Buyer`s Guide - Langhe Property

Buyer’s Guide
This guide will help to familiarize you with the
buying process here in Piemonte, Italy, and
give you the confidence to get that dream home
in this beautiful region
Buying a Property in Piemonte Italy
how to start
Below is a procedure list:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
get finances in place – speak to a bank about mortgages
come view properties with us
make an offer & have the house checked
arrange money transfer through a specialist company
sign the compromesso and pay the deposit to the seller
suggest a date you wish to sign the deeds
get an Italian bank account
transfer the funds to pay for the house, tax, notary & commission
come sign the deeds
move into your new home in Italy!
Buying a Property in Piemonte Italy
where to start
Finance
To avoid disappointment and wasting time it may be worth getting finances in place before you visit, especially if you’re going to finance with
a mortgage. More about mortgages later.
Viewing property
We work with many different estate agents, so have a huge selection of
houses and land plots. New properties come in every week, so you wont
be disappointed. Because we don’t waste everybody’s time showing
houses that aren’t good, most people find something on their first visit!
We can meet you at an agreed place – in the place you are staying, or in
our office in Montà d’Alba (12km north of Alba) – whatever is more convenient for you. We only want to show you properties YOU WANT TO SEE!
Buying a Property in Piemonte Italy
found that dream house!
Found & Checked!!
Now you’ve found your dream house. It would be wise to have it
checked. In Italy there are no such thing as surveyors, such as you
find in the UK that check every detail. Here, you’ll need
the services of a local builder that
understands local building methods
and materials, such as Langhe stone,
or you can employ the services of a
local Geometra (architect). We can
recommend or arrange this. If
you prefer to choose your own we
will be happy to arrange a meeting,
translate or recommend an
independent translator – whatever
you’re more comfortable with.
The Offer
Once you’ve found a house you like, you need to make
an offer. We promise to always negotiable, along with the
agent, the best possible price for you. We can usually get an
answer very quickly – within 24 hours
Buying a Property in Piemonte Italy
secure the purchase
Okay, you’ve put in an offer and the owner accepts. The sale starts
with a preliminary contract – the compromesso. This is a very
straight-forward contract and is easily understood (we will provide
an English translation).
Once signed, the compromesso binds both you and the seller to the
sale. At this stage you need to pay, within 10 days, a deposit (caparra)
– this is usually 10% of the value of the house. This you pay directly to
the owner of the property. The compromesso isn’t binding until the
deposit is paid.
If you pull out after signing the compromesso you lose your deposit.
If the owner pulls out they have to pay you double the deposit. This
system is to prevent ‘gazumping’, so very much works in your favour.
The compromesso can be arranged within 7-14 days. You don’t have
to be present for the signing of the compromesso -it can be done by
email and post.
A local geometra (architect) will be assigned to check the land registry and the permissions the property has. At this point we can set
a date for the deed signing. The time between the compromesso
and the signing of the deeds can be decided by you and the owner
- typically it is 8 weeks but can usually be set for a longer or shorter
period.
Buying a Property in Piemonte Italy
time to celebrate
The Final Contract
The final deed is drawn up by the Notary (Notaio). The notary is a lawyer,
a public official. Italian law states that a notary has to witness
a deed of sale for it to be registered with the
land registry. He or she will also make many
checks: that the house is free of mortgages,
that the property complies with planning
rules (that nothing has been built illegally),
that the due tax is paid, that the house is
owned by the people that are selling it, etc.
We always use the same notaries. These are
trusted solicitors that are thorough in their work.
The buyer, seller and Estate Agent need to be
present for the signing at the notary’s office. The process lasts around
an hour (two hours if you have a mortgage).
You can visit the bank just before to get cheques to pay for the property,
the notary, our fee and the property tax. All these things will be paid at
the same moment. You do not have to worry about paying a tax bill later
on. Everything will be settled on the same day.
Note: You must have an Italian bank account. The deposit can be paid
from a bank outside of Italy but the balance must be paid from an Italian
bank.
You now own a house in Italy! The whole process from viewing to owning
can take as little as 4 weeks. We’ll be working for you so will help you
through the whole process. You can be assured of our full support.
Buying a Property in Piemonte Italy
what will it cost?
Tax on the property (registry tax)
This is calculated on the Land Registry value of the property
which is usually half or less of the value you pay for the property
- so tax is much lower.
If it’s going to be your only home in Italy and you have or will get
Italian residency with 18 months (prima casa) - 3%
If it’s going to be your 2nd home in Italy or you wont get residency
(seconda casa) - 7-10%
Notary’s fee
Varies: usually around €2,500
Estate Agent’s fees
The agent’s fee is paid directly to the agent at the same time the
deposit is paid. This is usually 3% based on the sale price of the
house. On the 3% there is a tax to pay (IVA) which is 22%.
Buying a Property in Piemonte Italy
what will it cost?
Mortgage
We can recommend an excellent English-speaking mortgage
consultant here in Italy. He will help with the whole process of
getting a mortgage.
Currency Exchange
You can save thousands on your new property by getting the
best exchange rate. We can help with this. We work with a well
known company that can contact you and offer their excellent
service and exchange rates – they take away all the worry and
can save you thousands.
Codice Fiscale & Bank Accounts
You will no doubt need to open a bank account and you will need
your tax code (Codice Fiscale), We can help you with this. Normally, you have to be here present.
Solicitors
Italians do not use solicitors, other than the notary, when buying
a property. The only time you may need a solicitor is for advising
on tax implications.
Buying a Property in Piemonte Italy
frequently asked questions
Why should I use Langhe Property?
We have considerable success and we know this is due to many things including
efficient working, honesty (we wont lie or mislead to sell a house) and by giving
genuine care to all of our clients. We’ve been operating since 2005 and have
lived in italy since 2002. We understand the market, property values and we listen to our clients. Using us wont cost you any more than if you were to buy from
an agent without our help.
Do you have more properties than on your Web site?
Yes. We don’t display everything we know about and new homes come in weekly. And some agents and owners will not allow their properties to be displayed
on a Website. Please let us know what you are looking for and we will find it.
Is Piemonte Property an estate agency (Immobiliare)?
No, we’re a consultancy and broker that works in the field of property. We work
only with reputable real estate agents, ensuring everything goes well with the
entire process. This makes a huge difference when buying and costs no more
than if you go directly to an agent. It’s really important you have someone on
your side. We can tell many stories of people that have bought alone. You’ll
probably need some advice even a long time after buying, so don’t go it alone.
How much real estate commission will I have to pay?
It’s usually 3% (plus 22% VAT) so 3.66% of the sale price of the house. This is paid
on the first contract. Prices on our Website do not include this commission. The
commission is paid directly to the real estate agent.
Is buying a house difficult?
No. Make a check-list of all you have to do and keep asking questions. The best
advice too, is to be patient. Italy is not as slow as some think but things do take
time. We can’t always have all the answers immediately.
Buying a Property in Piemonte Italy
frequently asked questions
Can I pay a deposit and put off buying the house a few months?
Yes, but it really depends on the seller. We can always ask. 2-3 months is normal
– 6 months is sometimes possible if you need the extra time
Do I have to be present for the signing of the property deeds?
No, you don’t have to be but you would have to go to the Italian Consult in your
country to set up a Power of attornery. The notary here in Italy helps with this.
Can you set up a bank account for me?
You must be here in person to do that. If you are working with us we will be
happy to assist.
Can you get a codice fiscale for me?
You must have your tax code (Codice Fiscale). You need to be here in person to
get it or from your local Italian consulate. We can help if you are buying a property with us.
Do I need a solicitor?
Yes, you must have the notary - he does everything. Other than this you don’t
need a ‘specialist’ solicitor.
Can I get a mortgage in Italy?
Yes, we can recommend an excellent English-speaking consultant here in Italy.
If I buy a property with vineyards or hazelnut orchards, can you arrange for a
farmer to take care of them?
Yes.
Can I get house insurance?
Yes. We can recommend a company for this.
If I buy a property as a holiday home can you arrange for someone to care for
the garden, clean, etc?
Yes, we know English speaking people in the area that can work for you.
Buying a Property in Piemonte Italy
frequently asked questions
Do I have to worry about the house being broken into when I’m not there?
Crime is very low in the countryside areas, but a good level of security is normal
here.
Do the locals mind foreigners moving into their region?
They love the idea of ‘new blood’ and are always very helpful and welcoming.
Is there good rental potential in the Langhe and Monferrato?
Yes, the season is very long – around May to October. There is a particular need for
self-catering accommodation. A 6 bedroom house with pool will fetch €3,000 a
week, from Easter until the end of October.
What’s the weather like?
Excellent. The winters are real but not the same humidity as in north Europe which
feels much colder. The warm weather starts around April (15C), May around 20C,
June – August 28-35C, September and October are very pleasant.
Can I get English/American TV in the region?
Yes, for about 120 euro you can buy a ‘FreeView’ dish and receiver. That’s all it costs
– no monthly charge. We get all the BBC channels ITV, Sky News, CNN, etc. With a
larger dish you can get more channels or pay monthly SkyTV for sports and movie
channels.
What is the voltage of home electricity?
220 volts, as in the rest of Europe. All electrical appliances will work here that are
from the rest of Europe.
Is there a form of property tax?
Yes, it’s called L’IMU. It depends on the size of the house and land but expect to
typically pay 1,000 euro a year.
What other yearly costs are there?
Apart for electricity and maybe gas there is the rubbish collection tax (garbage) –
this is calculated according to the size of your house – expect around 150 euro a
year. TV licence is 100 euro a year (you have to have one if you have a TV, even if
you are not insane enough to watch Italian TV). Water is not expensive – around
200 euro per year.
When you first buy you need to get new contracts made (gas, electricity, water).
There’s typically a charge of around 40 – 80 euros from the service providers.
Buying a Property in Piemonte Italy
here to help!
Langhe Property
Fraz. Saretto 5, Cisterna d’Asti, 14010, ITALY
Office: 0039 0173 971 405
Mobile: 0039 346 1214 077
Email: [email protected]
Website: www.langhe.property
Partita IVA: 01522820057
This guide was written by Richard Edwards, Langhe Property - Rights
reserved 2015.
All photographs by Richard Edwards. Graphic design by Alexander
Edwards. Rights reserved.