The Summer is officially over and the children are back to school once again. Autumn seems to roll around too soon and memories of summer, like our tans fade away. Why not prolong your holiday a little further by investing in a holiday home in Italy. If you have been planning to invest in a little place for your holidays, why not start now?
The benefits of holidaying in Italy are numerous, the endless choices of mountains, coastal or city properties appeal to all lifestyles and all budgets. There are still bargains to be had and local prices to be found.
The house buying process in Italy may seem daunting but in fact it is a rather safe one, as you would seek the advice and support of a qualified professional in the UK or America, so you should in Italy. A bilingual solicitor can better support your needs during the conveyancing process. As many buyers have different expectations as to what a property purchase should entail, professional support will help explain what a property without planning permission is, for example, or one without a certificate of habitability. Many purchasers want to save money on the house buying process and opt out of using a solicitor due to the extra legal expenses. It is paramount to employ the services of a solicitor at the initial stages as they can execute the ‘legal due diligence’. This is the investigation and legal verification of specifications of a property. This investigation carries out searches on the property to ensure that there are no outstanding mortgages, environmental restrictions or planning permission issues. A solicitor may require the support of a surveyor or architect in order to carry out these searches. When these searches are complete, the buyer will have a clear understanding of the property and the transaction they are about to enter.
In Italy estate agents do not have the qualifications necessary in order to fully represent the complete legal implications of a property investment. It is important to note that estate agents are only entitled to receive their brokerage fees if they finalize a transaction which may in itself create a conflict of interest. An estate agent must be registered in compliance with the Italian law and if not, they might not be covered by professional insurance indemnity should complications arise with the sale.
On average a straight forward property purchase takes two months to complete. Our top property buying tips include:
● Use the support of independent qualified professionals.
● Make sure that your deposits, payments and property transactions are clearly and easily traceable through bank statements or transfers for example.
● In case of disputes, the Italian version of legal documents will generally prevail. Ensure you understand everything you are signing and have documents translated by an independent professional.
● Avoid purchasing properties affected by serious legal issues, it may be easy to purchase but impossible to sell.
● Buying a property is a substantial financial investment, ensure you verify all the relevant information and documents in order to be fully aware of the investment you are making.
The main professionals you will be involved with when buying your Italian property are the estate agent, Solicitor and Notary public.
Worth noting is the Solicitor is the only legal repersentative who can fully support the client and represent them at all stages of the house buying process.