the year-end break his nose - neither more nor less than the addition of events quite significant although time consuming in the personal life of your servant.
After about two years away, I announce that I agree again very select club of homeowners (subscription sponsored by a bank amiable).
Yesterday, I got the keys to what will be for some time to come, the roof over the head of my family.
I have the opportunity to reveal to you the exclusive behind the scenes of a real estate acquisition in the territory of Her Majesty.
It feels good not to be tenant !
If this statement may seem obvious in France since it concludes that feeling of losing money and finance your landlord at a loss, the situation is even more significant in England where it is difficult to feel at home when it is simple "taking" .
English law is terribly protective of owners - forgetting the portion is the weaker party to the contract - if it does exist in residential leases for an indefinite period on the French model, there is an exception!
In practice, owners are able to impose (and do not hesitate to do so) term contracts renewable express acceptance by both parties - which is to say, for acceptance the owner. Every 6 or 12 months, you must go through the renewal procedure and by the way, pay a small fee to your rental agency adored ...
I will not detail the various situations (Assured Shorthold Tenancies, Fixed Term ...) but the idea is there.
... really good!
In addition, the rental agency (or owner if any) do not forget to pay you a visit every three months to check that all is well in the owner's home ... the agency does not fail to remind you that the property does not belong to you in passing. You can obviously
refuse otherwise extend the deadline.
This intrusion into your private life is hard to bear ...
The end of the lease
As you are under a fixed term contract, you can not terminate it early without the consent of the owner!
No notice, no justificatory reasons ... no, you are required to pay rent until completion. The owner is not required to seek a replacement ...
Imagine when you're like in my case and you find the perfect purchase in October and that your lease runs until April of next year ...
You found the gem, what is next?
You certainly found your property through an estate agent because the transactions are missed by them in England: No Person to Person!
worry, however: unlike the situation in France, they are actually vendors that pay the middleman!
agencies are anyway, as a rule very professional.
Next step then: you need to find a lawyer ! (Solicitor)
If there are many English Notary (Notaries), the lawyer which is responsible for ensuring the smooth operations of legal ... it is understandable therefore that the profession in France is encouraged to try to break the monopoly of notaries in this area. Another essential element
unless you do not use a mortgage (veinard!), you need to find a financial advisor !
Whether you find your credit (mortgage) on the Internet, whether you go directly to your bank or you go through this adviser, you need a broker or pay a processing fee equivalent.
financial advisor will explore the market and be your primary contact! You will have almost no contact with the bank that will provide you the loan!
I'm not Croesus, I need a loan!
Forget immediately fixed-rate loans at 25/30 years. In practice, English renegotiate their loans very frequently, 2 to 5 years.
The longer the fixed rate loan, the greater the initial rate will be high.
The reality is in fact not negotiate a credit for 4-5 years.
The offer is wide, competition is very important, but the rates are not ridiculous.
Currently, rates range between 4-6% over 5 years.
And after?
Forget immediately fixed-rate loans at 25/30 years. In practice, English renegotiate their loans very frequently, 2 to 5 years.
The longer the fixed rate loan, the greater the initial rate will be high.
The reality is in fact not negotiate a credit for 4-5 years.
The offer is wide, competition is very important, but the rates are not ridiculous.
Currently, rates range between 4-6% over 5 years.
And after?
After your refund back on the standard variable rate for the lending institution.
If rates soar, you may find yourself in a real difficulty in repayment. And there, as the recent crisis has shown, the loop default, expropriation can engage.
If rates soar, you may find yourself in a real difficulty in repayment. And there, as the recent crisis has shown, the loop default, expropriation can engage.
compensation? British banks are still far less rigid than in France. In spirit, it's still up to borrow to assess his own ability to repay.
bank may of course refuse to reimburse you if the risk is too important, but flexibility is still much greater. In France it is 33% debt ... ... and this final point, you earn the minimum wage, or 100,000 euros per year.
I have my credit, I have my lawyer, here we go?
There is strangely no sale agreement or an equivalent procedure in practice to "secure" purchase. As long as you have not signed the final contract, the seller is free to sell to others in theory. In reality, this will not happen because that agencies put their reputations at stake and it is not really allowed to play one-upmanship. The prices are not entirely free.
What is fundamentally strange is that the procedure is completely written , llutôt light for the purchaser and the exchange occurs primarily via telephone and correspondence. I personally have not met my financial advisor, or my lawyer.
Since the visit of the property, the only time I saw the estate agent was at the keys ...
There is no signature of definitive measure, here is "exchange contracts "(we exchange contracts) which date is generally consistent at the time of actual purchase (date of completion), the day the chain of moves takes place.
This does not mean that the procedure is slightly strictly speaking, it simply means that those who work the most are your representatives. Just the fact of agreeing on a date is an incredible puzzle what to make to accommodate all the players in the chain of move.
you moving!
Needless to bother you too much on contracts electricity, gas or water, generally those of the former owner will follow automatically, but nothing obliges you to keep!
It remains to find you kind souls to help with the move.
volunteers to help me? A
yer good heart, sir, lady! I am moving at 500m from my house! : D
PS: photo, Blenheim Palace, magnificent castle of the Churchill family, about fifteen minutes from my house.
bank may of course refuse to reimburse you if the risk is too important, but flexibility is still much greater. In France it is 33% debt ... ... and this final point, you earn the minimum wage, or 100,000 euros per year.
I have my credit, I have my lawyer, here we go?
There is strangely no sale agreement or an equivalent procedure in practice to "secure" purchase. As long as you have not signed the final contract, the seller is free to sell to others in theory. In reality, this will not happen because that agencies put their reputations at stake and it is not really allowed to play one-upmanship. The prices are not entirely free.
What is fundamentally strange is that the procedure is completely written , llutôt light for the purchaser and the exchange occurs primarily via telephone and correspondence. I personally have not met my financial advisor, or my lawyer.
Since the visit of the property, the only time I saw the estate agent was at the keys ...
There is no signature of definitive measure, here is "exchange contracts "(we exchange contracts) which date is generally consistent at the time of actual purchase (date of completion), the day the chain of moves takes place.
This does not mean that the procedure is slightly strictly speaking, it simply means that those who work the most are your representatives. Just the fact of agreeing on a date is an incredible puzzle what to make to accommodate all the players in the chain of move.
you moving!
Needless to bother you too much on contracts electricity, gas or water, generally those of the former owner will follow automatically, but nothing obliges you to keep!
It remains to find you kind souls to help with the move.
volunteers to help me? A
yer good heart, sir, lady! I am moving at 500m from my house! : D
PS: photo, Blenheim Palace, magnificent castle of the Churchill family, about fifteen minutes from my house.
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