Can you release eqtity on a property in France

[tawny owl]

We have a property slowly  getting renovated a lot slower than we hoped with no morgage but because it has taken so long are now struggling to continue and live! We are both on small pensions and live in England. Any ideas? Thanks

[krusty]

quote from another place

"We did it last month with BNP Paribas. Approached them to see if it was possible. They sent out an "expert" to value house. Agreed limit of extra mortgage. Details sent to our Notaire. Made appt to sign papers with him. Given cheque. Took about 4 weeks. Frighteningly easy.... "

equity has a "u ".....I  am sure the grammar police will be along soon [;-)]

Best advice , talk to your bank.

[AnOther]

Would this not fall under the max. 1/3 of disposable income for repayments rules generally applied to what at the end of the day is just another type of loan.

If you are on a small income and already struggling you may be turned down on those grounds. Would such a facility even be available to non residents, I don't know ?

As krusty says, talking to the bank is the only way to find out what may be possible.

Bon chance.

[Chancer]

If you are happy to not move from that house during your lifetime, are not concerened about children etc inheriting  and dependant on your ages prêt viager may well be a viable option for you, you will of course need to check regarding residency criteria.

You get a cash lump sum and income for life according to a fixed scale used by the notaires, the investor is in fact betting that you will pop your clogs soonest and you in turn the opposite.

The system has many advantages for the householder, the investor becomes responsible for the major maintenance of your house and your taxes foncieres, if he falls behind with your income payments for more than 3 months (maybe 6, I cant remember) then he loses all claim, you keep what has been paid to you and can then find another viager, if he dies before you the same applys.

I know a guy very well that is still paying viager even in his retirement to a 99 year old (and still going strong) widow, on a TV programe they showed another lady that had outlived 4 viagers.

You will need to get information from a notaire.

P.S For the investor there are tax advantages and for the very lucky the chance to get a 2nd property for half price.

[tawny owl]

Thanks for your help, the property is in two parts  a house and a barn converting into a workshop for my husband, we were believing to let either holiday or other the house to give an income for my husband to use the workshop towards maybe holiday schools down the road. With the builder being behind we are now treading water so to speak waiting and living off money that should of been used for the property. We will have words with the bank and look into options mentioned .