We've finally sold

[Giddy Goat]

In France, once the initial contract (the Compromis de Vente) is signed, it's normally a done deal and there is no going back - the only exception to that is if a clause suspensif has been inserted to cover an event such as the purchaser's subsequent inability to obtain a mortgage.)

Correct me someone if I am wrong. It's been eight years ....

[CarolineH]

In France, once the initial contract (the Compromis de Vente) is signed, it's normally a done deal and there is no going back - the only exception to that is if a clause suspensif has been inserted to cover an event such as the purchaser's subsequent inability to obtain a mortgage.)

That's my understand also GG.

Kitkat - I don't think that you need to worry too much - assuming the sale goes through, then there is not much you can do. When your customers were booking, they were booking a gite, not an owner. If some bookings are cancelled then that's bad luck, but they could have cancelled for many other reasons that you would have no control over. You won't be obliged to refund and I don't think that you should either - what would have happened if you had a family bereavement (or suchlike) and you and your husband had to be absent for a week and you installed a french caretaker ...

Perhaps you could sit down with your (enthusiastic) buyers and put together an process for the handover of bookings - presumably they will need you to help with translation of letters, emails, etc.

Have you sorted out where the money goes for these bookings? (sorry, if I'm teaching you to suck eggs) If I sold as a going concern, I would be selling a SARL - so the buyers would get the money in the company - but I'm not sure of your position, so I think it would be good to get this in black and white, asap.

From my perspective, the most important discussions should be between you and the buyers, and not with the customers. If English dont want to stay with French, that's a shame, but the buyers will have the flip side of the coin, which means that there will be French who will book (normally later than the Brits) who prefer a French owner to and English - it's all swings and roundabouts, and something that you cannot control.

Good luck and well done for the sale in this difficult market!

[kitkat]

Harborfields, We have both signed the Compromis de Vente separately. It was agreed that we would continue marketing the gites to the best of our ability and we assume all monies due (for guests who arrive after we leave) would be handed-over at the final signing via cheque to the new owners. Our current terms and conditions (which the guests signed) are that all balance payments are due 12 weeks before arrival date which means they are being paid to us now and through till mid June. The 'client/guest' is still getting what they signed for regardless of whom they paid their monies to. I'm not going copying contracts to gite guests, that's ridiculous but I felt I was doing a 'good thing' by keeping my guests 'in the picture'... obviously not! I'm not a bad person and if somebody felt that bad about this and wanted to cancel then I would refund in full.

Giddy Goat, there are no clause suspensif within the contract so as far as we are concerned once the 7 day cooling-off period had passed it's pretty much a done deal as you say and I felt I could let our guests know asap before they found out via other means. The buyer is also staying with us again next weekend and we have agreed to store some of his belongings. I'm pretty sure he wouldn't do this if they were not serious.

CarolineH, the buyer is due to spend the last week of our residency with us to become familiar with the gite changeovers etc and we will, during this week, make contact again with all our guests to handover the bookings. My website manager has already mentioned that it's going to be interesting to see how the traffic alters with regards to the site, assuming the French side will become more popular etc.

Well, I sent off the last few emails to guests I had not yet told and after altering it (thanks La Vache) I've had no further problems, just good wishes for the future.

Hopefully, everything will go smoothly from here on in so I'd like again to thank those of you who have helped me with your wonderful advice. Sante!

[Giddy Goat]

Giddy Goat, there are no clause suspensif within the contract so as far as we are concerned once the 7 day cooling-off period had passed it's pretty much a done deal as you say and I felt I could let our guests know asap before they found out via other means.

I'm so pleased for you KitKat, and only mentioned the bit about the compromis being tantamount to a done deal for the benefit of Harborfields and Mouse.

You couldn't be more supportive of your purchasers, and I feel sure that your guests have nothing to worry about. The revised email should do the trick!

[Harborfields]

The 'client/guest' is still getting what they signed for regardless of whom they paid their monies to. I'm not going copying contracts to gite guests, that's ridiculous but I felt I was doing a 'good thing' by keeping my guests 'in the picture'... obviously not!

While you are confident that the guest is still going to get what they signed for, this news is something completely unexpected for the guest, and it is not unreasonable for them to be uncertain. I was merely trying to suggest ways of offering re-assurance to the guests. I agree that keeping the guest 'in the picture' is a good thing, but do think it could go more smoothly if the new owners were more directly involved with you in this process, and between you and them, you were better prepared to answer the guests' questions.

I'm not a bad person

Certainly not!

I am only going on because I am involved in a management transition myself (we're the one's taking over). Our situation is very very different, but I can relate and understand the guests' concerns.

[elena]

Congratulations on the sale Kitkat! Enjoy your retirement!!

Elena

Dordogne holiday cottages
Our blog Tales from our Dordogne gites
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[kitkat]

In just under 3 weeks we will be receiving the funds from our French gite property sale via the Notaire. We are talking about a substantial amount and have been contacted by a number of foreign exchange brokers (including currencies.co.uk) who have been trying to convince us to use them and not the banks for the transfer of euros to sterling. I am quite familiar in using exchange companies (currencyfair for instance) but for just small amounts of around 5000 €. For such a huge amount we are understandably nervous about not going through the banks and would be very interested to hear of any experiences of others who've sold-up recently or transferring large amounts of currency?

[wallypott]

I transferred in 2010 from the UK to France and the investment management company I use got a better rate than any of the traditional methods or exchange specialist companies. I think the more power (i.e. money) your institution has, the better the exchange rate they can command.

[Moliere]

I've always liked HiFx - they're big and well-estabished, they're regulated by the FSA and you can get a personalised quote from a trader for large sums (for small ones, you can track the rate on line minute-by-minute and press the BUY button when it gets to where you want it.)

Just my good experience . . .

Mols

[Mouse]

My vote goes to HIFX too. And their customer service is excellent.

Mouse
x

[French Cricket]

We used HiFx when we moved here 5 years ago and they were absolutely fine - we had a dedicated dealer that kept in constant touch with us between compromis and acte de vente and in fact he predicted (correctly) a slight drop in rate a week before the acte and suggested we moved a bit early. I'd always go for using a currency trading company rather than the bank as they've got all the infrastructure needed to do the necessary.

The most useful bit of advice that we were given when we moved here was to pick two or three companies that we were happy with, and then try negotiating a rate. If you're moving a substantial sum don't under any circumstances just accept the first rate you're given - they always have the power to make a bit of movement, and just a bit of a centime can make a useful difference when you're talking hundreds of thousands.

Just be aware, kitkat, that it might take a while to open accounts because you'll need to prove your ID - money laundering regs and all that.

Good luck - new and exciting times ahead, huh?

[CarolineH]

Another vote for HiFx - I've used them both ways, many times with large and small amounts of money - always very professional and offering a much better rate than my bank.

[la vache!]

I'd try several different agencies too - I used to use Baydonhill when I transferred money (because I started with them and couldn't be bothered to register with another one).
I'm sure that for a substantial sum of money they will be falling over themselves to give you a good deal. Definitely worth getting more than one quote. They are interested in the substantial sums - the 5k transfers probably aren't worth the time it takes to do the deal.