Buying Guide Details

Buying Property in Limousin

Where to buy property in Limousin

This region, just southwest of the centre of France, is very rural, and benefits from low property prices. Overseas home buyers will find tranquillity and wonderful countryside here – forest, lakes and rivers abound. Traditional farmhouses and village townhouses are the typical homes found in this area.

Its southern parts are, in more than one sense, a middle ground between the simple farming life of the north and the sophistication of the Dordogne region, to the west, and property prices in Limousin are around 40% cheaper than in its famous neighbour. Traditional old properties in Limousin are the most popular – there is certainly plenty of opportunity to buy a dilapidated old country home in Limousin and renovate, and even habitable homes come at reasonable prices.

Limoges is the capital and a thriving university town – there could be good rental returns for a property investment here. Brive-la-Gaillarde and Guéret are the other departmental capitals, the former an old walled town and the latter a cultural haven surrounded by countryside.

Those looking for an even quieter life might look in and around the towns of La Souterraine, Rochechouart and Tulle. Within minutes of any of them you can find a home in unspoilt countryside and get great value for money in your overseas property.

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The Process of Buying Property in Limousin

Once the buyer has found a property in Limousin and made an offer, both parties must sign a compromis; a legally binding agreement setting out all terms involved
Financing will have to be sorted out by this stage as details regarding any loans must be clearly outlined in the compromis
There is then a seven-day cooling-off period, which gives the buyer (but not the seller) the opportunity to back out of the deal without penalty. A 10% deposit is then required and the notaire then carries out all checks on the property (for clean title, wood rot, etc)
Before the signing takes place, all funds must be transferred to the notary’s account. Failure to do this on time could mean the buyer loses both the property and the money
If the buyer is not able to visit the property in Limousin before signing the final contract, a representative should do so on their behalf to make sure that everything is in order. The contract clearly states that the property is accepted in its condition on the day of sale
Finally the acte de vente is signed in front of the notary, and the sale is complete.

Homes Overseas Property Club

Homes Overseas has joined forces with a collection of IFA specialists to form the Homes Overseas Property Club (HOPC), designed for existing and prospective overseas property homeowners.

The Club – which has access to international lawyers in no fewer than 43 different countries - has been set up in order to guide people through some of the various issues relating to buying and maintaining a property overseas. It offers advice on a range of topics, including financial, legal, insurance, taxation, property management and foreign currency matters.

For further information please telephone 0845 838 7142 or email info@homesoverseaspropertyclub.com

Fees & Taxes

Vary hugely depending on the region and type of property in Limousin, but set aside 12 to 15% of the selling price
Allow around 6 to 8% per cent for notaire’s fees. This includes stamp duty, which varies from 0.6% for a new-build to 6% for any property over five years old
Agents’ fees vary greatly and can be anywhere from 4 to 15%. Around 7% is the most common amount, but check when looking in agent’s windows for the letters FAI after the price – this indicates that their fees are already included
IVA (VAT) of 19.6% is applicable on most fees and taxes, but is avoided on leasebacks. The price of new-build property in Limousin usually includes 19.6% IVA, but always verify this from the start
If a property in Limousin is sold on within two years, capital gains tax is likely to be in excess of 33%
Transfer tax varies greatly, but for properties over five years it tends to be around 7%.

Getting there

There are direct flights to Limoges from the UK via a number of airlines. A new airport at Brive is under construction, due for completion 2008.

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