Daft Doctor
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Posts posted by Daft Doctor
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That seems really unfair in the age of a united Europe and the EEA! I have checked the Halifax Clarity T&C's and there is no mention of having to maintain a UK address so good news there, The Norwich & Peterborough T&C's state that the accounts are only available to residents of the UK. Its not clear if you have to close such an account if you cease to be resident.
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Thanks, I did look at Norwich & Peterborough, but it seems its either pay in £500 per month regularly for the 'Gold Classic' account or pay a low usage charge of £5 per month on the 'Gold Light' account if you don't make at least 5 transactions per month. Once resident in France the 5 transactions a month minimum would be easy to achieve, but probably not before. If the same deal is around come April 2012 however it might well be worth opening an account before we move.
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Very good point!! I am still very much UK resident, so no problem for me at the moment, but not sure what will happen when we move permanently to France next year. What happens to all my UK bank, savings and credit card accounts? Are they allowed to continue, just registered to a new address in France? Surely I won't have to shut them all down, will I??
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Hi, I must admit I always use the Swiss side for the convenience and vignette reason, even though I am usually heading straight into France. I have over time learned also that the Swiss cars have winter tyres and chains provided by law from November to April, which I agree with Odile is essential. I have however been caught out by hefty charges levied for these items on top of the car rental payment by certain companies, so now I read the small print very carefully when comparing winter car hire quotes before I book (I always use online price comparison sites). Generally, I have found that Hertz and Avis tend to include 'winterization' in their quotes but most of the others do not. Just worth bearing this in mind.
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Hi, in response to comment by anOther in previous post, you do need to have a few FX accounts up and running with different brokers to instantly play them off, but that isn't difficult to set up (as others have said). I also agree wholeheartedly that you need to feel confident in who you are dealing with.
On the issue of the Nationwide Card vs other sources of cheap and convenient regular and small amount FX, if you have a UK address and a decent credit rating there are 2 very good options. Firstly, the Halifax Clarity credit card offers no transaction or exchange rate loading charges on foreign currency purchases and interest only (approx 1% per month) on cash withdrawals abroad, but only charged until you settle the withdrawn amount (which you can do ahead of the usual payment date if desired). I've used this card whenever I have been abroad since Nationwide changed their charging policy in November and the exchange rates seem to be interbank or extremely close. I've also made a lot of small and larger purchases in a number of different outlets, including retail and online and had no practical difficulties or rejections. There is no fee for having this card. The second option is the Sainsbury Gold credit card. It is transaction, loading, AND interest free for cash withdrawals and purchases overseas, but has a £5 monthly fee. That being said, it offers free worldwide family travel insurance including winter sports cover, which if you use that kind of thing would cost more than the £60 annual fee anyway.
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No, sorry for ambiguity, but I've only ever made transfers to Axa in euros. Having said that, the net effect has still always been sterling held in UK becoming euros held in France with no bank or transaction charges and with a very good exchange rate. Doubt if using either UK or French banks exchange and transfer services would achieve that, but I may of course be wrong.
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Hi, yes I have done several transfers to France with HiFX and all have been smooth. The only reason I didn't use them last time was that they wouldn't negotiate the rate offered, and I got a better deal with Currencies Direct. A little while ago HiFX started allowing online exchange transactions, which as said above is convenient, but now they won't budge from that online rate. Its still decent mind you, but not always the best. Currencies Direct beat them by over a cent/£ and as with HiFX there were no transaction or transfer fees (it was over the £5k threshold). As an aside, my current account in France is with Axabanque and they receive the foreign transfers free of charge.
I wouldn't be sceptical about HiFX or Britline, but make sure you are always getting the best deal. For me, playing one foreign exchange company off against another is part of the fun!
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Yes, thank you, answers the question. I should have been able to find that easily enough myself, so thanks also for your patience!
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Hi, Probably been mentioned elsewhere but couldn't easily find the answer. If you are entitled to receive child benefit in the UK (including once it is limited to lower rate uk tax payers) and then become resident in France, do you still receive child benefit until the child is 18 or does it stop if you become an expat?Many thanks
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Thanks Panda, very helpful. The income from the leaseback wasn't taken into account in the original mortgage application, but my income will have dropped somewhat with the move, so if they need a further 'affordability' assessment at the point of transferring the mortgage there may be a problem (haven't done the calcs). My gut feeling also says that you're right about the lack of a 'park' facility with the lender, I wouldn't offer it if I were BPI, I was just curious. Teeing up sale of apartment with purchase of house might well be necessary not to lose the good mortgage (1.15% above 3 month euribor).
The leaseback does give a decent return even taking into account deductions for Syndic, Tax Fonciere and for the 2 weeks high season use attached to the lease. I am not sure whether leasebacks sell better with or without any personal use, but if it is the latter and if I still have the apartment in Dec 2012 I can ask to change the usage to make it a pure investment with a greater overall return. The lease (with Soderev/Lagrange) has a further 7 years to run before renewal and the rent is due for upwards revision in December 2012.
In terms of value, having looked at the current local market, I have already factored in a certain 20% loss from purchase price on the leaseback in my calculations. At such a price level this would improve the net rental return significantly for a buyer, but not necessarily enough. Luckily we did put down a decent deposit and have a capital and repayment mortgage so even if we had to discount further we should still be in positive equity (just about - albeit a terrible investment overall).
As to when we put the apartment up for sale, I know that the market is very poor and shifting it will be tough, but I need to be careful on the timing. If I redeem the mortgage before July 2012 I will be hit with a 3% early repayment charge, so this will matter if I am unable to transfer it. I would also ideally like to have the facility of the free usage for next ski season, but that is a much less important issue. The apartment is in an attractive all year round resort, and I think it may be a case of seeking expert advice on when these ski/summer leasebacks sell less badly, then fitting in with that.
Thanks again
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Hi, we currently have a french mortgage on our leaseback holiday apartment in the Alps. We are planning to move to France permanently next year, renting a property for 6-12 months initially, then buying once we've settled and had a good look round for a house/chalet. The french mortgage on the apartment is with BPI and is meant to be transferrable to a new property if desired. As the mortgage has a very good 3 month euribor tracker rate (taken out pre financial crisis), we intend to sell the apartment then use any proceeds, capital from the sale of our UK property and the remaining french mortgage to fund the new house/chalet purchase.
With the property market the way it is however, and in the full knowledge that it may take a long while to shift, it was our intention to put the apartment on the market very early on, possibly even just before we arrive in France. A problem will arise however if we manage to sell the apartment whilst still renting in France, but before we have found or are in a position to buy a house. My question therefore is whether anyone out there knows if in all cases where a mortgage is being transferred, must the sale of old and the purchase of new be simoultaneous? On the other hand, if sale preceeds purchase, is it ever possible to 'park' the mortgage facility with the lender (having given them the outstanding capital), then draw down again and recommence payments once we have a house to buy? I would rather keep the mortgage if possible for both the good rate and to avoid the pain of applying for another. I'd be truly grateful for any insight or first hand experience. I will try to contact BPI nearer the time, but my french isn't good enough to pose the question accurately and understandibly the staff I have contacted in the past have had a fairly limited grasp of english, so getting an answer may be difficult. Just thought I'd tap into the knowledge out there and see if anyone has been there before.
Many thanks
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Hi, you can check the specific flight via Flightstats website (think its .com but maybe google to check). Most of the info on there is very accurate.
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When my wife got caught speeding in the UK by a mobile camera a couple of years ago, the letter informing her of the offence contained a web link to the photo with a reference number to enter see it. It was her car alright and (thankfully) she rather than me who was driving!
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I'm no expert but I get the impression - overall - that recent economic data is suggesting the the UK economy is doing possibly better than predicted at the moment (though that is before the effects of a VAT rise and public sector job losses have hit home). It seems that talk of a downgrading of our credit rating has vanished, manufacturing and services both seem to be recovering strongly and, because of increased tax revenues, the public sector job loss forecasts following the spending review have been downgraded from about 490,000 to 330,000. All those pieces of news have undoubtedly been good for the pound recently, but the main positive factor for the pound at the moment is probably simply the uncertainty surrounding the european debt crisis and how it might spread from Ireland to affect other eurozone countries. The currency markets are a reflection of human behaviour after all, and anything that scares off investors from the euro and pushes them towards the pound will help £/euro exchange rates. There is no doubt a lot of financial uncertainty around the eurozone at present and the effect that has on the markets does not of course depend on whether that uncertainty proves ultimately to be justified.
As to what would happen to exchange rates for the pound against european currencies in the highly unlikely event that the euro ceased to exist and countries (for arguement's sake) reverted to their original currency, surely eventually that would depend solely on the markets' views of how investments in those currencies rated compared with investments in sterling. In the short term however I could imagine that the very fragmentation process that ending the euro would involve would create doubt and uncertainty in investors minds and might make sterling seem a relatively stable and safe haven for a while, even compared to realtively sound currencies such those of France, Finland and even possibly Germany?
As I said I'm no expert and nobody knows. If I had a quid for every time I wrongly predicted how the pound would fare against the euro I would easily have enough for a nice takeaway and a few beers!
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Thanks for that Q. To be honest we are thinking more of a traditionally built chalet rather than the type of semi pre-fabricated product you mention, though of course I wouldn't discount anything absolutely.
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Hi, we are currently looking into the feasibility of buying a plot of land (permis de construire in place etc) in Haute Savoie then having a chalet (lets say approx 150 sqm net) built on it by a reputable builder. Land costs are easy to establish, but we are completely at sea regarding build costs for this type of property and we wouldn't want to waste time going any further down this particular road if it isn't financially viable.I realise that there will be wide variations in chalet build costs/sqm, depending on spec, region, location, etc, but does anyone have any recent experience of having something built like this or other information which might give us an idea of some rough basic costs/sqm. Does it tend to work out more expensive having somewhere built, all costs considered?I realise any info will be very general, but would nonetheless be most gratefully received. Of course if there are any other obvious pitfalls in buying land and/or commissioning a new build, any advice or insight would also be of great value.
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Yes Fay, we love Combloux too, its just as you say, and well worth the short drive from St Gervais. My favourite run is the long winding red run down the back of the hill to the Jouty chair, I could spend all day happily going down that over and over again. Spent my 50th birthday skiing Combloux in January on great snow, with balloons tied to my collar. Felt a bit conspicuous at times but it was memorable!
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The Evasion Mont-Blanc ski pass includes Les Contamines, but also gives access to other nearby resorts such as St Gervais, Megeve and Combloux. In total there are 425km of pistes to go at, either linked by lift or a very short drive or ski bus ride away. Most of the skiing is at the intermediate level with stacks of variety and good mountain huts for lunch. The scenery is breathtaking, and I'm sure you'd be pleased you went. Feel free to PM me if you want any more detailed info.
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Just spotted that they do indeed take the payment 10 days after the 15th Oct for those paying online, so all should be ok. I'll stop rambling on about this now!!
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Hi, thanks. The 'Adhesion au Telereglement' that I sent to my bank with a RIB didn't have a date for payment on it but was signed and dated by me. I hope everything was ok, sounds as though there may be a week or two delay before the impots process all the payments. I will keep checking my account. I suppose they would email me again if they had any problems collecting the payment.
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Hi, I hopefully did the right things to pay my first TF bill online, perhaps someone can reassure me as the payment hasn't been taken yet? On the impots website I entered my personal and avis-specific data and it correctly located my bill. I entered all my french bank account details to authorise the payment and clicked the go button. I then received a confirmation email, but it had an attachment which I understood I needed to print off, attach a R.I.B, then send it off to my bank in france. I did this, and I think it implied that the payment would then be drawn after 15th October. Does that process sound right? The proof of the pudding would be if and when it comes out of my account, but it seemed a bit of a cumbersome way of doing things.
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Hi there. Imagine the (future) secenario. Have sold up in UK and moved family over to France, have driven hire van back to UK and have flown back from to France from the UK. Have hired a car very short term. Need to find a new set of wheels for the long term and fairly quickly.
Is buying a new or (probably) second hand car a similar process to doing it in the UK (ie, scout around, do test drive(s), choose car, haggle on price, sort out insurance, taxes, MOT equivalent, etc, then drive it off), or are there fundamental diffierences in custom and practice, pitfalls, key documents or phrases I need to be aware of? I hear that second hand vehicles are very expensive in France, is this true? Is new a better option in that case? Any insight or advice much appreciated.
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Hi, I hopefully did the right things to pay my first TF bill online, perhaps someone can reassure me? On the impots website I entered my personal and avis-specific data and it correctly located my bill. I entered all my french bank account details to authorise the payment and clicked the go button. I then received a confirmation email, but it had an attachment which I printed off, attached a R.I.B to, then posted it off to my bank in france. I think it implied that the payment would then be drawn after 15th October, so any time now. Does that sound right? The proof of the pudding will be if and when it comes out of my account, but it seemed a bit of a cumbersome way of doing things (though not for France of course!).
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Hi, yes, I am. If its a new build off-plan, you normally have to be registered for TVA with the french authorities so that either you (or the developer if you are paying net of TVA to him) can claim back the TVA on the build. Once the leaseback is up and running, you will be paid your commercial rent plus 5.5% TVA. This TVA is paid over to the french authorities, but you can claim back TVA paid out on things such as Syndic charges, accountancy, furnishing costs (if the TVA wasn't reclaimed at source by the developer and deducted from the cost), etc.
I complete a french tax return as a non-resident, but to date have only accumulated losses as more is allowable against income tax in france while the build is in progress compared to the UK (where 'aquisition costs' are usually only allowed against capital gains tax when you sell). Once the leaseback is in operation, you can offset any french losses (this is often the case if you have a french mortgage on the property)against your UK income tax, but if you make profits you will pay that tax in france but then offset it against your UK tax under the dual tax treaty.
It sounds complicated, but actually it isn't really too bad. The biggest headache is that the french tax year is a sensible 1st January to 31st December, where of course the UK is different. I have used an english speaking french accountant to handle things to date. Her name is Angela Francoise of Bruno-Hebert Associes. She is based in Caen, but it doesn't matter as we communicate only electronically. No accountancy advice is cheap, but she does a good job, her fees are tax deductable and the TVA is reclaimable.
You are exempt from the national elements of Tax Fonciere for 2 years with a new build, otherwise you pay it from day 1. Having said that, I have read that unless you own the property on 1st January, you will not be liable for any TF during the rest of that year (there is another thread running on TF at present in this section of the forum). I must admit, I thought I would have got a much bigger reduction in these first 2 years, when it only seems to amount to approx 30%. With leasebacks you don't pay Tax D'habitation, the holiday company leasing it from you pays that. Hope that helps a bit.
Britts leaving France in great numbers?
in North West (Basse-Normandie, Haute-Normandie, Picardie, Nord Pas-de-Calais)
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