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La Loggia Farmhouse, Volterra, Italy

€2,900,000

Beautifully restored Farmhouse for sale situated in an idyllic quintessentially Tuscan location, amongst gently rolling hills with views of nearby medieval hill-top towns.

Sitting at the foot of Volterra, this once dilapidated property has been brought back to life by its current owners. Whilst endeavoring to maintain the authenticity of the ancient farmhouse, elements such as space, natural light and practical yet comfortable living were the main objectives during restoration. Upon seeing the property it is evident that they succeeded in reaching each objective in grand style.

The Property The property is composed of two buildings and an outhouse each of which are connected by stone arches, creating a very charming internal courtyard perfect for entertaining and out-door dining. The lounge area features beautiful loggia which lead outside making the courtyard feel like an extension of the house. The main house offers approx. 370 sqm of floorspace which composes an open-plan living room / diner, an office, open plan lounge area with fireplace, main entrance / hallway with guest bathroom.

The custom built stone stairs which seem to float without assistance create a predominant focal point in the main entrance. The whole of the ground floor enjoys an abundance of natural light, something which is not easy to find in farmhouse of this age. The first floor is composed of two very spacious master suites each with en-suite bathrooms, fireplaces and access to balconies. There is also a laundry room on the first floor. The quality of the materials and finishes is of the highest standard and maintained in immaculate condition. The house possesses under-floor heating, resin floors, wood burning fireplaces, ADSL internet, gas and electricity. Secondary Accommodation The guest house offers approx. 100sqm of floorspace and its current lay-out is lounge, gym, bathroom, bedroom with en-suite. The gym was previously intended to be a second bedroom which would make this structure into a charming two bedroom, two bathroom house with lounge. Again this property enjoys lots of lovely natural light and it has 3 access points from the outside, perfect for family living around the pool and courtyard. The Grounds & Garden The grounds surrounding the property for sale cover approx.’ 1 hectare and include a nice lawn, numerous terraces and patios perfect for a bit of privacy and a quiet read, manicured flowerbeds, a herb garden and approx.. 100 olive trees. The whole of the outdoors offer breathtaking 360 degree views, however the views are particularly good from the south side where the infinity pool is positioned. Measuring 15 x 5 and finished in resin with a travertine and marble surrounding. The location of the property is truly unique, just 15 minutes from the medieval town of Volterra and only 20 mins from the medieval UNESCO world heritage town of San Gimignano. The property is accessed via a white road which is flat and kept in good condition. Upon arriving at the gates of the property there is a 2 car garage.

Floor area: 370 sqm Land: 1 hectare Bedrooms: 4 Bathrooms: 5 Reception rooms: 2 Swimming pool

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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