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Master Apartment, Strozzi Castle, Sienna, Italy

€1,900,000

This contemporary yet authentic Tuscan restoration resides in the East wing of a 16th century Strozzi castle, which sits in the centre of a prestigious Chianti Classico wine estate.

The owners of this exclusive and well known vineyard restored the castle and many of the farmhouses within the estate, creating a residential community for those seeking luxury property in a rural yet private and secure location. There are 15 residences within the estate, all of which are second homes or summer residences to a range of nationalities, the majority of which purchased off-plan in 2005/06 taking advantage of the bespoke restoration option. This particular property was also purchased off-plan and was originally destined to be two apartments. The purchaser who is still the current owner, worked closely with the architect and internal designers to create a contemporary yet authentic Tuscan property, in keeping with the feel of the castle and its surroundings. Traditional Italian materials such as chestnut beams and cotto floors, blend in perfectly with the ceramics and marble used for the bespoke bathrooms and fitted kitchen. The property offers the utmost in state of the art utilities which were fitted during restoration, to be minimally intrusive and out of sight. Facilities include room to room sound and media integration, close circuit visual systems, hi-speed internet and wi-fi, air-conditioning, and full home automation system. The property is composed of the ground and first floor of the east wing of the castle, therefore enjoying private independent access, or access from inside the castle. The lay-out consists of 4/5 bedrooms, all with en-suite bathrooms, a spacious lounge, a gymnasium (or second lounge), kitchen-diner, and various walk in storage space. There is a beautiful panoramic terrace off the first floor, as well as large patio which runs the whole length of the ground floor, complete with swimming pool and lounge area. The estate is located halfway between Radda and Gaiole in Chianti, which are two of the five largest and most important towns of the Chianti district. Both Radda and Gaiole can be reached in less than 10 minutes, and both towns offer good restaurants, banks, shops, supermarkets and other amenities.

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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