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Villa Palagio, Florence, Italy

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The Villa Palagio offers a rare opportunity to own an exquisitely renovated, historic villa in the most sought-after environs of Florence.

The Villa is situated just 10 minutes from the heart of Florence, on a quiet back road just off one of the main roads leading into the centre, linking the charming town of Fiesole with Florence itself. On a fine day it also makes a very pleasant stroll to walk into the historic centre of the city in just 25 minutes. The villa enjoys a private and peaceful setting flanked by olive groves and vineyards so whilst being relatively central, one also enjoys a countryside setting.

The majority of Florence's main attractions can be viewed from the villa, such as The Duomo, the Val d'Arno, Fiesole, and the Appenines. The villa enjoys an elevated position providing breathtaking views, privacy and security.

The villa dates back to the middle ages when the original tower was built. During the renaissance period villas in this area were chosen as an ideal place of retreat by many of Florentines noble families and it was the Strozzi family who first converted the property into a Villa. Since then, the villa has had a series of illustrious owners. A renowned art historian described the villa as "a real Florentine villa," a perfect example of the 15th century palagio that wealthy Florentines built as a complement to their urban dwellings.

The villa and grounds were dramatically renovated and restored in the 1990s, by the current owners. With a careful eye to historic accuracy matched by luxurious, modern amenities. The interior and the exterior have been completely over-hauled and upgraded according to the highest standards. All historic elements, such as rare intarsia inlay doors and period beamed ceilings were painstakingly restored.

The villa comprises: o 874 square meters (9,407 square feet) interior living space o 4,470 square meters (1.1+ acres) lot o 5 bedrooms o 5 full baths o 1 half bath o 3-story passenger elevator o Fully walled compound with high-security infrastructure o Subterranean garage with space for 4 cars o Extensive (and rare!) on-street parking o Garden house with limonaia and additional living space

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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