APARTMENTS FOR SALE NEAR VARENNA WITH VIEWS OVER LAKE COMO ITALY
If we have sparked an interest in you buying one or more of our apartments on this Lake Como development, you will almost certainly have a number of questions you may want answered. We are more than happy to advise and provide any information you need but you may find the answer to one or more of your questions below.
Frequently Asked Questions
Q: Freehold - how does buying property in Italy work?
A: All apartments are freehold. This means the buyer owns their physical apartment and share of land the building is built upon. Buyers will be granted full title.
Q: What Security is planned for this property development?
A: There will be an access road, no gate, or on-site security staff. This is not required.
Q: Are there any advantages to being an EU citizen when considering buying property in Italy?
A: There are a number of angles to this question; as far as the purchase is concerned the answer is "no". However, the client may wish to consider two points 1. Their personal tax position 2. Becoming an "Italian" resident which will make a difference to the overall cost of purchase, which means they pay 4% tax instead of 10% IVA. However, it may take 18 months to become a full citizen.
Q: What are the likely property /local /council taxes on the apartments?
A: compared to the UK, annual property taxes are low; like the UK the figure is geared to the size of the property. In the case of the apartments, budget a gross amount of approx. €600 to €800 per annum should be comfortable. As soon as the property is finished and an ICI tax assessment completed we will be able to confirm actual costs.
Q: What are the proposed service charges for each apartment?
A: These will be set after completion but will be between €50 to €300 per month.
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A: Yes, they can occupy and use the apartment. Safety paperwork will be granted by final act.
Q: What is the target completion date of the whole property development?
A: Phase 2 (Block A) May 2008 and early 2009 for Phase 3 (Block B), communal pool and landscaping.
Q: What swimming Pools are there available for apartment owners to use?
A: There are two swimming pools and sun deck (with stunning views) exclusively for owners and tenants of the development.
Q: Can I purchase the property with a mortgage?
A: Yes our mortgage services can assist with this. Typical loan to value is 70%.
Q: Can you recommend a lawyer to assist with the buying process and what do they charge?
A: Yes again our property finders in Lake Como can assist with this. We recommend two Italian Advocato's who practice in the UK and are regulated by the English Law Society. They have acted for many of our client's on this Lake Como development over the last two years. You should budget for £500 to £750 depending on how involved you want them to be. We recommend the most cost effective approach is to request they give you peace of mind that the Preliminary Sales Contract is suitable for the purchase and that they verify our due diligence documents such as proof of title and correct planning permission. The completion of the purchase is undertaken by a state appointed notary and you should budget 2.5% to 3.5% of the purchase price for notary fees and other completion costs. 10% tax or IVA (property tax) is also payable on the net purchase price. Our Operations Director and our Property finders are on hand to guide you through this process.
Q: What about Income Tax and Capital Gains Tax
A: Income from property forms part of an individual's income in Italy and is based on cadastral income. The maintenance expenses of a rented property are permitted as a deduction at a flat rate of 15% of gross rental income for tax purposes. The basic income tax as at March 2008 is 23% for up to €15,000 taxable income. Capital gains from the sale of property held for more than five years are not taxable. Gains from the sale of property held for less than five years are taxed as income. Capital gains are computed as selling price less acquisition costs and related expenses.
Q: How do I purchase an apartment?
A: A reservation deposit of €5000 is required to secure the apartments of your choice. It is refundable for 14 days. Having paid the deposit we will pay for one night's accommodation for you; and our property finder on Lake Como, will arrange transfers and show you around the property. You have 5 days after the viewing trip to let us know if you wish to proceed. If not no problem your deposit is refunded, (we will make small deduction for costs incurred).
If you wish to proceed our property finders will ensure you have all the documents and information to exchange contracts within 28 days whereupon the balance of the 30% deposit is due, we do insist that before you reserve you ensure that you are able to meet this 28 days deadline for paying the 30% deposit. The final balance is due within 28 days normally for Phase 1 as they are complete and June 2008 for phase 2. You may choose to finance this with a mortgage.
If you view the property within 28 days of your initial enquiry, we will refund the full cost of your flights when you have exchanged contracts and paid the 30% deposit.
Would you like to arrange a view trip to see these apartments?
