By In Senza categoria

Mortgages for non-Italian nationals

101I am often asked about the possibility of non-Italian nationals getting a mortgage to purchase an Italian property. I thought it might be interesting to explore the subject in this blog post.

In principle, non-Italian nationals can obtain a mortgage in Italy although in recent years, bank policies on lending to non-Italians have been tightened.

My advice is to shop around the banks to see who will lend to you and how much you can borrow based on the value of the property you are looking at buying. (more…)

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By In Senza categoria

Protect your digital legacy. What legal rights do you and your beneficiaries have over your online life when you die?

Digital_AssetsThe problem with managing digital accounts when the owner has died has become more prevalent in recent years and is a relatively new phenomenon with very little precedent.

In a recent post, I touched upon our ever-increasing reliance on computers, smartphones and the internet. It is important to ensure that our data is  secure and that relevant information can be found by executors and beneficiaries when needed. This post explores digital data and assets in more depth. (more…)

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By In Senza categoria

Renovating a Property in Italy – How To Avoid Common Mistakes

Property in ItalyBuying a Property in Italy

Spring has arrived so it would be timely to discuss a common issue I encounter every year; foreign buyers being seduced by an inexpensive house and an idyllic location. Buying a property in Italy and renovating it is an all-too‐common scenario in the Bel Paese. It is also an all‐too‐common scenario for these projects to end in heartache. Unfortunately, I usually don’t get to meet these buyers until they have spent far more than they expected and need to fix the problems they are experiencing. If you are thinking of taking on a house renovation project in Italy this year, taking on an Italian lawyer at the outset will save you time, money and anguish.
What are some of the common mistakes buyers make and how can they avoid them? (more…)

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By In Inheritance, Inheritance Law, Italian law, Italian Property, Law, Law Firms in Italy, Notaio, Notary

Why is it worth drafting an Italian Will?

71It is generally recommended that foreign citizens owning assets in Italy draft an Italian Will. This will prevent significant difficulties that heirs might experience when transferring the ownership of Italian properties originally registered in the name of the testator. Under Italian law, all foreign Wills must be authenticated by an Italian Public Notary before going through the Italian probate process. (more…)

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By In Senza categoria

Changing layout of internal spaces does not require building permission

In recent years, the Italian government has taken steps to simplify the often cumbersome paperwork necessary for renovation and building work. As arredamenti-campana-modena-home-slide-4part of these efforts, new legislation was introduced in 2014. Measures included a Notice of Commencement of Work – Dichiarazione Inizio Attività (DIA), which allows home owners in Italy to carry out certain work on their property without resorting to applying for planning and building permits. (more…)

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By In Inheritance, Inheritance Law, Italian law, Italian Property, Italian Will, Law, Law Firms in Italy, Notaio, Notary, Property law

Millions of Britons do not have a Will

The majority of Britons have not written a Will, according to research from the Law Society.50652_fullimage_istock_000067974129_xxxlarge

The representative body for solicitors has now warned that the consequences of dying without a valid will can be dire for those left behind.

The research revealed that 73 per cent of 16-54 year olds don’t have a Will, while 64 per cent of people over the age of 55 have made their final wishes clear in a will. The research also found that men are more likely to have a Will and keep it updated than women. (more…)

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By In Inheritance, Inheritance Law, Italian law, Italian Property, Italian Real Estate, Italian Will, Law, Law Firms in Italy, Notaio, Notary, Off-Plan Property, Property law, Real Estate Law

Power of Attorney

ImmagineAs a solicitor, I am often engaged to act on behalf of my clients in very important legal matters. My clients trust me, my knowledge and experience to handle their affairs by giving me a Power of Attorney. You may have heard of a Power of Attorney, but do you know exactly what its purpose is or when it is used?

In order to shed a little light on the subject, here are a few basic facts about a Power of Attorney together with the legal ramifications as they pertain to purchasing and/or inheriting real estate property in Italy (more…)

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By In Italian law, Italian Property, Italian Real Estate, Law, Law Firms in Italy, Notaio, Notary, Property law, Real Estate Law

Italian conveyancing process: the lawyer’s role

This post is intended as a general guide. For more comprehensive information on Italian conveyancing process, you might like to read our Property Buying Guide. If you are in doubt about any specific issue, please contact me or consult your lawyer.37

Conveyancing is the legal transfer of property ownership from vendor to buyer. It starts when your formal offer – Proposta in italian, on a property is accepted and finishes once you have signed the deed of sale, Atto di Vendita, at completion. (more…)

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By In Italian law, Italian Property, Italian Real Estate, Law Firms in Italy, Notaio, Notary, Off-Plan Property, Property law, Real Estate Law

Hidden Defects in an Italian Property

Hidden Defects in an Italian Property… Buyers Beware!

Where exactly do you stand if you discover major hidden defects with your Italian property following completion? You move into your dream Italian home only to find that the condition of the property is significantly worse than anticipated.

hidden defects

This is exactly the nightmare scenario the Wright family in Lazio found themselves in. The day after moving in, the family discovered serious water penetration into several rooms in the house, notably the kitchen and living room.

Following their discovery, the Wrights raised the matter with the previous owners, who denied there was a serious problem; the particulars of the property had provided no information on its condition, and the Public Notary also considered that given the Wrights had signed a legally binding Proposta d’Acquisto declaring that they were purchasing the property ‘in condition as seen’, then there was nothing he could do. (more…)

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By In Italian law, Italian Property, Italian Real Estate, Law Firms in Italy, Notaio, Notary, Property law, Real Estate Law

Reverse mortgage

In December 2015 the Italian Ministry of Economic Development signed a decree implementing the new reverse mortgage, a form of equity release financing.reverse mortgage

The reverse mortgage allows home owners over the age of 60 to convert part of the value of their property into cash using the property as security for the loan. The owner remains the legitimate owner and retains the right to live in the property. The reverse mortgage represents an alternative to selling the property. At the time of signing of the loan, a plan of repayments is established, just like any other form of personal loan.

Interests and related costs are refunded at the time of death of the borrower.

Should the owner decide not to repay the financed sum in advance, the heirs, who inherit the debt entered into by the deceased, have the following options:

  • Repay the debt to the bank and clear the mortgage from the
  • Selling the mortgaged property
  • Allow the lending bank to sell the property at market value according in order to repay the mortgage.

If the property is sold at market value, the heirs have the right to obtain the difference once the debt has been repaid. The bank cannot ask the heirs to repay the debt, in the case that  the bank fails to sell the property.

Another feature of the reverse mortgage regards interests, which can be refunded either at the time of expiry of the loan or at fixed deadlines. If the “refund upon expiry” formula is chosen, no sum is due to the bank during the loan. In this case, there is no insolvency regarding the financing.

The sum granted to the borrower is determined by:

  • the borrower’s age – the older the borrower is, the higher the percentage of equity release that will be granted
  • the value of the property used to secure the loan

If you wish more information on this topic, please contact us.

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