When purchasing a home in France, expatriate medical insurance policyholders should understand that there might be hidden costs in the process.
According to Sarah Bogard, partner and chartered tax advisor at Furley Page Solicitors, property buyers should work out their outgoings first and factor in costs such as the higher rate of commission and the expense of legal professionals involved in the transaction.
The latter is usually around seven per cent of the purchase price, she said.
"What you should ask is what the average running costs of the property are each year. Also [ask about] insurance – everything really that you would expect to be budgeting for if you were buying a property [elsewhere]," Ms Bogard advised.
Overseas health insurance customers do have some rights under French law with regard to a cooling-off period, but purchasers should be careful about signing documents without fully understanding the buying process.
The legal expert's suggestions echo those of Savvas Savvides of law firm Michael Kyprianou and Co, who advised those considering relocating abroad to do their research in order to find good independent legal advice.
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