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Villa Uliveto, Bagno A Ripoli, Florence, Italy

€6,700,000

This historic property located close to Bagno a Ripoli and just 5 km from central Florence is a rare opportunity to purchase a fully restored residential complex with extensive land within close proximity of the city.

The complex provides in total 2340 sqm of floor area comprising of a main residence of 622 sqm, 8 apartments covering a total of 1,200 sqm and the remaining floor area provides storage and agricultural spaces.

Dating back to the 1400s the property is of significant historic standing in the area and the recent restoration has paid detailed attention to the original features found throughout.

Main residence Split on three levels, the main villa has a surface of 700 m2 (2.296 ft2) and accomodates 17 bedrooms. The villa is surrounded by a magnificent park of 5,5 hectars (13 acres) with over 1.150 olive and fruit trees. A medieval stone fountain with natural spring water adorns a finely landscaped outside area with loggias and terraces. Permits to create a swimming pool can be easily obtained from local authorities.

Apartments 6 of the apartments also provide high quality accommodation with original features throughout and the additional 2 apartments are in good condition but of a style appropriate to provide staff/service accommodation.

Gardens and Land The property is surrounded by 64 hectares of land providing sweeping lawns and manicured gardens around the residences with automated irrigation, mature trees and shrubs. The rest of the land has been worked into terraces of olive groves with a total of 1150 olive trees in production. Water is provided to the estate by its own natural spring which can be gathered from the original stone troughs.

Location The estate is found just 5km from central Florence in the Bagno a Ripoli area. With a range of services and restaurants within 5 minutes of the property as well as all the attractions of central Florence the property allows the best of both worlds for enjoying rural tranquillity and the buzz of the city. For flight connections Florence airport is 30 minutes away and Pisa airport 1 hour.

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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