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Villa Collalto, Florence, Italy

€6,800,000

The Villa Collalto is a truly exceptional property located in a quiet hillside position within just 10 minutes of the centro storico of Florence. The property, dating back to the 15th century, has been painstakingly restored throughout, just two years ago, to offer every modern comfort as well as stunning original features.

Spread over five floors the villa sits nestled into the hillside surrounded by its impressive terraced gardens and olive groves. From most of the windows and from all the gardens the breath taking views of Florence and the surrounding Tuscan hills can be appreciated. In total there are 7 bedrooms, 6 bathrooms, 4 reception rooms, 2 kitchens and a spa room.

Features such as original frescoes, coffered ceiling, majestic stone fireplaces, pietra serena stairways and antique terracotta flooring are found throughout with every detail having been restored meticulously by local craftsmen.

The property is surrounded by 2 hectares of private land and is approached by a track leading up through the property's olive groves. The gardens include an original grotto, fountains, a pergola draped in vines and many established fruit trees. There is also an annex in the lower gardens with 250 sqm of floor area with 4 bedrooms and 3 bathrooms - this additional space is ideal for staff accommodation or could be modernised to provide additional accommodation and/or games room.

Located just 10 minutes from central Florence allows one to visit all the city's attractions by car, bus or taxi but also explore the countryside and enjoy the peace and tranquillity of the location. The charming hillside town of Fiesole is also just five minutes away where a range of services and restaurants can be found. 25 minutes to Florence airport and 1 hour to Pisa airport.

The accommodation of the main villa comprises of the following:- GROUND FLOOR: Large, high ceiling entrance hall/living room with fireplace, guest bathroom, second living room with fireplace, large frescoed dining room with table for 12, spacious fully equipped kitchen connecting to the rear garden. FIRST FLOOR: Bedroom #1 : Queen size A/C bedroom with en suite bathroom with tub. Bedroom #2 : Queen size A/C bedroom with en suite bathroom with tub. Bedroom #3 : Single A/C bedroom with en suite bathroom with shower, sharing bathroom with Bedroom # 4: Queen size A/C bedroom.

UPPER FLOOR:TOWER : A large suite with A/C living area and Kitchenette. Double basin bathroom with shower for exclusive use of the Queen size A/C bedroom in the tower.

MEZZANINE FLOOR: Bedroom# 5: Twin beds with en suite bathroom with separate shower. Bedroom#6: Single room. En suite bathroom with shower Laundry room

LOWER/GARDEN LEVEL: The old cellars have been adapted to accommodate the spa room, with a luxurious 3x2 metre built-in heated whirlpool. Changing room/ tea room Bathroom with shower

600 sqm of floor area 2 hectares of land 7 bedrooms 6 bathrooms Annex

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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