Hello Everyone!I'm new to the community and would love to know if anyone here has any experience with a leasehold property?Any and all information/advice would be very welcome.Thank you,Monica
Hello Ugo,Thank you for your response. I've bookmarked your information for mortgages for Non-Italians.I agree with your assessment and have decided this is probably not a good idea for me at this time. I do appreciate the input and advice.Thanks again,Monica
Sure, thanks for the response, modicasa.I found a small property for a very reasonable price in Abruzzo. When I sent off an inquiry, it was explained to me that the property was on a 30 year leasehold, with an option to renew at the end of the 30 year term.Aside from the purchase price, which includes all the necessary fees, there is also an annual service charge that is paid at the beginning of the year to the "freeholder". Utilities are also paid up front annually, minus the metered electric and the propane.I was told it was classified as a residential property and according to the property manager, can be resold if I chose to do so.I was able to find some information about leaseholding but the articles I found were related to properties in the UK and did not appeart to view this ownership postivitely. This is why I was hoping someone had knowledge of the process in Italy.Thanks,Monica
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Hello Ugo,Thank you for your response. I've bookmarked your information for mortgages for Non-Italians.I agree with your assessment and have decided this is probably not a good idea for me at this time. I do appreciate the input and advice.Thanks again,Monica
Sure, thanks for the response, modicasa.I found a small property for a very reasonable price in Abruzzo. When I sent off an inquiry, it was explained to me that the property was on a 30 year leasehold, with an option to renew at the end of the 30 year term.Aside from the purchase price, which includes all the necessary fees, there is also an annual service charge that is paid at the beginning of the year to the "freeholder". Utilities are also paid up front annually, minus the metered electric and the propane.I was told it was classified as a residential property and according to the property manager, can be resold if I chose to do so.I was able to find some information about leaseholding but the articles I found were related to properties in the UK and did not appeart to view this ownership postivitely. This is why I was hoping someone had knowledge of the process in Italy.Thanks,Monica