Questions & Answers
« BackWhen looking to buy a property you will no doubt have a number of questions, so below are a list of the most frequently asked questions.
Q: Are the properties really this cheap?
A: Yes, owning your own home in southern Italy can now become a reality because the prices really are this low. So low that occasionally clients even choose to purchase more than one as investment / rental properties.
Q: Are the properties Freehold?
A: Yes, all properties are freehold with debt-free property deeds and that is guaranteed by Medsea Estates Group Plc a U.K Stock Exchange listed company.Furthermore Medsea offer a comprehensive after-sales service totally free of charge as part of their Peace of Mind Charter.
Q: Do you have resale properties I can view?
A: At the moment we have chosen to concentrate on new build properties solely in Calabria as we believe purchasing brand new in this region offers spectacular value.
Q: Could I pay less for my new home elsewhere?
A: No, just the opposite. We offer you your new home at lowest list price. Whether you go direct to the vendor or through a third party, the price will not be any less, and in some cases, you will actually pay more, whilst being offered a vastly inferior range of homes compared to those we can provide. The prices are set by the builder, and all prices within our literature are correct at the time of going to press. Going through a company such as ours has several advantages: You will get to see properties that suit your requirements; you will have the benefit of our many years experience, as well as the help of our fully trained, supportive staff who will help take away the stress and strain associated with house purchasing.
Q: What other costs on top of the purchase price can I expect?
A: There will be additional charges, fees and taxes, as you might expect when buying a new property. Your lawyer will be able to give you an estimate of these costs when they know more about your plans. Fees you will have to consider include those of your lawyer, the notary, bank charges, taxes etc.
Q: In whose name should I purchase the property?
A: There are a number of ways to purchase the property
- In your own name
- In the joint names of you and your spouse or co-purchaser(s).
- In the names of your adult children or in the name of somebody who will eventually inherit the property form you
- In the name of a UK or Irish limited company, or a company incorporated in an approved jurisdiction.
Q: Where do I get the best exchange rate to purchase euros for my property?
A: Although banks are traditionally the first port of call, it certainly pays to talk to the commercial foreign exchange companies as they usually offer better rates and are very helpful.Italian Heaven would be most pleased to provide you with a selection of such companies to speak to.
Q: Is there inheritance tax in Italy?
A: In October 2001, the Italian government approved Law No: 383/2001 abolishing inheritance tax and gift tax between spouses and other relatives to the limit of the fourth degree of the relationship. This law is known as Succession Tax. Where the beneficiary is not related to the donor, gift tax will be payable if the asset transferred is worth more than €180,760. In this instance, the tax payable ("impostra di registro") will be payable on the value of the asset exceeding the above amount.
Q: If I buy a new property, will I be able to inspect it before I complete?
A: Yes, you will usually be able to make inspections at any time. On completion, you will be invited to inspect the property and make the builder aware of anything that is not to your satisfaction. Until the full terms of the contract have been met, you are not required to make your final payment. Even after you have the keys, anything you may subsequently discover that requires rectification should be brought to the developer's attention for correction.
Q: Are mortgages easily available in Italy?
A: Yes, although loans will only be advanced after your ability to repay has been established. As a private buyer, you will have to be prepared to supply evidence of income and all expenditure before lenders will be prepared to make an advance. In other words, they will wish to see that you have sufficient spare income each month with which to make repayments. If you are buying as a company, full accounts showing sufficient clear profits after tax to make the repayments will be required. Normally you will be able to borrow up to 75% of the valuation.
Q: Will I have to pay a reservation fee?
A: Deposits for Italian properties are 3,000 euros plus 50% of the purchase price within 4-6 weeks and the rest on completion.
Q: Should I use a UK or Irish solicitor?
A: Past experience has shown us that it is better to use a solicitor based in the country where you are buying property. We can introduce you to a reputable solicitor in Calabria, or, if you prefer, you can ask our solicitor in London to collaborate on your behalf with the Italian solicitor. Whichever you choose, you will get first class legal advice and we will make all arrangements for you.
Q: What is the cost of living like in Italy?
A: The cost of living is lower than in UK and Ireland, especially in the south of the country where Calabria is located. This will make any pension or benefits you receive go further.
Q: Can I still receive my pension or benefit if I live in Italy?
A: Your retirement pension or other benefits can be paid directly into your bank account at home or abroad. For more information contact: UK: www.dss.gov.uk ROI: www.welfare.ie
Q: What about furnishing my property from scratch?
A: "Where can I go for furniture?" and "Could my property be supplied furnished?" are two questions we are frequently asked. If you are already familiar with Italy and its wide range of furniture stores, then you will probably have this already in hand. That's assuming you have time to make the arrangements. Here's how we can help in a number of ways:
- we can advise on those developments that offer furnished properties or furniture packs readily for sale and discuss this with the sales team on your behalf.
- you can discuss your requirements with a member of staff while you are in Italy - with their local knowledge they will know all the best places to shop for the type of products you want.
Q: How do I get to Calabria?
A: Contact Italian Heaven to enjoy the experience as we did. Direct flights are from London Stansted to Lamezia where air conditioned chauffer driven transport will take you to your hotel.