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Former Convent near Cortona
€2,200,000
$2,398,000
€
$
Cortona, Tuscany
14
16
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Ref #: 2528
Sovicille, TuscanyRef #: 2528
DRONE:
Within the Montagnola Senese National Park and surrounded by 250 hectares of land, this unique and exceptional property is a true 19th-century hamlet that represents a small paradise.
Historical sources place the birth of the main building of the estate around the year 1039 as a military tower. The structure was later converted into a villa during the 16th century. The property has belonged for nearly 500 years to the Tolomei, an ancient and illustrious family of Siena, and has been rebuilt by current owners as a prestigious residence.
The property is located in a quiet and panoramic position, in a reserved but not isolated area. It is about 20 minutes drive from Siena, the provincial capital. All the necessary services can be found in the town of Sovicille, about 5Km away, and the Golf Club Bagnaia is only 20Km. Places of interest such as the Terme di Petriolo and the famous Abbey of San Galgano can be reached in about 35 Km. Florence airport is only 80 Km
The estate, consisting of a large amount of land and 11 buildings erected in different periods, has remained intact in its original structure. The buildings have a consolidated stone and brick structure, and the interiors feature beamed ceilings, Tuscan warm terracotta floors and are surrounded by verdant meadows, oaks, and beech and olive groves. The property is divided into the following buildings.
The Villa Padronale was born as a military garrison and transformed first into a castle and then into a manor house, this beautiful building is built on three levels plus an attic. The property has a characteristic courtyard overlooking rooms and corridors and has a charming atmosphere. The suggestion of the structure is accentuated by the many period frescoes that decorate the rooms of the noble floor and the other floors.
The villa is internally divided into two apartments, connected but separated; The staff apartment is composed of the ground floor kitchen with dining area, living room and a separate compartment used as a storage room. On the first floor there are 3 double bedrooms, 2 smaller bedrooms and 2 bathrooms. The main apartment starts from the first floor and consists of a kitchen with fireplace and access to the garden and dining room with access to the garden and brick oven. On the second floor there is a large living room with two antique fireplaces, a sitting room, a study, 5 bedrooms and a large bathroom with bathtub.
The Tinaio is located in front of the villa, this building was partly used for grain and partly as a cellar, while the first floor was used as a home and warehouse. Its total surface area is 527 square meters.
The Dario house was used as a carpenters’ home, and is now used as a home and warehouse.
The Farmers’ House was formerly used as a farmer’s home, this building is built on two levels and is completed by a large terrace with a rainwater tank.
La Casetta is on two floors. This annex is made up of a living room and some accessory rooms used for storage.
The Well House is a large building made up of two bodies connected by a central unit formerly inhabited by the nuns. The structure is surrounded by a beautiful closed court where, in addition to a romantic well and oven, there are numerous areas including a small workshop. The first floor features two independent apartments.
The Pig House and Workshop are made up of 2 adjacent rooms, originally used as a workshop and big stable.
The Lighthouse was originally used as a powerhouse to distribute electricity to the estate. This building was re-converted into a charming annex located in front of the pool.
The Sheep House is an ancient natural stone building used as a sheep stable and located in a panoramic position (75 sqm).
The chapel. The estate’s garden also houses a charming little church of about 80 square meters.
Most of the property, while keeping the original features and materials intact, requires restoration.
Once the restoration is completed, the property, being of particular prestige and historical importance, lends itself perfectly to be transformed into a high-quality and charming accommodation facility.
Address: Sovicille, Tuscany
Location type: Rural
Condition: To Part Restore
Bedrooms: 16
Bathrooms: 15
Property size: 3100 sq meters
Land size: 250 hectares
A notary is a qualified lawyer who is employed by the Italian government. When you are buying Italian property, it is a notary who conducts the legal transfer of a property from vendor to buyer, and prepares the deed of sale, checks there are no charges on the property, title issues and with the assistance of a technician such as a geometra or architect, checks the property conforms to all planning issues.
It is always the buyer and not the vendor who pays the purchase taxes due and who pays the notary fees also. This means that it is up to the buyer which notary is used. In practice it is usually one of the local notaries and we can recommend which one to use and which one is cheapest, as notary prices do vary.
We provide a detailed list of all fees and taxes (including the notary’s quote) before you sign any contracts.
Translator – if you do not speak fluent, enough to understand detailed legal contracts, you will need to have a translator at the notary deed. Your agent or the notary will usually arrange this so you don’t need to worry about it. The cost varies but is often 200-300 euros. This can sometimes be shared with the vendor if they are also non fluent in Italian.
This depends firstly on two things.
A. Are you buying as a resident or a non resident?
B. Are you buying from private individuals or from a company?
If you are buying from private individuals, then the taxes you pay are based on the cadastral value – a nominal value which each property has and which depends on its size, location, standard etc – nothing to do with the market value.
Example 1:
House price agreed €100,000.
Property belongs to private sellers.
Cadastral value of the property €32,000.
Let’s say you intend buying the house as a non resident (.ie. you do not intend moving to Italy permanently and applying for residency).
Taxes payable are 9% on cadastral value €32,000 so €2,880 plus a few smaller fixed taxes.
Or, if you intend moving to live in the house permanently, applying for Italian residency, then as long as you don’t already own another property in Italy;
Taxes payable are 2% on cadastral value €32,000 so €640 plus a few smaller fixed taxes. A minimum figure may be payable.
Please note, you could buy the house as a resident and pay the lower rate of tax if you intend moving there and obtaining residency within the next 18 months. Don’t be tempted to do this unless you are definitely sure you will become a resident. If you then do not, you need to pay the difference in taxes plus a penalty of around 30%.
If there is substantial land (not just a garden) with the property, then 15% is payable on the value attributed to the land, which can be quite low, eg a value of €15,000 could be attributed to the land so 15% of 15,000 = €2,250 would be the tax on the land.
Example 2:
House price €100,000
Property is being sold by a company
Cadastral value of the property is €32,000
Let’s say you intend buying the house as a non resident (i.e. you do not intend moving to Italy permanently and applying for residency).
Taxes payable are 10% VAT on full market price €100,000 so €10,000 plus a few smaller fixed taxes.
Or, if you intend moving to live in the house permanently, applying for Italian residency, then as long as you don’t already own another property in Italy,
Taxes payable are 4% VAT on €100,000 so €4,000 plus a few smaller fixed taxes.
Once we know
– which house you want to buy, its cadastral value and who owns it (company/individual)
– whether you intend to buy as a resident/non resident and if it’s your first property in Italy
only then can we ask the notary to provide a quote for the precise taxes payable.
Other circumstances
Then of course there are other scenarios.
If the value of the property you want to buy is very low (eg €50,000) then purchase costs are likely to be a higher percentage as there are set minimums to pay for all fees and taxes. So on a €50,000 house, you are likely to pay 12-15% instead of 10% (non resident).
You might want to buy a property (being sold by private individuals) with your company. Taxes are considerably higher in this case, as they would be 9% on the sale price (not on the cadastral value). So it’s cheaper to buy a privately owned property as a private individual, not as a company.
But, in the case of a country property which is a farm/winery/agriturismo, these are often owned by a farming company (azienda agricola) , which has considerable tax advantages as you can buy the farm and pay just 0-1% (depending on the circumstances) on the purchase price in tax.
Taxes would be different for a commercial purchase, eg if your company is buying an Italian company (ie a farm or other company). Buying the shares of a company usually meets zero taxes, just a few fixed fees, and notary and accountancy fees.
The above is a guide, and once you have found a property you are interested in buying, we can obtain a notary quote for you, with a full breakdown of the taxes and fees due.
Notary fees – approx 1-2%, more for a lower priced property due to some fixed taxes.
Agency fees – in Italy both buyer and seller pay the agent. These are payable to the Italian agent (one of our partners) you view the house with at compromesso (preliminary contract) stage and for each party are usually 3% plus VAT. VAT is 22% in Italy. Minimums apply. Nothing is payable to Casa Tuscany so you will not pay double the fees, you will just have double the assistance!
Compromesso registration fees – approx €380 plus a part payment of taxes which is deducted from the total taxes due at completion.
Translator for the deed signing at the notary’s office. Required if you do not speak Italian well enough to understand legal deeds. Approx cost €250 – €350 depending on the notary.
Technical report for the notary. Checks all the planning issues of the property, making sure it matches the official plans, no works have been carried out without permission, gathers all previous permits, checks the house is sellable and not illegal in any way. Carried out by a geometra, architect or engineer and costs vary considerably, a minimum of €761 including VAT/ Please note this report is NOT a structural survey, that is an optional additional report you may wish to instruct.
Local council tax – IMU (formerly ICI) – payable only by non residents. This needs to be paid twice a year at the post office – no bill is sent. Most people use a local accountant or property manager to calculate it.
Refuse tax (TARI)
In some areas, mountain community tax.
If you buy a property which is part of a condominium, e.g. with shared pool and grounds, lighting etc, then there will be annual condominium fees to pay which usually range from about €200 to €1000/year unless it is a particularly luxurious property with many amenities in which case costs could be higher.
Utilities
You don’t really need an Italian bank account for buying a property in Italy any more as money is usually sent by bank transfer, although some notaries insist the funds are sent from an Italian account set up by you.
You could of course open an account to handle bills but bear in mind that some utilities companies refuse to arrange direct debits for non resident accounts, and some bills cannot be paid by direct debit.
You could always pay your bills online or if you have a property manager then send them the funds for settling all the bills.
If you do intend opening an Italian bank account, bear in mind that Italian bank charges are high . Usually there is a monthly fee to pay, plus charges for receiving money, paying bills, sending statements, etc etc.
