Buying Guide Details

Buying Property in Midi-Pyrenées

Where to buy property in Midi-Pyrenées

There is a vast range of property for sale in Midi-Pyrenees, reflecting its diverse geography. The Tarn, an area to the east of regional capital Toulouse, has been a favourite destination for British property buyers for quite a while. Though this has caused prices of property in Midi-Pyrenees to rise, they are by no means the most expensive properties in Midi-Pyrenées. It’s an area of many landscapes, none more appealing than the ancient vineyards around Gaillac.

An increasing number of British buyers are drawn to the north of the region; Lot has great character homes for much lower prices than the neighbouring Dordogne and a dry, hot summer climate and short winters. Centred around the winemaking town of Cahors, the magnificent countryside and charming traditional properties of the region are very appealing to anyone with a yen for rural France.

Gers, in the west, was at the heart of historic region of Gascony and properties in its lush countryside are very popular – though it has the highest prices in the region, there are bargains to be had in the more remote areas away from the town of Auch. Low-cost flights to Rodez in the east have opened up that part of the region to tourists and make a holiday home here a viable option.

In the south, a home near the Pyrenées mountains offers great skiing in winter, with the beaches of the Atlantic and Mediterranean just a couple of hours’ drive away. Apart from ski chalets there are opportunities to renovate abandoned farmhouses and rural homes and prices are very reasonable in this part of the region.

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The Process of Buying property in Midi-Pyrenees

Once the buyer has found a property in Midi-Pyrenees 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 Midi-Pyrenees 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 Midi-Pyrenees, 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 in Midi-Pyrenees 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 Midi-Pyrenees usually includes 19.6% IVA, but always verify this from the start
If a property in Midi-Pyrenees 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 plenty of travel options, with direct flights from all over the UK to Rodez and Toulouse.

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