You want to sell your main home to buy another one. A tip: anticipate, because the processing times of files by banks and notaries are getting longer. At the risk of failing your project.
You will have to arm physically with patience. To sell your property and buy another, the timing is getting tighter. This is due in part to a market rush that is prompting buyers to launch, and a strong demand for credit renegotiation due to historically low interest rates. As a result, the banks are crumbling under the files to be processed. Some of them even say that last July they found 30% of additional credit applications.
An invasion that affects processing times. Thus to meet the requests for bridge credit, in some cases, it takes 10 to 15 days, against 4 to 5 days a few months ago. "While the legal deadline to obtain financing is 45 days, it is currently more than 60 days," says Estelle Laurent, Credixia broker communication manager. It is better to take into account from the start this pitfall by directly putting in the promise of sale 60 days and thus limit the stress of being out of time.
"The application for credit must be made in the month following the reservation of the property or the signature of the promise to sell: do not delay in building your complete file," recommends Philippe Mottura, General Manager of Barclays Diversification. Faced with this overwork, banks must make a choice. "Do not be misled, it is the good records that will be at the top of the pile," warns Philippe Taboret, deputy general manager of the broker Cafpi.
"It's the opposite of the expected simplification."
And the troubles do not stop at the financing if your property is in joint ownership, the fault with the law Alur. Coming into force in March 2014, it imposes to provide a whole set of documents at the time of the signing of the promise of sale, as the regulation of the co-ownership and all the changes voted since or the minutes of the general meetings of the last three years.
"Result, the elaboration of the act of purchase is now a course of the combatant which has lengthened the deadlines in a very sensible way," regrets Thierry Thomas, president of the Notary Institute of the right of the real estate (Indi). Previously, the sales reports could be 30 pages; now they can count to 300. "A heaviness that has an impact on the real estate market slowing its fluidity and sometimes going so far as to make the sale uncertain.
"It's a hell!" While we were on tight deadlines that, in general, were two to three months to make a sale, today these deadlines have doubled or even tripled, storm Brice Cardin, CEO of real estate network L 'Address: This is the exact opposite of the expected simplification: Regularly, the dates that we set for the signature of the act are postponed because a document is missing. " To alleviate this situation, an ordinance was promulgated on August 27th. Main evolution, it authorizes the transmission of these documents in dematerialized form. One less weight for the promise of sale ... in the true sense of the word.
These transition credits
Want to buy a new property and sell the previous one? Several solutions exist to finance this transition period.
The bridging loan. It allows acquiring another housing before having sold the first one. It lasts an average of one to two years, during which time you only repay interest and do not write off your capital. The loan amount represents on average between 50 and 70% of the value of the property you want to sell.
The buying-resale or relay-purchase credit. Like the bridging loan, it allows you to buy before you sell your previous property. The bank takes back the outstanding amount of credit you have incurred for your first purchase and estimates the one you will need for the new one. It makes a global credit offer with a common rate. You can then repay part of this loan early when you sell your property. But you must be able, before the sale of your home, to support a high debt ratio, beyond the classical limit of 33%.
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