Buying Property in Calabria, Italy

The payment schedule and costs associated with buying the property:

The standard payment structure:

• A €3,000 deposit is required to reserve your property. This is usually paid by credit card and can be paid during the viewing trip to hold the most favourable plot, or after your return.
• Your purchase contract is issued after the €3,000 deposit has been paid and 50% of the agreed purchase price of the property then becomes due. This is usually 4 to 6 weeks after your reservation.
• The final 50% of the agreed purchase price (less the €3,000 deposit) is payable on completion.

All payments are fully bank guaranteed.

THE DETAILS

As Italian contracts can be difficult to follow, we’ve set out below the stage payments which need to be transferred to Italian Connection clients account. Please note that the final payment, plus expenses, should be transferred to your own Italian Bank account.

There will be additional costs that you need to budget for, on top of the purchase price of your property, which will include VAT, Notary and Legal Fees. You will find an indication of the costs involved in the schedule below. Just look up the nearest Purchase Price and then go down the column for an estimate of the charges.

Should you be taking an Italian mortgage, then you will need to budget for additional costs to cover arrangement fees, bank charges and taxes. Again, look up the nearest amount of the loan you require and go down the column to see the estimated costs.

We have set out some guidelines to assist a smooth completion of purchase.

BANK TRANSFERS/CURRENCY EXCHANGE

Our in-house currency brokers (GCEN Ltd) will be in contact with you over the next few days to arrange the ordering of your Euros for your payments. They will provide you with the HSBC UK bank account details for you to transfer your payment in sterling.

CODICE FISCALE

As a property owner in Italy you will be required by law to apply for a “foreigners identity number” (Codice Fiscale). This number can be applied for when you come out to complete, however should you come out prior to completion it would be useful to apply for your Codice Fiscale at this time. It is also possible that, provided you sign a consent form, the Lawyers can obtain this number on your behalf. It will be necessary to obtain this Fiscal Number prior to completion so that you can open an Italian bank account and, if required, apply for an Italian mortgage.

FINANCIAL GUIDANCE

We now have a Financial Consultant working in our Italian office who has a wealth of expertise in helping clients through the financial requirements of purchasing in Italy. If you require any help or advice on any financial related issues such as raising funding for the initial deposit or Italian mortgages, then please make use of this free service to our clients. You can make an appointment to meet with the Financial Consultant by calling 0845 646 1088.

ARRIVING TO TAKE POSSESSION OF YOUR PROPERTY

Please do not arrange your flights without confirmation from Italian Connection that your property is completed and ready for occupation. Also Italian Connection need at least three weeks notice in order to have the necessary time needed to co-ordinate the Builder, Solicitor, Notary, and furniture supplier (where appropriate).

COMPLETION

Please ensure that you bring with you all documents relating to your purchase. The duration of your stay should allow at least three working days. Please note that normal working days are Monday to Friday and we are unable to arrange appointments for Saturdays and Sundays. During your stay you should be prepared to stay in a hotel for at least three or four nights, at your own expense, although Italian Connection will arrange the booking. Please note that if you arrive during the weekend, whilst we are able to transport you from the airport to the hotel, we will not be able to begin the completion procedure until normal business hours on Monday.

TRANSPORT

Our Italian office will provide free transport from and on return to the airport, accompany you to inspect your property and to the various offices. We can only assist with furniture installation if you purchase from a store we have a good working relationship with. This is usually completed within one or two days, maximum. The use of our transport will then cease until your return to the airport. This is due to the workload of our personnel. Our experience has shown that the lack of transport can be inconvenient for personal shopping, going out for meals or just exploring the area. We strongly advise you to consider hiring a car to ensure a more comfortable time. The local hire car companies are very reasonable and provide a free airport service.

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We at Network Propertieshope that you have been totally satisfied with the service that our consultant has provided. Our aim has been to help and advise you in choosing your home in Calabria, also to introduce you to professional solicitors, reliable banks and to suppliers of furniture and electrical goods.

We understand the need for good communications, so should you have any worries please feel free to contact Head Office. Our advice is based upon 20 years experience in helping to make the path to purchasing your new home in Italy as stress free as possible.

THE COST OF OWNING YOUR PROPERTY

The annual running costs will depend on the size of your property and its value:

As a guide, running costs for an average priced 2/3 bedroom property will be between £1,000 and £1,500 per year to include utility bills, local rates, annual property taxes, community charges and insurance.

Your lawyer will ensure that all utility services are connected to your new property and will assist with the setting up of direct debit payments from your Italian bank account which they are able to open on your behalf.

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