Loans are usually available for up to 75 % of the value of a property for purchase and the property is given a valuation survey much the same as Lenders carry out in the UK.
When buying and restoring or even building a new property from scratch a property, the monies are released at different stages of the works: some at completion and the rest in two, three or even four instalments according to the mutually agreed schedule with the Lender. So anyone thinking of purchasing a property in Italy no longer needs to be wary of taking out a mortgage in Italy and in fact one of the biggest lenders is Barclays Bank with its specialist lending offices located in Milan. They provide a quick and efficient service and excellent English speaking staff to assist clients with the whole buying process in Italy.

The Italian system for the legal side of purchasing a property differs greatly fom the system in the UK when solicitors do the majority of the paperwork and only a few phone calls are signatures on documents are normally required. In Italy all the work is carried out by a public notary who carries out searches of title and certifies the deeds and then provides for the registration of the mortgage in the Italian Register Office which is normally in the provincial capital such as Ascoli Piceno in southern Le Marche.

All notary fees and registration taxes all loans secured by mortgages are subject to Italian taxation and purchasers should always ask for an estimate of the costs involved and take them into consideration when budgeting for the purchse of a property in Italy. Residents in Italy and first-homes owners pay a 0,25 % tax and non residents and/or second-homes owners pay a 2% tax . Only mortgages secured on first homes benefit from another tax relief, which is an allowance deductible each year of 19% from income tax.

If the purchaser withdraws from the sale, they normally forfeit the deposit and if the vendor withdraws then they have to pay twice the amount of the deposit to the prospective purchaser. There are normally clauses included in the Compromesso document that allow the purchaser to withdraw without penalty if a mortgage is refused or because of misinformation from the vendor.
A completion date is fixed when the Compromesso document is drawn up, and it is usually not possible to change the final date without the agreement of both parties.

In the intervening time between the Compromesso and completion of the sale, a Notary/Notaio checks the vendors title and any outstanding loans or mortgages on the property. Also rights of way and all other legal matters that might affect the ownership or rights affecting the land and buildings that are for sale.
Once the Notaio is satisfied with all the searches and title of the property, he or she then draws up the Deed/Rogito Notarile which is the final contract of purchase. This deed places the new particulars on the property register and the Notaio informs the Land registry about the change in ownership.

The purchaser and vendor go to the Notaio’s office and sign the Rogito documents in front of the Notaio and in cases where a property is being purchased by someone who cannot speak Italian a translator is provided. Several copies of the deed are made in English as well as Italian. It is also illegal to have a Rogito where the purchaser either cannot speak Italian or a impartial translator is not present.The balance of the purchase price is now paid to the vendor and the taxes and Notaio’s fees are also paid at the same time. There are penalties if the taxes and fees are not paid to the Notaio at the same time as the Rogito.