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Selling a property..............

Posted by courtiot-185037 - Created: 14 years ago
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Hi

My daughter and her partner live in a flat in Paris which they have on a mortgage. 

My husband and I have purchased a house with land in the south west of France which belongs to us (we paid for it - no mortgage)

I have heard that you cannot sell a property here for 5 years after purchase or you loose a percentage of the price?  The reason I am asking this is because we have a small house on our land which my daughter would like to do up and live in, she is expecting a baby soon and the flat in Paris is very small (has no bedrooms) and is not really fit for a baby to live in.  They cannot afford to sell the flat if they will loose money on it (they have lived there for 3 years (next March) and have done some improvements.

What I would like to know is;  What is this "Tax" and does this apply to just a mortgaged property or to an owned one too?  Have I got this all wrong?  I am I right?

Thank you very much!!!

Sue

A good exercise for the heart is to bend down and help another up.

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2 replies (Showing replies: 1 to 2)

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Posted by courtiot-185037 - 14 years ago

Thank you all very much for this information, what would we all do if we did not have people like you and a fantasic forum like this to help us!!!!

Thanks again

Sue

A good exercise for the heart is to bend down and help another up.

Sorry no image available
Posted by mike-179830 - 14 years ago

The mortgage status is irrelevant: you own the property either way; the mortgage is simply a secured loan that helped you to pay for it.

The tax is called (in English) Capital Gains tax - most counties have a version of it, and applies if the property is NOT your primary residence. The main points of this were discussed here.

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Mike