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Transfer of House sale proceeds by Notaire to UK


stan

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We are fast approaching the forthcoming date of sale for our house here in France and this evening, have just been talking with a currency transfer adviser from a large UK currency trader.

It was our intention, and arranged with the Notaire that the funds for the sale would be transferred directly to my Britline account on the day. Following a day or two for the funds to clear, I would then have arranged for an international transfer of funds from my Britline account to the currency people. This obviously all takes time and even worse due to the Festive season, in order to obtain cleared Sterling funds in my UK bank account.

The currency company have suggested that perhaps I could arrange with the Notaire to transfer the funds directly to them via their UK based euro account, thus saving a bit of time. This was something I had not thought of, and wonder if anyone who has sold their house in France recently has had the Notaire transfer funds directly to an FX company in the UK in euros like this?

I would ask the Notaire, but they are shut for the weekend now, so wondering if anyone can answer this by Monday?

Thanks in anticipation.

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"the funds for the sale would be transferred directly to my Britline account on the day"

Others may differ, but I have never known a Notaire be so quick. I have sold three times.

On one occasion it took 3 months for me to receive the funds, although I admit the last time was only a week or so.

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The Notaire has confirmed he will make the transfer on the morning of the signing. Britline have confirmed the funds would be clear within 48 hours of any transfer being made. My question is whether the Notaire can transfer directly to a UK based euro account, instead of to a French bank account.

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When we sold we didn't get the transfer in our account for nearly a week. The notaire transfered it the same day and the system put it through very slowly. It wasn't as if our bank and the notaires bank were in different towns, they are not, in fact, they are within meters of one another. And I know that there is some local clearing in France.

 

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As a 'if it can go wrong it will' sort of a person I took a very deep breath when transferring out funds to buy through the currency exchange company. I was horribly aware the whole time that if the company were to go belly up while it had our funds there are no banking guarantees with these companies. Of course everything was ok, but we had a couple of days.....
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As you haven't received the relevant answer so far, Stan, I'll venture to say what I found but it was only from one instance and I don't know if you can generalise from my example.

I know someone whose notaire said he couldn't transfer to a third party Yes, I know you'd have an account with the currency exchange people but it would still be THEIR bank account.  In this case, the notaire would only transfer to a bank account with the vendor's name on it.

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I sold my French house in 2010 , I have a euro account in an IOM bank.

The notaire transferred the funds on the day of signing and my sale was also at Christmas time , I think about the 23rd Dec.

So yes notairs's can transfer funds on the day of sale and out of France.
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  • 3 weeks later...
Suggest you don't take a notaire's cheque as their cheques cannot be cleared for transfer to another country quickly (we were quoted 28 days). Our notaire transferred funds to our Credit Agricole Bank Account in the morning and I went to the bank and transferred to HIFX in the afternoon - I have to say had enormous problems both with notaire (who didn't want to do transfer) and then with bank who tried to say it was illegal to transfer funds out of country immediately (it's not). However persistence paid off and we got the money moved quickly.
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Yes Norman - back in UK since July (and loving it). Only things I miss are the better weather and lack of traffic. Don't miss French friends as we have had them here in a non stop procession since we moved!! All those who were NEVER going to visit UK have discovered that they really quite like England and the English.
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  • 2 weeks later...

You may have already transferred the money from the sale of your house Norman, but someone else might be thinking of transferring directly to a currency exchange account.

We sold on 21th Dec, late afternoon, and the money was transferred into the currency exchange account we set up by 28th December. Taking into account we sold on the Friday, it was Christmas eve on the Monday, I think to get the transfer done by the 28th December was good.

Susan

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  • 2 months later...
As it tuned out, w sold on the 19th December, money was transferred directly to the UK based currency broker via a UK euro account that day by the Notaire. Later same day the day, the currency was transferred to sterling (excellent rate, much better than any bank) and I had the cleared funds in my UK Santander bank the following afternoon. Excellent.
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