Property Investment Courses in UK

Nov. 14th & 15th – Dec 5th and 6th

Article by Kevin Wilkes, Co-Director

Worldwide Property Group

I recently attended a property investment seminar at a local hotel. This was a good seminar covering some excellent points and finishing with a very non sales’ overview of their main property investment offering. When I left and walked out through the hotel foyer, I noticed a group of attendees gathered around a middle aged chap who appeared to be running his own impromptu presentation, so I went over to listen. What I heard was very surprising.

This self proclaimed property investment expert was in full flow telling everyone just how bad an opportunity this was. The words `con’ and `scam’ were used several times and indeed he even rumbled on about how the figures didn’t stack up and that the company was clearly trying to fleece people out of their hard earned savings.

Now this surprised me because the seminar was free and I encountered no high pressure sales at all. More importantly, the opportunity that they were offering is a deal that I know well, and having spent a huge amount of time looking at the figures, I know that they stack up.

Anyway, I decided to find out what he supposedly knew that I didn’t. Well, confirming my initial thoughts, he knew nothing at all. He wasn’t even a property investor and it transpired that he didn’t even own his own home. So in actual fact, he has never even been through the process of purchasing a property of any sort.

Was he therefore a financial genius who was somehow able to run the figures based on limited information and with only a pad of paper and a pencil? Had he researched the company who had been presenting and he was now so openly knocking? Of course not. He was simply one of the many people who are too scared to invest, yet feel that they are somehow well placed to advise others on why they should not strive to reach financial independence. Worryingly, everyone in his little group was hanging on his every word.

As property investors we need to be a little bit brave. As with any investment there is an element of risk but by becoming well educated, undertaking your own research, and dealing with people you can trust, you will be well placed to make sound investment decisions and ultimately reap the financial rewards. There will always be people ready to tell you why you are making the wrong decision. Some of these may even be close family or friends making it easier for you to doubt yourself. I am not saying do not take advice, but I am saying listen to those people who really know what they are talking about and then invest with your eyes open and ultimately do what you feel is right.

Book early to take advantage of our free property investment courses – Next Dates – Nov. 14th & 15th – Dec 5th and 6th

Edward Kirwan BSc (Hons)

Estate Mangement & Investment Portfolio Consultant

Please feel free to call or email me

0034 354 025 358

Skype: fincafantastica

I have property investment opportunities in The Caribbean, Cyprus, Egypt, France, Greece, Italy, Malaysia, Morocco, Turkey, Portugal, Thailand, The Bahamas, The USA, Turkey, The United Kingdom and The West Indies that you may be interested in.

My services include exclusive free Property Investment Seminars, advice and information for buy to let, below market value (BMV) and auction properties. My list of UK, overseas properties and opportunities is constantly changing so please register here and I will keep you updated on the latest information.

Invest in Overseas Property with The Worldwide Property Group

Nicolas Courts, Oroklini, Nr. Larnaca – Cyprus

Invest in a country that’s being described as the “Holy Grail” of European property investment this year.

Luxury One, Two and Three Bedroom Apartments

These luxurious exquisitely finished properties are well priced and should increase in value in line with the growth expectations of this area of Cyprus (approx. 15% pa.)

Situated where old meets new and locals will welcome you into their little jewel of a community.

Just £2,500 to reserve

OVERVIEW

The luxurious development of Nicolas Courts comprises one, two and three bedroom apartments all with their own parking space and is situated just a few minutes walk from the ancient village of Oroklini, a few kilometers to the North West of Larnaca. Larnaca International Airport is just 15 minutes away, the town centre just 10 minutes away and close to excellent road networks to the whole of the Island. Just 30 minutes away are the famous hot spots of Ayia Napa, Nicosia and Limassol and just one hour from the beautiful Troodos Mountains. These properties have been visited personally by our staff and are exquisitely finished throughout.

With its attractive landscape gardens, bowling green, BBQ area and a lavish communal swimming pool, this development offers a chance to own a piece of the Cyprus lifestyle. The new Oroklini Mall is just a few minutes walk away and there is a park, school, bakery, church and many shops and banks also in the area. Here you can mix with the locals who will sit and chat over a cup of coffee and help you to fit in to the Cypriot culture.

Cyprus is an island at the crossroads of three continents. These apartments offer luxury accommodation for individuals planning to enjoy Aphrodite’s playground.

Where east meets west and a new experience waits for you under the sun. Where championship golf courses, inviting beaches and breathtaking mountain trails exist in some of the most breathtaking scenery you will ever encounter. It’s easy to see that once you have been to Cyprus you will want to return time and time again.

LOCATION

Located in Orkolini village, near the coastal town of Larnaca, close to excellent amenities such as traditional tavernas, shops and bars whilst being close to sandy beaches and the coastal roads.

THE PROPERTIES

A range of one, two and three bedroom luxury superbly built apartments, exquisitely finished throughout, private terrace to each apartment, air conditioning units to each apartment, parking space for each apartment, storage area for each apartment, fully fitted kitchen (including all white goods) and fully fitted bathrooms.

AMENITIES

The site will consist of a luxurious communal swimming pool, large bowling green area, communal BBQ area, anti-seismic design, central TV satellite system, CCTV.

For further information and full details…

Contact Edward Kirwan BSc (Hons)
Investment Portfolio Consultants
The Worldwide Property Group

http://edwardkirwan.w-wideproperty.com

We also have property investment opportunities in The Caribbean, Cyprus, Egypt, France, Greece, Italy, Malaysia, Morocco, Turkey, Portugal, Thailand, The Bahamas, The USA, Turkey, The United Kingdom and The West Indies.

Our services include exclusive free Property Investment Seminars, advice and information for buy to let, below market value (BMV) and auction properties. Our list is constantly changing so please register to keep updated.

The Worldwide Property Group

Invest in Overseas Property with The Worldwide Property Group

Buying a House in France

Once you have selected properties from the agents’ lists, usually prior to your coming to view, you will be taken to visit them by the agents concerned. Accompanying buyers on viewings is the norm in France, in fact it’s a requirement.

Making an Offer

If you decide you want the house, you may make an offer. You still hear reports of houses selling for way below the asking price – this may still happen in a few as-yet less popular regions, but it seems far more common ‘ at least when houses are selling well – for buyers to insist on the price they are asking and not to consider lower offers. When an offer is made at the asking price then the seller is legally bound to accept it. There’s nothing to stop a buyer offering less, but beware: because houses are on the books of several agents it’s not uncommon for a higher offer to come in while your lower offer is being considered, and before you know it the seller has agreed to sell at that higher offer.

Contracts

When an offer is accepted, the estate agent or a notaire will draw up the initial sales contracts. These are generally known as either a compromis de vente, or sous seing privé, but can come under other names in different areas. Unlike English property transactions when a buyer can pull out with no reason, there is a moral expectation in France that once the buyer has made an offer then he will continue with the transaction, unless something happens outside the buyer’s control.

The French compromis is a binding contract. So it is important that any questions about the condition of the property, the planning status, getting a mortgage etc are resolved before signing the compromis or are subject to conditional clauses (“clauses suspensives”).

The Compromis de Vente is the first formal and legally binding stage in the property purchase process in France. It is a written contract of sale agreement which legally binds together the seller and purchaser. The format may vary but all Compromis de Ventes should state clearly the key points of agreement including:Details of purchaser and seller (you will need to provide “Civil Status” information including your full names, contact details, professions, birth and marriage certificates, passport copies, details of ex-husbands and wives.

• Confirmation of the name and ownership “Title” details of the property A description of the property including reference and map of the plot as it is recorded in the Land Registry of your local Commune
• The price agreed (sometimes furnishings and fittings may be negotiated as a separate amount)
• The deposit agreed (usually 10% to be held by the Notaire usually or in some cases the agent) see also: What methods of payment should be used.
• The circumstances under which the deposit may be forfeited
• Some declarations by the vendor about the property
• Some obligations of the purchaser in buying the property
• Results of the lead (paint), asbestos, and natural disaster reports and details of the other obligatory reports on termites, energy efficiency, fixed gas supply, electricity, fosse septique.
• These reports are not all required for every property. It will depend on the certain aspects such as the age of the property and which region it is situated in.
• Provisional conditions (Clauses Suspensives) – these will include certain standard conditions which will be inserted by the person drawing up the agreement (e.g. that there are no other claims to the Title or that the searches conducted by the Notaire’s office do not reveal any problems). NB: The purchaser can request and negotiate the insertion of additional. Provisional conditions before the Compromis is signed e.g. complete building work, obtain a mortgage or planning approval etc.
• Full details of the estate agents fees and on our contracts, provision for legal fees, (these generally do not appear on contracts drawn up by a notaire, but they can be provided on request.) 
• Various declarations by both purchaser and vendor about their ability to complete the contract.
• Statements describing what happens if either side fails to complete his part of the bargain, e.g. penalty clauses. 
• The target completion date (note this is not definitive or guaranteed and can be changed by agreement between purchaser and seller or if the notaire has not completed his work for any reason)  
• Separate inventory of items to be included in the price. 
• Copy of the land plan as an annex

Understand what you are about to sign

As purchasers it is essential that you understand every aspect of the Compromis de Vente as it is sets out all the key terms of your purchase.

Key points

All points within the agreement are important but particular attention should be focussed on the price and costs, the details regarding the Title and Land Registry information, the provisional conditions (if these cannot be met you may be entitled to withdraw from the purchase) and the declarations made by the vendor.

The buyer generally signs the contracts first, then the seller will sign. Once the seller has signed, the contract becomes binding for him, he is not allowed to withdraw from the sale without paying a 10% penalty. The buyer is given a seven day period of reflection in which he can withdraw without penalty, generally known as the seven day cooling off period (loi SRU).

Seven Day Cooling Off period

The estate agent or notaire will send the purchaser a letter by recorded delivery with a copy of the compromis, signed by all parties enclosed. The seven days begin the day after this letter is received, and include Sundays and bank holidays.

If the buyer wishes to withdraw from the sale within this period he must send a letter by recorded delivery to the estate agent or notaire. If you are considered to be a property professional you may not be entitled to this cooling off period so obtain further advice first if you think this may apply to you.

Once the seven day period is over, the buyer like the seller is legally bound by the contract and cannot withdraw for a reason other than a suspensive clause without forfeiting his 10% deposit

Deposit

This is normally payable to the notaire, though some agents maintain special secure accounts to hold deposits. Don’t pay anything before signing, particularly not to any agent personally. This is paid once the seven day cooling off period has finished. It can be paid by the means of a French cheque, or a bank transfer from a foreign or French account. The amount is generally 10% of the price of the house.

After signing

Once the Compromis is signed, the agent, and the Notaire (who acts for both parties under French law) will carry on the process of checking records and documentation regarding the property and land. Two to four months is generally allowed for this process but it is possible to move more swiftly, (depending on the clauses within the contracts) if both parties are agreed and the Notaire is able to conduct documentation searches without delays.

Mortgages

The only aspect of the contract that the notaire will not chase up is that of a buyer’s application for a mortgage. According to the contracts, the buyer will have a limited period of time firstly to apply for the mortgage (generally 30 days), and then secondly to receive a response from the bank (generally 60 days). So it is essential to provide the bank with paperwork as quickly as possible, and to keep in constant contact with them throughout this period.

Completion date

Note that the completion date shown in the Compromis is a target date which will allow you to plan removals, funds transfer etc however the date will need to be re-confirmed as completion draws nearer.

The completion date is the date when both parties will attend the Notaire’s office to sign the Acte Authentique (or nominate a proxy, an alternative person, to sign on their behalf by power of attorney). The rest of the price, including legal and agency fees etc, must be in the notaire’s account by the signing date, and after signing the house becomes yours.

Getting the money there on time

Note that it is the buyer’s responsibility to make sure that the money, including all professional fees but less any deposit paid, reaches the notaire’s account in time for clearance of funds before signature.

Bear in mind that the French banking system doesn’t operate during weekends, or bank holidays and in the case of some banks, Mondays, so try to allow 5 days for the money to arrive.

Variable exchange rates can have quite an effect on the actual sum required, so many people use a currency exchange company. French money-laundering regulations mean that you won’t be able to turn up with a handful of Euros or a personal cheque. But however you intend to pay for your house – by bank transfer, banker’s draft, French or British mortgage, or via a currency exchange specialist – it is important to ensure that all parties are aware of the date by which the notaire requires the money.

For further information and full details on the many French properties we have on offer…

Contact Edward Kirwan BSc (Hons) or Tracey Andrews
Investment Portfolio Consultants
The Worldwide Property Group

http://edwardkirwan.w-wideproperty.com

We also have property investment opportunities in The Caribbean, Cyprus, Egypt, Greece, Italy, Malaysia, Morocco, Turkey, Portugal, Thailand, The Bahamas, The USA, Turkey, The United Kingdom and The West Indies.

Our services include exclusive free Property Investment Seminars, advice and information for buy to let, below market value (BMV) and auction properties. Our list is constantly changing so please register at the Worldwide Property Group website to keep updated.