Property Valuation for Divorce


(Jim Barry) #1

Hi,



I previously posted about how to obtain a property valuation for a divore settlement and receive some great advice. I have now obtain an Expertise Valuation report and am moving to the next phase.



One thing that I have not yet considered, but need to, is the legal costs of selling. Not that I will sell, but I need to know how to moderate the valuation on the assumption that if I did sell, the costs would be split.



Also, what are the costs involved in a notaire doing what is required to make me the sole owner in the event I give my wife cash for her half? Is it a set cost, hourly rate (if so, how much) or a percentage of value?


Lastly, are there any hidden costs I need to factor in, or costs that are not liable at the time of the change but I need to consider should I eventually sell?


Many questions I know, but its a bit like I don't know what I don't know.



Many thanks,


Jim


(Marie-Claire Gauthier) #2

This should indeed keep you out of mischief!


(Jim Barry) #3

Thats my saturday reading sorted, many thanks Marie-Clair


(Marie-Claire Gauthier) #4

As alway, it's complicated…. they deduct something depending on what you have invested, how long you've been living there, if you are a resident, and then they want 19% of what is left in income tax, and then 15,5 % of what is left after tax in various obscure social taxes. You can have a look at the 2 links below, if you enjoy lists of percentages with decimals:-)

http://www.leparticulier.fr/jcms/c_35797/simulateur-de-calcul-de-plus-value-immobiliere

http://www.impots.gouv.fr/portal/dgi/public/popup?espId=1&typePage=cpr02&docOid=documentstandard_2157


(Jim Barry) #5

That is interesting, do you know the tax rate that would be applied?


(Marie-Claire Gauthier) #6

There could be costs connected with the added value of your property if you sell. The tax is called "plus value" in France and is applicable if the property isn't your main residence or if you have owned it for under 30 years. Quite simply, the State looks at the difference between the price of purchase and the price of resale and taxes you on that.


(Andrew Hearne) #7

if you sell, the buyer pays all the legal fees ;-)

not sure if both halves are put in your name, best speak to a notaire but i think you pay all costs in the same way as a purchaser would.