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Gaiole Farmhouse, Chianti, Italy

€2,125,000

Typical Tuscan 'Casa Colonica' consisting of a main house, a guest house and an independent studio.

The property has been beautifully restored in a traditional Tuscan style, and blends in harmoniously with its surroundings, almost becoming a natural feature of the hillside on which it is located. The restoration process has succeeded in retaining the true farm house qualities of this unique property. The property is located in the heart of the Chianti region and offers breathtaking views over the Chianti’s unique countryside.

This delightful property is perched on a gentle hillside and is south facing.

The property is composed as follows: The Main House measures approximately 500sqm, and is situated on two floors plus a tower on the third floor.

First floor: entrance hall, living room with fireplace, dining room, large kitchen, a very large formal living room (morning room) with garden access via arched french doors, library/study, large washroom, cellar and utility room.

Second floor: five bedrooms, four bathrooms, lounge and hallway.

Third floor: the tower, in Tuscany called "Colombaia", offers the possibility for another spacious bedroom or study, with abundant natural light provided by the large windows which offer fantastic views. The original fireplace is a unique centre piece feature.

The current owner has created a private studio in one of the restored barns, which is situated within close proximity to the main house. However, this may be easily converted into a self contained apartment (approx. 50sqm). On the East side of the main house there is another 50sqm building currently used as a garage.

A further barn is situated close by which is used to store the agricultural machinery.

The guesthouse is situated in a secluded private area approximately 80 mt from the main house. Originally a barn, this delightful restoration is currently used for holiday lets by a prestigious English tour operator. The house measures approx' 115sqm and is completely independent, with its own driveway and covered parking. This building has a beautiful patio that leads off the garden to the main entrance. It is composed of a large entrance and living-dining room with fireplace, kitchen, two large bedrooms, and a bathroom.

The property has a large swimming pool, situated in a panoramic position boasting views over the vineyards and the surrounding hills. The property is in the vicinity of both Radda and Gaiole in Chianti, where shops, banks, restaurants and other amenities may be found.

Included in the sale there is approximately 11 ha of land comprising of approximately 5ha of Chianti Classico vineyards, 4ha of olive trees (in total approx 450 plants) with the remainder being used as garden area. There is also a small lake situated within the estate.

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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