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Santa Margherita, Via Privata Repellini, Ligure, Italy

€15,000,000

Main House, Guest Cottage and outbuildings, comprising: 2 large terraces, 2 drawing rooms, dining room and study 7 bedrooms, (5 in the Main House, 2 in the cottage), 6 bathrooms, guest cloakroom – sleeps 12 Entrance hall and spiral staircase Kitchen, ironing room Storage, utility and boiler rooms Total floor space 460 sqm approximately

This remarkable property is perfectly situated, between Santa Margherita and Portofino, 500 metres from the sea. Set at the top of the hill, within a 5,125 sqm parcel of land, Villa Margherita has extensive grounds, landscaped gardens, and offers spectacular views of the Tigullio Bay. The property measures approximately 460 sqm including the Main House, Guest Cottage and assorted outbuildings.

The Villa itself is ideally positioned with commanding views of the coastline. It is arranged over three floors and offering 368 sqm of interior space. Unique features include two large panoramic terraces accessed from the front-facing reception rooms and from the dining room, both with coastal views.

The entrance to the property is on the first floor. A separate entrance hall leads into a large reception room that opens onto the upper terrace. There is a library, study/ bedroom, and bar area. The ground floor has a large dining room, which opens onto the lower terrace. There is a small reception room adjacent the dining room, a guest bathroom, a kitchen and separate staff apartment that includes a bedroom, bathroom and utility/ironing room.

A spiral staircase with a wrought iron handrail leads from the lower ground to the upper floors. There are three double bedrooms on the second floor, each with an en-suite bathroom and built-in closets.

In the garden, there is a separate Guest Cottage which has a further two bedrooms, each with their own en-suite bathroom.

The landscaped garden is terraced and leads to a swimming pool set in an enclosed area above the Villa. The pool has its own bar, changing room and bathroom.

The property is surrounded by a landscaped garden that has been lovingly nurtured for more than 40 years and includes tall maritime pine trees, exotic plants and flowers. Above the main garden, there is a vegetable garden, which is used to grow organic vegetables and fruit.

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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Telephone: +44 (0) 20 7351 2383

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