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MATTHEW CAMERON OF ASHTONS LEGAL ANSWERS A READER QUERY READER QUESTION: I HAVE INHERITED A LEGAL OWNERSHIP OF A FRENCH PROPERTY HELD IN AN SCI FROM MY FATHER. MY STEPMOTHER HAS THE
_USUFRUIT_ AND OWNS ONE SHARE IN THE SCI. SHE CANNOT AFFORD TO BUY ME OUT. CAN I SELL MY PART TO AN INVESTOR? _Usufruit_ is a form of life interest, conferring on the _usufruitier_ the right
to live in the property or take rental income. The _nue-propriété _is the interest in the remainder of the property. In principle, the person holding this will become absolute owner on the
death of the person with the life interest. In this case, we are considering a split in the ownership of shares in an SCI, that in turn owns a property in France. READ MORE: ARE SCIS
REQUIRED TO HAVE THEIR OWN FRENCH BANK ACCOUNT? SCI RULES SIMILAR The rules are largely the same, whether it is the property or the shares in a property-owning company that are split. A
person owning the _nue-propriété_ cannot enforce a sale of the entire property, but it is possible to sell the _nue-propriété_ itself. Prior agreement of the _usufruitier_ does not have to
be obtained. If you jointly own the _nue-propriété_ with siblings, you would be entitled to sell your share to them. READ MORE: WHAT HAPPENS TO MY FRENCH FAMILY HOME IF I DO NOT MAKE A WILL?
One might ask who else would want to buy an interest in a property they cannot occupy, nor derive rental income from. There are specialist investor firms that deal in such activity however
the price offered might be influenced by the age and health of the _usufruitier_. Whether such a firm would be interested in buying the _nue-propriété_ in the shares of an SCI is different.
The SCI’s _statuts_ (constitution document) might have restrictions against any dealing of any interest in the shares without agreement of a majority of the shareholders, or at least of the
person mandated as managing representative. The manager would usually be the _usufruitier_, so consent might be hard to procure. In summary, the sale of a _nue-propriété_ is permitted, but
where there is a company interposed as the ownership vehicle, that might be rendered impractical. Seek expert professional advice. RELATED ARTICLES FRANCE'S NEW PROPERTY DECLARATION
FORM: 2024 RULES AND FINES EXPLAINED SIGNATURE FRAUD OVER PARIS FLATS COSTS OWNER OVER €1 MILLION
