Italian Residential Purchase Pricing

At a time where money really matters, we always strive to provide a quality service at a fair price. We will keep you up-to-date with all of the relevant information so you can make informed decisions and have complete confidence that every detail has been properly taken care of.

Pricing

The fees involved in any transaction, and particularly in a foreign jurisdiction, are important to understand and we therefore review our fees on a regular basis, considering clients’ feedback so we can make sure we always offer the best value for your money.

We typically work on a fixed fee basis, ensuring that you know what the fees will be for your transaction from the outset. If, during the transaction, there is a new development, we will discuss the change in fees with you and agree a way forward.

Our fees are set out as:

Italian Residential Property

Our fees cover all the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Taxes, Notary Fees and so on.

The fees for a typical resale purchase in Italy are;

  • Our fees – 1.5% of the purchase price subject to a minimum of £2,500 + VAT 
  • Notary fees – between 1% and 2.5% depending on the Notary, the value of the property and the complexity of the case (i.e. how many pages long the Title Deed is).
  • The Italian equivalent of Stamp Duty amounts to 10%. This is made up of 7% imposta di registro, 3% imposta ipotecaria and 1% imposta catastale. If you buy a “first home” you have to pay 3% imposta registro and a fixed rate of €400 for the ipotecaria and catastale taxes.

The fees for a typical off plan purchase in Italy are;

  • Our fees – 1.5% of the purchase price subject to a minimum of £2,500 plus VAT
  • Notary fees – between 1% and 2.5% depending on the Notary, the value of the property and the complexity of the case (i.e. how many pages long the Title Deed is).

If you purchase an off-plan property in Italy you have to pay VAT on the property instead of Stamp Duty. The VAT should be included in the price you are being quoted by the developer but sometimes it isn't so make sure you are clear as to whether the price is inclusive or exclusive of VAT. The rate of VAT on new properties in Italy is at 10% unless the property is considered to be a "Luxury Property" in which case it is at 22%. If you take up residency in Italy within 18 months of buying the property and it is you main home (prima casa) then VAT is at 4%,

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.

These fees may be subject to change if further information relating to your property becomes available, for example, if you require additional searches.

The estimated Grand Total of the transaction is typically around 9% to 32% of the value of the property but this will depend on location of the property, and what you are buying.

Exclusions

We do not undertake tax advice.

Our fees are fixed, however there may be factors which would typically increase the cost of the fees estimated above. Where there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.

Factors that may lead to an increase in cost include:

  • If a legal title is defective or part of the property is unregistered
  • If you discover building regulations or planning permission has not been obtained
  • If crucial documents, we have previously requested from you have not been provided to us
  • If you require completion within 6 weeks of instructing us
  • If you require simultaneous exchange and completion

Time Scales

For any transaction, the timescales are subject to change depending on when your offer is accepted and factors involved such as:

  • Number of parties involved
  • Whether the seller is using a lawyer or trying to do it themselves
  • The attitude and co-operation of the sellers
  • Whether you have a mortgage in place
  • Whether you are buying a new build property
  • Whether there are any legal defects in the property

A typical resale transaction will take between 6-8 weeks. A typical new build will take around 2 years. However, if any of the above apply, or there are other factors we need to take into consideration, it may increase the time by a further 4-6 weeks and additional charges may occur. We will discuss this with you at the earliest opportunity so you always have a clear picture of how long things are likely to take.

Key Milestones

With every transaction there are key milestones, which may vary according to individual circumstances. They may be as follows:

  • Taking your instructions and give initial advice based on the information you have provided
  • Checking finances are in place to fund the purchase and contacting the lender’s solicitors if needed
  • Receiving and advising on contract documents
  • Undertaking searches
  • Obtaining further planning documentation if required
  • Making any necessary enquiries of the seller’s solicitor
  • Providing advice on all documents and information received
  • Advising you of the mortgage offer conditions
  • Finalising contracts and sending to you for signature
  • Agreeing a completion date (the date from which you will legally own the property)
  • Exchanging contracts and notifying you that this has happened
  • Ensuring all monies have been received from you and the lender(s)
  • Completing the purchase
  • Dealing with payment of Stamp Duty/Land Tax
  • Completing and submitting an application for registration at the Land Registry