Buying a leasehold property in Italy with us is a very simple and easy process.
These deposits are refundable only if you find the property not as described in our listing. If you wish to have more information, please contact us and we'll send you more photos, plans etc. Upon receiving the deposit, we will put you in touch with our dedicated English-speaking sales manager, who will help you organise your trip to Italy or remote purchase if you are buying re-sale lease or new lese where freeholder can do remote sale.
3.b. If you are buying a re-sale lease, after you agree to the price and pay in full with the invoice provided, we'll email you original lease for study and 'taking over lease agreement' which you will need to sign in front of local Lawyer (usually cost around USD10 in USA and GBP5-15 in UK) and email it back to us. Upon receiving, we'll send you the original leaseholder's 'forfeiting lease agreement' and our confirmation of your purchase / leasehold ownership along with your freeholder's details for future direct contact. Upon this, the purchase is completed. We'll notify the freeholder about leaseholder change.
How to buy without coming to Italy in 30 days:
See previous paragraph above.
How to buy leasehold property in finance.
Please see separate page.
Explanation of Leasehold ownership and how it is different to Freehold ownership or to leasing (renting) can be found here.
Ground Rent and Service Charge
Before buying, you will know the exact ground rent charge and service charge for your property and when to pay it. Ground rent and service charge are fixed for 30 years. It must be paid yearly in advance by cash or bank transfer to freeholder's Italian bank account. Be aware: if you fail to pay ground rent and/or service charge, your lease will be annulled at the short notice (from 30 days).
In addition to the ground rent and service charge, you need to pay bills and utilities (water, sewage, electric, tax, rubbish removal and condominium). Usual amount of these bills for an average 1-2 bedroom apartment come to about 1,050-1,150 EUR per year. On most properties sold by us, bills are pre-paid for year upfront (except electric and/or gas). And bills management is done by freeholder and included in annual charge.
Be aware: if you fail to pay pre-paid bills, your lease will be annulled at the short notice (from 30 days). If you'll fail to pay for your electricity, your property will be disconnected from electricity and re-connection is usually a slow and expensive process.
You do not pay for major condominium works - this is taken care by freeholder.
Your can rent out your property to holidaymakers. In Scalea, the usual rent for 1-2 bedroom apartment is about 1,500-2,500 EUR per month of August. Other months' rent varies. We suggest the use of AirBnB or similar websites. We organise cleaning/check-in/check-out services for all our clients at a cost (please see separate page).
Building works and decorations
As a leaseholder, you can cosmetically decorate your property any way you like without seeking permission. Major building work has to be approved by the freeholder and usually we get approvals within 2-3 days. There is no charge for this service.
Selling the lease
You can resell your lease at any time. You will need to let us know the price you want and we'll start marketing your property. As soon as we have an offer you are happy with and we have received the money paid by a buyer, we will email you the 'forfeiting leasehold agreement', which you will need to sign in front of a local Lawyer (average cost USD 10 in USA and GBP 5-15 in UK) and email it back to us. As soon as we receive it and the buyer signs the 'lease taking over agreement', we will send the money to you and the sale is completed. Our commissions for resale are 1,500 EUR payable by you, the seller. As we are part of investment company and are property brokers, we reserve right to invest/speculate/mediate sales so our profit might be highter on those ocassions.
Extending your lease
You can extend your lease for another 30 years according to the terms listed in the original lease. We can assist you with extension. This service usually costs 500 EUR. Extension price is usually 1/2 price of the cost of original lease.
You can include your lease in your will. Whoever inherits it must come to Italy with a copy of the will, and sign the lease to his name. Also, if you sign a 'forfeiting lease agreement' in advance, and keep it with your Lawyer, the person who inherits it can sign the 'taking over lease agreement' remotely. This service usually costs 500 EUR.
Process of Buying/Selling Leasehold Property
See our FAQ page for answers to your other potential questions.