When looking for property to buy in Italy, you will no doubt have a number of questions or factors to consider. We will be more than happy to discuss the purchasing process with you either on the phone or in person, but to help you get started, we’ve included some of the most frequently asked questions below:
Could I pay less for my new property in Italy?
No, you pay the same price as if you were to buy direct in Italy. Going through a company such as ours, which is an established UK registered company, has several advantages: you will get to see properties that suit your requirements, as well as the help of our fully trained, supportive staff who will take away the stress and strain associated with house purchasing.
What other costs on top of the purchase price can I expect when I buy Italian property?
As you might expect when buying a new property there will be some additional charges. Your lawyer will be able to give you an estimate of these costs when they know more about your plans. Additional costs you will need to consider include those of your lawyer, notary, bank charges, taxes etc.
Will I have to pay a reservation fee for my new property in Italy?
Deposits for Italian properties for sale are currently 3000 euros plus 50% of the purchase price within 4-6 weeks and the rest on completion.
Do I have to be in Italy to complete the transaction?
In the event that you will not be able to attend the signature of contracts and deeds, you can give your lawyer power of attorney to sign all necessary documents on your behalf.
New Italian Law to Protect Ownership – Codice Fiscale
A recent amendment to Italian law when purchasing a property in Italy is the requirement of a Codice Fiscale. All clients who buy property in Italy will NOW need to obtain a Codice Fiscale, or Fiscal Code, before the signing of contracts. This is a prerequisite of a new Italian law and will be enforced by Italian notaries. It is the equivalent of a National Insurance or Social Security Number, and is of extreme benefit to the property owner as it absolutely and completely identifies the client a being the sole owner! For more information regarding the Codice Fiscale, and how it may affect your property purchase in Italy, click here.
In whose name should I purchase the property?
There are several ways to purchase an Italian property:
In your own name
- In the joint names of you and your spouse or co-purchaser(s)
- In the names of your adult children or in the name of somebody who will eventually inherit the property from you.
- In the name of a UK or Irish limited company or a company incorporated in an approved jurisdiction.
Will the property I purchase be Freehold?
Yes
As I am buying in euros, and the exchange rate fluctuates, how can I protect my capital?
If you are buying property overseas, one of the main concerns may be the fact that you have to pay for the property in a foreign currency. But with everything that has to be done before you even get to this stage, it’s all too easy to leave your currency exchange to the last minute and hope that the rate alls in your favour. This can put your capital at risk so its wise to plan ahead and take the necessary precautions. Once you know the price of your home, start to shop around for the best rates by calling the bank or one of the specialist foreign exchange companies. Although banks are traditionally the first port of call, it certainly pays to talk to the commercial foreign exchange companies as they usually offer better rates and sometimes a superior service. In most cases, their dealers will watch the markets for you and keep you informed of any significant changes. The commercial foreign exchange companies are also able to offer you a number of options for transferring your money:
- Spot transactions – are ideal for anyone who needs their currency straight away as the currency is purchased today at the current rate. However, if you have time to spare before your payments are due, it may be wiser to consider a forward transaction.
- Forward transactions – allow you to secure a rate for up to a year in advance to protect yourself against any movements in the market. A small deposit holds the rate until the balance becomes due when the contract matures.
- Limit orders – allow you to place an order in the market for a desired exchange rate. Your request is entered into the system which triggers an automatic currency purchase once the market hits your specified rate.
- If I buy a new Italian property, will I be able to inspect it before I complete?
Yes, you will usually be able to make inspections at any time. On completion, you will be invited to inspect the property and make the builder aware of anything that is not to your satisfaction. Until the full terms of the contract have been met, you are not required to make your final payment. Even after you have the keys, anything you may subsequently discover that requires rectification should be brought to the developers attention for correction.
Should I use a local solicitor?
Past experience shows that it is better to use a solicitor based in the country where you are buying your property. We can introduce you to a reputable solicitor in Calabria, or if you prefer, you can ask our UK solicitor to collaborate on your behalf with the Italian solicitor. Whichever you choose, you will receive first class legal advice and we will make the arrangements for you.
What about furnishing my property from scratch?
Whether you want your Italian property to be supplied fully furnished or look for your own furniture, we can assist you in the following ways.
We can advise on those developments that offer furnished properties or furniture packs readily for sale and discuss this with the sales team on your behalf.
You can discuss your requirements with a member of staff while you are in Italy – with their local knowledge they will know all the best places to shop for the type of products you want.
*Note that some of the information on this section has been supplied by third parties. Professional advice should always be sought at the time of purchase.
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