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Castelfranco Farmhouse, Arezzo, Italy

€1,350,000

This historic farm residence sits nestled into the hillside and enjoys breathtaking views over the Arno Valley.

The main house dates back to the 1700s and many of its original features are still present including grand fireplaces, antique terracotta and pietra serena floorings, oak beamed ceilings, cloistered external terraces and the olive press on the ground floor. The main house has 450 sqm of floor area and is spread over two floors with the main living quarters on the first floor, as was traditional in such rural dwellings, providing four bedrooms and three bathrooms as well as three reception rooms. The ground floor has excellent renovation potential to create further accommodation and the possibility to connect to the first floor residence. In addition there are two guest apartments, one in the 110 sqm annex and the other in the main house, providing a further three bedrooms.

The property requires some modernisation and renovation in areas but is fully habitable and could be used immediately.

The terraced gardens and grounds cover a total of 20 hectares (with options to buy less land if required) with providing organic olive groves and the other half providing woodland and arable land. In addition there is a swimming pool with Jacuzzi area from which the views can be enjoyed and ample room for sunbathing.

Should further accommodation be required permission has been secured to build two further residences of 115 sqm each in the grounds.

The property enjoys absolute tranquillity but is also within easy reach (just ten minutes) of a range of services and restaurants in the small town of Castelfranco di Sopra. The motorway exit of the A1 and the mainline railway station at Figline are also only 12 km from the property allowing quick access in under 35 minutes into Florence and 25 minutes to Arezzo.

Please be aware prices may vary due to fluctuations in the exchange rate

A GUIDE TO BUYING IN ITALY

As with any property purchase in any country, it is always advisable to gain the help of reputable and independent legal and property advisers when you propose to buy in Italy.

MAKING YOUR OFFER

Purchasing property in Italy is usually a three-stage process. When you make an offer to buy, this needs to be made in writing by way of a formal Purchase Proposal and this should be accompanied by a deposit (which can be up to 5% of the purchase price). The deposit can be held in escrow. It can be a good idea to put a time limit on your offer and make it subject to due diligence.

THE PRELIMINARY CONTRACT

Once the formal details of the sale have been agreed between the buyer and vendor, and their legal representatives and the due diligence completed, the preliminary contract can be entered. This is a formal agreement drawn up by the agent, lawyers and, in some cases, this contract is also notarised. The contract stipulates all terms of the sale/purchase and is typically accompanied by a further deposit payment between 10%-20%. Again this deposit can be held in escrow or paid directly to the vendor. If the seller changes his mind, he will have to pay you double the deposit you have lodged.

THE DEED OF SALE (‘ROGITO’)

The public notary prepares the final deed of sale known as the rogito, whilst also carrying out land searches and so forth. The notary is a public legal body who represents both the buyer and the vendor, and collects the necessary taxes on the sale/purchase. It is the buyer who may choose which notary they wish to use.

THE COSTS OF BUYING

The main costs met by you, the buyer are:

Lawyer’s fees : 1-2% + IVA
Notary’s fee : Approx. £3,000 + VAT
Estate Agent’s fee : 3% + VAT
Tax on property : is calculated at 9% of the value according to the land registry. On resale properties the land registry value is typically lower than the sales price, often by as much as 30% to 50%.
Tax on land : is calculated at 12% of the land value. The notary will decide an appropriate value for the land in line with land prices in the area
NB:If you pay for your purchase with funds from outside Italy, be sure that the records are officially documented. Any later sale proceeds can then be repatriated.

ONGOING TAXES

Property owners pay income tax based on the theoretical rental income of the property. However, non-residents in Italy are subject to this tax only if the income exceeds a certain threshold.

Council tax (‘Imposta Municipale Unica’) is based on the land registry value of the property and is collected by the local authority twice a year.

You do not pay Capital Gains Tax if you sell the property more than five years after the purchase.

Please note: This article reflects Aylesford’s current understanding of property legislation in Italy. It is offered for general guidance only; specialist legal and tax advice should always be taken for any property transaction.

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