5. Getting Life Insurance
Once we have an acceptance from the bank for your mortgage, the next step is to get the relevant life insurance in place to cover the loan. What will be required will depend on your age and the size of the loan, as well as the insurance cover required. French Riviera Mortgages can provide you with English translations of all of the insurance questionnaires and medical requirements.
6. Opening a French Bank Account
Once the life insurance policy is in place, you will be ready to open a French bank account. The account will either set up by the lending bank, or, if they are a specialised lending house then we can organise the opening of a bank account on your behalf with a bank of your choosing.
7. Loan Acceptance
Once the Life insurance is agreed and the bank account is open, then the bank can print off the loan offers. In France there is a legal delay between reception and acceptance of the mortgage offer of 11 days. So if you receive them on the 1st you have to wait until the 12th to return them. Any mistakes here can void the application, but in our hands the accuracy of the process is assured.
8. Signing at The Notary
Once the bank has received the signed loan offers the next step is to sign at the Notary in order for the Title deeds to be transferred to you and for the banks guarantee on the property to be arranged. The majority of our customers come to the Notary office where you sign, and ownership is transferred to you as the new owner.
French Riviera can also arrange for the signatures to be concluded by giving the notary power of signature or ’Pouvoir’ to sign on your behalf if the client is unable to come to France for the required date. If the client is not able to make it for the signature then this must be set up prior to the signature.
The entire process of finding a property to the day you sign at the notary in general takes between 2-3 months.