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Londa Farmhouse, Florentine Hills, Italy

€1,500,000

This well restored and spacious Tuscan farmhouse has terracotta floors, original beams and lies in 8 acres of wild flower-covered meadows. Enjoying panoramic views, the house is private and secluded.

There are walnut, fig, apricot and cherry trees and a profusion of lavender, rosemary and thyme in an easily maintained garden.

4 double bedrooms, 3 bathrooms, 4 large living rooms including fully-fitted kitchen plus a separate garden apartment consisting of living room, kitchen dining room and steps up to 2 double bedrooms and 2 bathrooms. Swimming pool.

The property is approached up a tree-lined avenue from a typical Tuscan country white road and stands at 600 metres above the village of Londa. It enjoys excellent views over the Sieve valley and the surrounding hills. There is ample car-parking space immediately adjacent to the house.

The main entrance leads into a hall with rising staircase to the first floor and into the good sized living room with original stone fireplace which in turn leads to the fully fitted kitchen, dining room and a further living room. A door from the hall also leads to a bathroom and a storage area. The stone staircase leads to an upper hall off which are four double bedrooms and two bathrooms. Next to the main door there is a large stone paved covered terrace and store rooms. The apartment is reached via a south-facing terrace with vine-covered pergola and into a living room with adjacent fully fitted kitchen. A stone staircase leads up to two double bedrooms and two bathrooms. Both bedrooms have French doors to the garden. Well-equipped laundry.

Close to the house is a 12m x 6m swimming pool with shade provided by cherry and walnut trees. There is ample storage and work space in outside cantinas and sheds. It is understood that further accommodation could be created out of a ruined structure close to the farm house. The gardens are an attractive feature of this property and are mainly laid out to fields, shrubs and trees. Private water supply, gas central heating, septic tank

Londa 10 minutes, Florence and A1 entrance 45 mins, Pisa 1.5 hours

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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