moon Posted May 11, 2007 Share Posted May 11, 2007 We are in the process of selling a plot of land in the S.west of France. We live in UkWe have a French bank acc. The purchaser can pay in £ or Euros. Which would be the best for us finacialy? Im pretty hopeless about finacial stuff! [8-)]Thanks Link to comment Share on other sites More sharing options...
cooperlola Posted May 11, 2007 Share Posted May 11, 2007 Where are you going to need the money to be? If you want the money in the UK, then sterling. If in France, then Euros. Anything to avoid your having to pay a bank a ridiculous sum of money to change it for you at a later date! Link to comment Share on other sites More sharing options...
moon Posted May 11, 2007 Author Share Posted May 11, 2007 [:)] Thank You coopalola. I knew the answer really , I just question myself over and over then a small thing gets BIG. Nice to see someone else's opinion . Link to comment Share on other sites More sharing options...
Benjamin Posted May 12, 2007 Share Posted May 12, 2007 I think, and I stress that, that your Notaire will be the decider of this question. There could be some liability to capital gains tax since you appear to be UK resident so that in itself will bring in a complication.I would ask the Notaire first before you go making any arrangements with the purchaser. Link to comment Share on other sites More sharing options...
cooperlola Posted May 12, 2007 Share Posted May 12, 2007 Good point Benjamin. I think there was a thread on here a month or two ago where a poster was in this situation and the Notaire was comfortable with a sterling transaction, but it's not always the case. Link to comment Share on other sites More sharing options...
Iceni Posted May 12, 2007 Share Posted May 12, 2007 [quote user="moon"]We are in the process of selling a plot of land in the S.west of France. We live in UkWe have a French bank acc. The purchaser can pay in £ or Euros. Which would be the best for us finacialy? Im pretty hopeless about finacial stuff! [8-)]Thanks [/quote]Where do you intend spending the money, Euroland or that insignificant little island off the W coast of Europe ? In an ideal world match currency of income against currency of expenditure.Johnnot Link to comment Share on other sites More sharing options...
powerdesal Posted May 12, 2007 Share Posted May 12, 2007 [quote user="Iceni"][quote user="moon"]We are in the process of selling a plot of land in the S.west of France. We live in UkWe have a French bank acc. The purchaser can pay in £ or Euros. Which would be the best for us finacialy? Im pretty hopeless about finacial stuff! [8-)]Thanks [/quote]Where do you intend spending the money, Euroland or that insignificant little island off the W coast of Europe ? In an ideal world match currency of income against currency of expenditure.Johnnot[/quote]John,If, as I believe, you consider the UK to be an insignificant little island may I suggest your poster name of Iceni is somewhat inappropriate. Link to comment Share on other sites More sharing options...
Spicy Posted May 12, 2007 Share Posted May 12, 2007 I am using a French solicitor who now lives in the UK for our purchase and she has told me to pay in Euros as it has to go through the notaires account. She said if we didn't do it that way there could be potential title issues in the future and if any charges were made against the property between signing of the acte and it being registered that the notaire would be liable if the payment had gone through their account. Link to comment Share on other sites More sharing options...
Will Posted May 13, 2007 Share Posted May 13, 2007 I would imagine that if it's just a bit of land in France the value would be comparatively small compared with a house. In that case euro is the way to go.It is possible to conduct transactions in sterling, but it is a fairly complex process and a lot of French notaires are not prepared to consider it. Because you have to get into a combination of English and French systems, you need two English solicitors as well as the notaire, so legal costs can easily outweigh any possible exchange rate savings, making it only feasible in practical terms for more expensive properties. It gets even more complicated if mortgages etc are involved. If you want to know more then www.sykesanderson.com has the details. Link to comment Share on other sites More sharing options...
Iceni Posted May 14, 2007 Share Posted May 14, 2007 [quote user="powerdesal"] John,If, as I believe, you consider the UK to be an insignificant little island may I suggest your poster name of Iceni is somewhat inappropriate.[/quote]Not at all, when Iceni thrashed the Italians at Colchester the island WAS significant and I hanker for those days but Essex and England went downhill soon after.Johnnot Link to comment Share on other sites More sharing options...
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