Kingston House, 7 London Road, Old
Stratford, Milton Keynes, Buckinghamshire, England, MK19 6AE
Tel (+44) 01908 265008 e-mail: firstname.lastname@example.org
Introduction Italian Real Estate
Notes of Interest
Technicalities incurred with purchase of properties in Italy are minimal: when a property is selected and a price agreed, a “compromesso” (preliminary sale agreement) is signed. Sometimes this is followed by a “promessa d’acquisto” (purchase proposal), this document states the full price to be paid for the property, plus modalities of payment.
Transfer of Deeds is called “Rogito” and
is performed in front of a Notary Public, in Italy. He will have checked
that the property being bought is free from liens, encumberments,
It may be useful to remember that, whereas the Preliminary sales agreement, or Purchase proposal shows the full price, the Rogito does not, the figure being set by the “Redditi” (rateable values).
Local rates and taxes
The local rates relate to garbage collection and drain
The purchase prices indicated for our properties are
inclusive of commissions, surveyors and notary fees, stamp duty, government
and local conveyancing taxes and registration costs.
Mortgage (Ipoteche) and other credit facilities
In Italy there are first and second mortgages (Mutuo Fondiario), the second usually granted over 15/20 years, at varying rates, on about 50/60% of the price paid. The mortgage is registered at the “Registro delle Ipoteche” (mortgage register), a charge being paid both for registration and cancellation.
All foreign purchasers of properties in Italy are issued
with a “Codice fiscale” (tax number), which establishes
the fact that they reside in a particular “Comune” (Borough).
Owing to dual taxation between Italy and the U.K., if income is derived
from the property it should be shown only on one return: consultation
with one’s accountant is however advisable.
Title of property
All property, be it a flat or a house, is FREEHOLD.
Italy is known the world over for its climate, which is milder and more temperate along the coast.
Absence of great degrees of humidity makes it even more agreeable and the following table shows the variation in the seasons (average temperature recorded in Celsius).
Rental service and business opportunity
All properties purchase, once furnished, can be let
to an even stream of clients from the UK, Europe and even Italy, wishing
to rent accommodation from one week upwards.
Some of the properties offered are large enough to be converted into several apartments. Management of such undertakings, even with the eventual addition of a swimming pool and other minor sport installations, will provide plenty of scope for enterprising people. Being simple and inexpensive to run, are preferred to guest house/hotels, which are likely to provide headaches with the personnel needed, especially if the supply of meals is contemplated.
Construction and repair of houses
Whilst a lot of work could be carried out by the purchaser, even helped by local labour, it is however conceivable that part will require specialized assistance.
To this end, all our local agents area geared up to
obtain estimates for any work to be undertaken, and if necessary,
we are in the position to assist with the execution of the work being
monitored by surveyors and architects appointed by us.
Kingston House, 7 London Road, Old Stratford, Milton Keynes
Buckinghamshire, England, MK19 6AE
Tel (+44) 01908 265008
Call us for further information on selected properties mentioning this website
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