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Villa La Quercia, Lucca, Italy

€4,250,000

Noble hillside residence near Lucca, dating back to 17th century, with panoramic views, parkland, a chapel and guest accommodation. Having been painstakingly restored this Tuscan villa provides the utmost in 21st century comfort alongside wonderful original features and frescos.

In total the estate has 12 hectares of land and 3,000 sqm of floor area across the main villa, the casa colonica with its two guest apartments, the small unrestored convent, the chapel and the two floor ‘Tinnaia’. The Main Villa The villa has been restored to the highest possible standard whilst original features have been preserved and restored with meticulous detail. Throughout one finds original frescos, impressive fireplaces and stone/terracotta features. There are two principal entrances into the main villa, one from the lower terrace into the ground floor hall and one into the first floor leading into the principal reception rooms of the property. The villa has maintained its traditional layout with the services rooms and storage to be found on the ground floor and the piano nobile on the first floor providing grand reception rooms, a large open plan kitchen, a library and dining room. Many of these rooms have original paint and fresco work and enjoy wonderful views across the valley. Leading off the kitchen one accesses the villa’s terraces and the shaded summer dining pergola. Via the grand central stairway one accesses the second floor bedroom accommodation and 3 bathrooms. In total there are 5 bedrooms but the current layout provides 3 bedroom suites, each with sitting/dressing area, bedroom and bathroom.

Guest Accommodation Adjoining the main villa are two guest apartments, each with two bedrooms. These spacious residences provide independent living with open plan living-dining areas and contemporary style interiors.

Grounds and Land In total there are 12 hectares of land accompanying the villa. The land includes olive groves, vegetable and flower gardens, mature fruit orchards, parkland and south facing vineyards (currently unused).

The unrestored ex-convent (approx. 400 sqm) and a two storey tinnaia provide development potential. A business could be run from the property, also hosting weddings, thanks to the private chapel which remains consecrated.

Location The villa sits nestled within a charming Lucchese village. As is typical in many of these hilltop villages, the villa was the principal noble residence in the area with commanding views of the villages and surrounding landscape. Within the village there is a small bar and shop a five minute walk from the villa from which basic provisions can be purchase. The city of Lucca itself is just 15 minutes by car and within 40 minutes one arrives at Pisa airport or the Tuscan coast (Forte dei Marmi). 1 hour from Florence.

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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