Winkworth in Italy
Working alongside our established associate agency in Italy, Winkworth specialises in the sale of Tuscan properties. Winkworth's associate's head office is in Lucca, with three further agencies across Tuscany, including Florence. Winkworth's service also covers Rome.
For UK and international buyers wishing to buy property in Italy, our service is coordinated from our head office in central London. We have a team of bilingual staff who specialise in international property. This ensures both buyers and sellers benefit from local expertise and the assurance that they will be carefully guided through the process of buying internationally.
Our portfolio of property includes new and re-sale apartments, coastal and inland villas, farm and manor houses.
About Tuscany
Tuscany is an extensive region in north western Italy. The region's breathtaking natural beauty and deep rooted urban history make it extremely popular with both national and international buyers.
Lucca, Versilia and the surrounding rural towns and villages are very popular with buyers. The wonderful surrounding hills are characterized by period villas, which were the summer retreats of noble families who lived in elegant palaces inside the Lucca walls during the winter. Some of these villas enter the market from time to time, but there is a wealth of other, perhaps more attainable property types too! Lucca and Versilia are around 45 minutes drive from Florence, 3 hours from Rome, 3 hours from Montecarlo, 2.5 hours from Milan and 3 hours from the Swiss border.
House prices in Tuscany
It's important to understand the many factors that influence house prices in Italy, as this may help you to identify the areas you wish to focus on in your search. Consider the following:
- Distance from main towns and cities, such as Versilia, Lucca and Florence.
- Local "hotspots" like Forte dei Marmi and Pietrasanta are considered highly exclusive villages and therefore command high prices.
- Style of property - the more historic and carefully preserved villas come to the market only occasionally and their rarity is reflected in the asking price.
- The views offered by the property ? stunning views of the Tuscan countryside will add to the value of a property.
- Amount of renovation work required.
- Ease of access and distance from amenities.
- New build in the Tuscan countryside is near impossible to obtain, so the ability to restore and extend existing properties is valuable.
Buying in Italy
As in any foreign property transaction, the process of buying a property in Italy can appear daunting, so it is always best to use an experienced estate agent, particularly if you are looking for a period or rural property. The agent will ensure that the any transaction runs smoothly, within the agreed timeframe.
The process of purchasing a house can be relatively quick, sometimes as little as two weeks, but eight-10 weeks is about average. Winkworth's UK and Italian teams will guide you through the whole process, and assist you in the detail, such as opening the necessary bank accounts, registering for fiscal purposes and translating throughout the process.
Offer accepted
If your offer on an Italian property is accepted, the legal process will start immediately. It's important to be aware that the laws governing such matters in Italy are very rigid.
Stage 1 - Proposta d'acquisto - Offer Letter
Upon an offer being accepted, the seller delivers a offer letter through their agent, this is known as a proposta d'acquisto. Both the vendor and buyer sign this document, which then establishes an undertaking for both parties to proceed towards the next stage (the compromesso) at the agreed price within a determined period of time - usually two weeks. It is at this stage that payment of a 5-10% deposit is required
Stage 2 - Compromesso - preliminary contract
The signed offer letter engages both the buyer and sellers to commit to the preliminary contract preliminare di vendita, otherwise known as compromesso. This is the legally binding contract between both parties. It must be signed within the period of time specified in the offer letter.
This contract stipulates the terms and conditions of the purchase. The estate agent will outline in the letter the price, a description of the property, the obligations for both parties and the date of completion. At the time of the preliminary contract, the purchasing party will normally pay a sum ranging from 10% to 30% of the sale price.
If the vendor decides to not sell the property after signing the preliminary sale contract and collecting the deposit, they must pay twice the sum back to the buyer. The buyer can decline this if they decide to pursue the matter through the courts to obtain ownership of the property. If, however, the buyer decides to not buy the property once they have signed the preliminary sale contract and paid the deposit, the deposit will be lost. For this reason, property sales in Italy are often considered more secure than in many other European countries.
Stage 3 - Rogito - completion
The signing of the compromesso engages the parties to complete - rogito - within the period of time specified. In Italy, all real estate transactions take place before a notary, who is a lawyer specialising in property sales and a 'notary public'. The notary must carry out the following:
- ensure the deed is legal;
- check the details of the property being sold are legally in order;
- check the buyers and sellers are who they claim to be;
- make sure the buyers and sellers have the right to enter into the contract;
- ensure the contract is legal and binding;
- collect all statutory fees and charges levied by the relevant authorities such as the Building and Land Registries;
- make sure that the payment is transferred legally and in accordance with money laundering laws;
Sometimes stage 1 and/or stage 2 can be skipped and the process can go straight to completion if the buyer's advisors are satisfied with the information they have received from the seller's representatives.
The seller must provide a technical report by completion - a relazione tecnica. This is drafted by the seller's surveyor or architect. This person has a legal obligation to be present at completion as they are responsible for the accuracy of the report. For the buyer's peace of mind, it's recommended that they too employ a surveyor or architect between stages 1 and 2 - usually to carry out a cadastral survey and to check the seller's technical report at completion.
However, structural surveys are not standard procedure in Italy, as the completion document includes declarations by the vendor who is held legally accountable for their accuracy.
Costs involved in buying an Italian property
Registration tax: If you buy an existing house as your main home, which means it will be your legal principal residence, the registration tax is 3%. If the property is a second home, the registration tax is 10%. Both percentages are calculated on the cadastral (fiscal) value which is usually between one third and one half of the commercial value.
Stamp Duty: Fixed at: 504€
Surveyor's fee: You may want to arrange for a survey to be carried out on the property you plan to buy - we can advise on suitable local surveyors. Their fee is based on the value of the property being purchased.
Notary's fee: Usually between 1% and 2% +20% VAT, depending on the price bracket.
Mortgages: The notary will charge a 1%-2% arrangement fee based on the amount borrowed.
Estate agent's fee: 3% + VAT (20%) to be paid in full at the signing of the compromesso. This is the preliminary contract stage, not completion, which is when the agent would normally receive their fees in many other European countries.
*This information is for guideline purposes only, Winkworth cannot guarantee accuracy of the figures stated and recommend specialist legal advice be sought when considering the purchase of a property in Italy
