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Notaire/Banking question


Arc en Ciel

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I have recently sold my house and will be moving back to the UK permanently. The people who have bought my house are English and we will all be completing in the next few weeks.

As I will be closing my French bank account down, does anybody out there know if the Notaire can pay the proceeds of my house direct into an English bank account, therefore avoiding any expensive transfer fees or will I have to put it in my French bank and then transfer it over to the UK?

Or, because my buyers are English, can they pay a sterling cheque direct to me rather than through the Notaire???

Many thanks [:)]

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This has been discussed plenty and the conclusion seems to be that unless you spend a fortune on a UK solicitor to receive the money (in Euros or Sterling), then the funds must go through the Notaire and be paid into a French bank account, in Euros.

Of course, your Notaire may be able to transfer to a UK account, but you you would have to ask them. You could ask yourself "why would they" and "can I get a better rate on the exchange than them"?

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There are ways of conducting a French property transaction in sterling, which as Nick says has been discussed before. But this has to be set up from the beginning of the transaction - there are not many notaires able to do it, and it involves two English solicitors for both buyer and seller, so you may have missed the boat. And also as Nick indicates the additional legal costs could well be more than any potential saving in bank charges and currency exchange.  

There is no reason why the notaire cannot pay the euro funds into a sterling account, but don't forget that you could still have bank fees to pay and as a rule notaires don't like doing, or take long time to do, anything out of the ordinary. Best to ask the notaire if he is willing to do this. The simplest solution may be to keep your French account open to receive the funds then transfer it yourself; that way you will have at least some control over what is going on.

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