| Can I visit many developments in different towns with Attika? |
Yes, we are very happy to collect you from where you are staying and drive you to the developments of your choice. Your new build representative will accompany you on all your visits, any subsequent re-visits and of course they will also drop you back again!
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| I need rental income to pay the mortgage. Does this mean that buying off-plan isn't a good option for me? |
| Off-plan purchases are highly sought-after by buy-to-let property investors. An excellent solution is to take out a mortgage which has deferred payments (of up to 2 years) so you don’t have mortgage repayments until the property is habitable and rentable. Attika can refer you to recommended lenders offering this type of mortgage at excellent rates. |
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| Can I include the 'Subject to Mortgage' clause? |
Yes, if you are applying for a French mortgage you must include the Subject to Mortgage clause (clause Suspensive), it is already written into the reservation contract. If you are unable to obtain a French mortgage the sale will be cancelled and you will be refunded your deposit.
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| Do I have the 7-day Cooling off Period with a New Build? |
Yes, it is French law that when buying any property you have 7 days to pull out of the sale, in which case your deposit will be reimbursed to you. The 7-day cooling off period commences the day after you receive the contract, signed by both parties, sent by recorded delivery to your home address.
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| Is the completion date guaranteed? |
| Although there is no actual guarantee for the completion date, it is stipulated in the Authentic Act to the nearest quarter (3 months). Developers give themselves very generous delivery dates to be sure they deliver on time. In our experience all developments have been completed on time and it is not unheard of for developments to be completed early and ahead of schedule! In the eventuality that your property is delivered later than scheduled, there are compensations based on the rental income that the property could have obtained. |
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| Do I make a snag list? |
Yes, you draw up your snag list on the day of delivery in the presence of your Attika representative and that of the developer. It is a legal document and the developer is obliged to make any repairs. You have one month to add to your snag list, if necessary, by sending a recorded delivery letter to the developer.
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| How do I make the stage payments? |
| When the developer has reached a certain stage of the construction they will send you a letter stating how much you need to pay. Either you send the funds yourself or you sign the letter and instruct your mortgage lender to pay. The first stage payment is the reservation, usually 5%, the final stage payment of 5% is due when you take possession of your property. |
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| I have heard that I will owe VAT if I resell my New Build? |
| Since VAT must be paid on the full value of new property less than 5 years old, if you re-sell within those 5 years you will need to pay VAT on the part of the re-sale price that has not yet paid VAT. So effectively you owe VAT on the capital gain, which the notaire calculates by deducting the sale price from the purchase price. The above applies to the first change of ownership only. After 5 years VAT is not due. Attika is happy to put you in touch with financial advisors as there are always methods of reducing your capital gains so that you can pay minimum tax legally ! |
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| Can I claim back the VAT on new build? |
VAT is not refundable when buying new build property (except in the case of Leaseback). VAT at 19.6% is included in the price of all property dating less than 5 years following the completion of the building and it is non refundable. The VAT makes up part of the value of the property.
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| Availability is minimal, does this mean that the ones that are left are no good? |
Not necessarily so! Don’t forget some sales fall through due to mortgage refusals and some developers have been known to keep their best block to last so they are still selling prime properties right through to the end!
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| Can I make changes to the floor plan? |
| One advantage of buying off-plan means that you can make small changes to the layout of the property (if you buy early enough), such as the deletion of a kitchen wall in order to create an open plan kitchen. |
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| Are the bathrooms fitted? |
| Yes, all new build property comes with fully fitted bathrooms or shower rooms. You choose your wall and floor tiles from a selection made by the developer. |
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| Do new builds come with fitted kitchens? |
| It may seem odd but typically French new builds do not come with a fitted kitchen. Developers understood that clients wished to personalise certain rooms in their new homes and the choices they were able to offer could not keep up with the changing demands of clients and so they decided to leave it up to the buyer! All the plumbing and electricity is in place and ready for the installation of your kitchen which can be easily arranged by a local kitchen retailer or sometimes the developer. The advantage is of course you get to chose the exact kitchen you want to the quality, standard and budget of your choice. |
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| What are the Notary Fees? |
New build purchasers benefit from reduced notary fees, calculated at approximately 2.5% - 3% unlike resale property which is generally around 7%. If you are financing with a French mortgage then expect to add a further 1%-1.5% to cover the bank checks that the notaire undertakes.
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