email: Telephone: 0044 20 8798 0668 - Italy Office 0039 351 7835850 © Lake Como Concepts 2021
lake como concepts
FOR VIEWINGS CALL +39 351 783 5850
THINKING OF BUYING A PROPERTY? If you are thinking of buying a property we can help you in the following ways: THE PURCHASE PROCESS As a very approximate guide, you should budget around 9 to 10% of the purchase price as the total fees for buying a property in Italy. When buying a property from us we assist you at every step of the way through to the signing of the final deed in front of the Notary. Our fees for this are 3% (plus Italian VAT at 22%) of the purchase price of the property and are due at the Preliminary Agreement stage. During your viewings we will provide detailed information to help you decide on a property. Due to volume, detailed floorplans are only usually available at this stage. Formal offers are handled by our local Italian estate agents, for example L’Intelvese Sas in Como, who prepare the documentation following Italian law on your behalf. Once your offer is accepted you should be prepared to put down a small binding deposit. The next stage is the exchange of contracts or the Preliminary Agreement, at this point you normally pay around 30% of the total price. Finally the “rogito” or completion in front of a Notary where you pay the balance of the purchase price, notary fees and applicable taxes, and get the keys to your new property! Taxes can differ significantly if you are buying a re-sale property or a new-build, and whether the property will be your primary residence or a second home. For a resale property, a Registry Tax is payable on the ‘cadastral’ value – the municipal ‘rateable’ value, which is usually significantly less than the actual purchase price. Currently for a primary principal residence, the Registry Tax will be 2% of your cadastral value, whilst for a second home 9%. There is no Registry Tax when buying new-build properties, but Italian VAT is charged at 4% of the purchase price for a primary residence, and at 10% for a second home. Other costs are Notary fees which vary depending on the purchase, but probably around 0.5 to 1% of the purchase price. If you require a mortgage there normally will be additional fees from your lender and from the Notary as the mortgage itself is a separate legal deed. Please note - This is a simplified version of the process, we recommend that you take legal advice as necessary. Other services when buying a property We can also assist with: VALUATIONS: we offer a prompt service tailored to your requirements for mortgage, bank, legal, insurance or inheritance purposes. Valuations start from as little as €350 plus VAT. STRUCTURAL SURVEYS AND DUE DILIGENCE: we can advise on local qualified surveyors who can undertake surveys and offer written reports in English on the existing condition of properties. Cost of the surveys depends on the property PROPERTY SEARCH: should you not be able to find the perfect property on Lake Como, we are willing to perform a search on your behalf. This involves clearly defining your requirements and approaching possible vendors often of properties not on the market to find your dream property. The total cost for this service is 3% as with the property purchase but with an initial upfront fee of €1,000 which is deducted from the final cost. THINKING OF SELLING YOUR PROPERTY ON LAKE COMO? If you are thinking of selling your property on Lake Como, then we would love to hear from you. We can market your property to a wide international market, from our website, international magazines and international property portals. We also have a database of clients actively searching for particular types of properties. Our Italian partners are experts at valuing your property to give a realistic valuation and they are also ideally placed to guide you through all the processes of selling your property. If necessary, we can also offer advice on how best to present your property to international buyers. Our fees for this service is 3% of the achieved sales price plus VAT at the applicable rate. SERVICES WHEN YOU HAVE FOUND YOUR DREAM HOME Once you have find your dream home we can assist with the following after sales: RENOVATION SERVICES: Through our building and project management company we can provide a very competitive, fixed fee, no surprises quotation for any project, big or small. Our partner, Kartilia Srl has over 30 years’ experience in managing renovation and construction projects on Lake Como and the Italian lakes. OBTAINING PERMISSIONS: Kartilia Srl has worked with practically all the municipal Comunes on Lake Como and is expert in understanding local laws and practices and obtaining relevant permissions. APPOINTING A BUILDING COMPANY: We can assist in vetting and appointing local reputable building companies. We insist that any companies working with us work on a fixed fee basis. Alternatively you can also commission a detailed works specification that can be taken to tender with different building companies to obtain the best priced work. ARCHITECTURAL SERVICES: we work with many of the local architects on Lake Como and can advise on those best suited to your particular style. INTERIOR DESIGN: through our associated interior designers we can provide an interior design package for your new home together with a detailed list of costs necessary to achieve this new look. Please remember that in Italy kitchens are not included in new build properties and are often removed from some re-sale properties. Costs vary depending on the project. CONNECTION OF UTILITIES: we can organise for the connection of your utilities for a small fee. RELOCATION SERVICES: We can recommend language schools, removal companies, cleaning services and companies to rent your property in vacant periods.