Buying Guide Details
Buying Property in Lombardy (Lombardia)
Where to buy property in Lombardy (Lombardia)
Lombardy has a wide spectrum of homes for the property buyer – from the culture and fashion centre of Milan to the breathtakingly scenic Italian lakes, via a host of charming medieval towns in between.
Home buyers yearning for the bustle of life in Milan must pay some of the highest property prices in Italy. The city’s position at the forefront of fashion and Italian industry means a wealth of professional rental opportunities for the property investor. Historic cities such as Mantua in the southeast, Pavia in the southwest and Bergamo in the centre can offer urban homes at a fraction of the price with more of the culture and centuries-old architecture that many buyers of Italian property love.
Countryside homes come even cheaper, particularly if you are willing to renovate. The mountain-fringed Italian lakes are a renowned scenic region, a popular holiday destination and location for a second home – lakeside property in Lombardy is much in demand and, with further development limited, is therefore expensive.
Lake Como is perhaps the most in demand of them all, its shores dotted with homes belonging to the likes of Richard Gere and George Clooney. For the more humble home buyer, however, who may have to sacrifice a prime waterside location, there are bargains in the hills overlooking the lakes and within a few minutes drive of it.
View property for sale Lombardy (Lombardia)
The Process of Buying Property in Lombardy
- While the amount of Italian red tape is well known, and bureaucracy tends to move rather slowly, buying a property in Lombardy is actually pretty straightforward – if somewhat time consuming
- Anyone wishing to buy a property in Lombardy must first obtain a tax identification number (codice fiscale) from the Italian authorities
- There are then three main buying stages. The buyer makes an offer, which commits him/her to buying the property at the given price. If the seller accepts, a deposit (usually 10%) is paid
- Both parties then sign a legally binding buying proposal (compromesso di vendita). This outlines the details of the transaction, including the scheduled completion date
- Should the seller withdraw, they must pay the buyer double the value of the deposit. If the buyer pulls out, he/she loses the deposit
- On completion, both parties sign the final contract (rogito) in the presence of a notary, who then issues the deeds and informs the land registry to transfer ownership. The remainder of the balance, plus all taxes, must then be paid at this point.
Homes Overseas Property Club
Homes Overseas has joined forces with a collection of IFA specialists to form the Homes Overseas Property Club (HOPC), designed for existing and prospective overseas property homeowners.
The Club – which has access to international lawyers in no fewer than 43 different countries - has been set up in order to guide people through some of the various issues relating to buying and maintaining a property overseas. It offers advice on a range of topics, including financial, legal, insurance, taxation, property management and foreign currency matters.
For further information please telephone 0845 838 7142 or email info@homesoverseaspropertyclub.com
Fees & Taxes
- Buyers should set aside around 15% of the purchase price to cover costs
- Stamp duty/land registration tax for non-residents (i.e. second-home owners) varies from 10% of the declared price for urban property in Lombardy up to 17% for a rural property in Lombardy. Most homes are considered urban
- Residents or those intending to make a permanent move will pay 4% stamp duty
- VAT on new property in Lombardy ranges from 10 to 20%, depending on whether the property in Lombardy is considered a ‘luxury home’. This is usually included in the price
- Reduced rates of 4% VAT are available for those who build their own property
- Estate agent’s fees are usually between 3 and 5% per cent, notary fees average around 3% and legal costs tend to amount to around 2% of the purchase price
- Local taxes (ICI) of between 0.4 and 0.7% also apply to anyone owning a home in Italy.
Getting there
There are direct flights from several UK cities to Milan’s three airports (Bergamo, Linate and Malpensa).
View property for sale Lombardy (Lombardia)
Buying property in Lombardy (Lombardia)