Hello – buongiorno.

The olive harvest is upon us and if you want to know what it is like, simply have a look at any ancient Greek vase depicting olive gathering and you’ll see that things haven’t changed in centuries. Women lay nets below the trees while the men clamber up into the branches and beat them with a cane so that all the olives drop down into the nets. The only difference between how we do it today and how the ancient Greeks did it back then is that we are all, thankfully, dressed. Perhaps it is the difference in climate. It is a little chillier here in November than in Greece…having said that, autumn is the perfect time to visit Italy. The countryside is coloured with autumn hues, the sun is still deliciously warm, the crowds have mostly evaporated and there is a peacefulness and calm that settles over everything.

“Anno bisesto, anno funesto.” as they say in Italy…“Leap years are deadly years.” And indeed, true to form, this leap year has seen the eruption of the world financial crisis. Italian politicians and newspapers, which started the year proclaiming confidently that Italy would not be affected as badly as other countries by the recession, are now full of doom and gloom and the real estate industry is not immune.

At first Italian economic pundits were rather upbeat about the Italian housing market. Italy is not too badly off thanks to 80% of Italians owning their homes outright. Just think…until 2001, people who applied for mortgages in Italy already had saved at least a third of the total purchase price. This has helped keep the market stable, despite world economic alarms. However, economists in Italy are now becoming a little more sedate in their proclamations. After nine straight years of growth, the construction industry is facing a downturn, a downturn which began this year and will worsen in 2009 according to ANCE, the Italian construction industry association.

The large estate agency, Gabetti, commented that they have noticed a steep decline in the number of young people and foreigners buying real estate, which they attribute to the difficulty in securing credit. So far so bad…however there is a really positive side to all this. If you are thinking of buying, and have sufficient funds and/or a mortgage available, it actually could not be a better time for you to invest in bricks and mortar. Experts say that discounts of 10-20% are possible in the current climate. Just because the economic outlook is a little on the gloomy side, it does not mean you have to postpone plans to retire to the sun. Who knows what is going to happen in the next couple of years?

The only point I would make however is that it is even more important that you use reputable people to help you in your search – if you need any help with this just give the Italy Buying Guide team a call at 0207 898 0549 and we will do all we can to point you in the right direction.

This newsletter contains news about a brilliant service you may find helpful, some Smart Speak from Charles Purdy, details of a wonderful property, a bit of legal and insurance talk and a ‘top tip’ on getting married in Italy, a romantic gesture but often a couple’s enthusiasm is dampened at the thought of getting through all the red tape. Read about Rachel Tilbury’s wedding this summer and it might inspire you to take the plunge!

Kind regards,

Gianna Williams
Italy Buying Guide
The Overseas Guides Company
Gianna@OverseasGuidesCompany.com

Help is at hand…

I was talking to someone in Italy a while back – and I am very excited to share my findings. They have come up with a brilliant service that I thought I must pass on to you. They are NOT estate agents per se, but a property finding service – and much more.

They are based in the beautiful region of Le Marche (pronounced ‘lay Markay’). For the past ten years many expats have been buying and investing in this region, which is often referred to as ‘The New Tuscany’. For those of you who are not familiar with the area, it borders Umbria to the East and conveniently has a major airport in Ancona. Lying in between the Apennines and the Adriatic, the territory gently rises from the plains on the Adriatic coast, with gentle rolling hills in the central area, to the mountains of the Apennines.

Although the coast has been popular for m any years, much of the inland remains unspoilt, preserving the culture of real Italy. There are hundreds of magical hilltop towns dotting the unspoiled countryside, where time has stood still. With its mixture of culture, cuisine, wines, little medieval towns, countryside, coast and mountains, it embodies the charm of the traditional Central Italy. It is located at the central eastern part of Italy, the calf of Italy's boot.

Buying and restoring a house anywhere is a big deal, and to take on such a project in a foreign country can be daunting. As property finders and project managers, our recommended professional has a very simple principle at the core of their business: to always represent the interests of their clients. Their role is one of guidance and support, helping you to navigate through the idiosyncrasies, and occasional pitfalls, of the Italian property market. They also do the hard work for you, running around, co-ordinating and chasing up for you – I don’t know about you but I am loving the sound of this!

With your detailed brief in hand they provide someone on the spot to do the legwork for you. Because they are there, in the area, they can help you narrow down your search by providing unbiased information about a property - can you imagine how much time and sheer effort this would save? Not to say money…

Their modus operandi is not ‘Let’s sell this house!’, but ‘Is this the sort of property the client wants? Will the client be happy and comfortable living here?’ They check essential but easily overlooked aspects of the house: Is the access road decent – in all weathers? Are there proper utility services already set up? What are the views like from the property? Are there damp issues? Is the house in sunlight or in shade all day? These are fundamental aspects of a property that cannot be gained by simply looking at a website. Through emails and phone call they promise a full picture of your intended purchase, warts and all. With your input they then go on to create a strong portfolio of properties, with the unsuitable ones promptly discarded. That way when you arrive in Italy for the actual viewings, you will have a shortlist of properties, with each one a serious contender.

Are you considering buying an old farmhouse or a palazzo, You really do need to know here – in advance - what is required in terms of restoration costs. Right off the bat, these folk will give you a realistic idea of restoration costs. They will advise you on the structure of a building and flag up potential difficulties or benefits of the property under consideration. This is all essential information to have to hand when negotiating the purchase of a property.

They also have a project management facility. If you have already bought your house but now need to put together a team of artisans and technicians, they will get the project moving forward as quickly as possible, something that is never easy in Italy. As the project managers, it becomes their job to act on your behalf and represent your interests. They will work alongside you, assisting you in every step of the renovation, from hiring reputable, efficient workers to sourcing appropriate, even hard to find, interior finishes.

They have a number of excellent architects and geometras whom they can vouch for. Once you are comfortable with your choice of architect or geometra they will brief them on the restoration plans and a budget is drawn up accordingly. They also translate the budget presented by the architect or geometra, asking the tough questions on your behalf and, where appropriate, finding alternative quotes.

To ensure that the project stays on schedule and that your plans are being carried out, they go on site daily. They promise to stay in touch regularly, emailing pictures, sending progress reports and phoning for the more urgent or immediate issues that may crop up. This allows you to participate in the day to day developments and to take part in every decision. That way, even from a distance, you are in full control of the restoration.

Because of the success of their service, as well as demand, they are planning to expand into Tuscany, Umbria, and The Abruzzo.

Interested? Just give the Italy Buying Guide team a call at 0207 898 0549 and let’s have a chat about this and see if they will be able to help YOU. It sounds too good an offer to pass up…what do you think?

Is the world about to come to an end?

by Smart Currency’s Charles Purdy.

We live in interesting times. Banks are having to be rescued before they go under - taking the financial system as we know it down with them. Retail sales are plummeting, even as we approach the usually buoyant Christmas period, and it seems as if no one is quite sure if they will have a job next year. The UK government continues to be in denial, blaming our current woes and the weakness of sterling on the Americans. If only this was so. Perhaps if we focused on producing goods and services rather than believing that the City alone can make us all rich we may be in a better position to dig ourselves out of this hole.

So where does all this leave you and your overseas property?
I think it is an excellent time to be looking actively at property abroad and indeed even buying abroad.

Why do I think this?

1. Sterling is unlikely to get better (strengthen) in the medium term and there are greater chances of it actually getting worse (weakening). Therefore to own an asset in another currency would make a lot of sense in diversifying your risk. In other words, if you own something in, say, Europe or America it will have a greater value than it would in sterling terms.

2. Property prices everywhere have fallen from unsustainable levels. Tough negotiation may well bring the price back to a more realistic level. This would offer real value for money, even given sterling’s current exchange rate.

3. Perhaps most importantly, it would allow you to "live your dream" and change your lifestyle. This factor is not to be underestimated, given the problems we are likely to encounter in the UK over the next few years.

Where Smart Currency Exchange is best able to benefit you is when you budget for your overseas purchase. Thousands of our clients use our expertise to minimise the risk and remove the stress of wondering how much sterling they will need when they come to buy. It's better to know what the overall cost is upfront, on the day you decide to buy - say £150,000- rather than having to take a risk and ending up having to pay say £175,000 (another £25,000) on the day you actually pay for your property.

We watch the market 12 hours a day, five days a week and work with our clients to save them thousands of pounds. Give us a call so that we can help you to “live your dream” in the most cost-effective way possible!

Latest on Sterling and the Euro
Sterling edged up through last week away from the record lows of the previous. The shock of reaching such a low level against the euro which many had considered as inconceivable has forced a re-think of how much further down sterling could fall with further interest rate cuts becoming more of a certainty as inflation continues to fall. However, the consequence of such cut may be further devaluation of sterling on the markets and is something the Bank of England would want to avoid but may have to live with short-term.

The euro also maintained its value in the markets and although marginally lower against sterling it remained relatively unchanged against the US$ from the previous week. The extent of the recession within the Eurozone was demonstrated by a survey showing that business activity has slowed to its lowest level in over ten years. This has, much like the BoE, left the onus on the ECB to lower the interest rates in hope of stimulating business growth.

It could not be more important that you use the services of a currency expert at this time. Let’s face it, we all need all the help we can get in these trying times and it is imperative that you look closely at your currency strategy – every little bit helps !

Here is the sort of email continually received for Smart’s service:

"Great service - quick, easy - everyone I spoke to and dealt with was very pleasant and helpful. Thanks.....Dave"

Why overseas property buyers lose money...
...and how you can avoid it!

To get a copy of the report at no charge go to: http://www.smartcurrencyexchange.com/freereport.htm

To get a Better-than-Bank rate go to: http://www.smartCurrencyExchange.com/smartsquotation.htm
or call Carl on 08081 630 102 freephone.

A home in Perfect Piedmont…

Piedmont is an area that has been a well kept secret, even from most Italians, until recently. Now, however, it is a Mecca for ‘foodies’ from all over the world! They come to sip its wines, nibble on its cheeses, savour its wonderful meat dishes and of course to taste its madly expensive truffles. In the autumn, every small town in the region has a truffle, wild mushroom and/or wine festival, and here you will see happy visitors devouring free samples, mingling in the piazza with the sweet and friendly but often rather bewildered locals, who are flattered but still not quite accustomed to all the attention.

But there is lots more to do than just eat. You could visit romantic Lake Maggiore or its smaller but lovely cousin Lake Orta. You could visit an authentic medieval castle - the region has some of the country's most dramatic fortresses – and do try to visit Turin too. This 19th-century city is virtually free of tourists, but is home to one of the best Egyptian Museums in the world, and let’s not forget that the Holy Shroud is also in Turin and is periodically on display for believers and sceptics alike.

All this to tell you that I have a madly exciting property for you this month, in the Piedmont town of Bubbio. Bubbio stands on a rocky terrace overlooking the hills of the lower Bormida Valley, lush green woodland, and orderly rows of highly-prized grapevines. At the heart of the village lies its 14th-century main street, Via Maestra, which creates a unique atmosphere together with the castle, parish church, historic residences and lanes.

Casale di Elio

Price: €250,000
Location: Bubbio, Piedmont

Type: Country house
Size: 300 sq m
Land: 10 ha. (24.7 acres)

This country house - with a vineyard of 10 hectares (approximately 25 acres)! - is situated in a panoramic position near Canelli, a town in the Monferrato region of Piedmont, between Asti and Alba.

Canelli is a lovely old town, perched high on a hill. Nearby Asti is brimming with history as far back as Roman times. The medieval setting of the old town centre is complemented by fine buildings from the eighteenth and nineteenth centuries. This elegant city of gardens, museums and shady arcaded streets is important as the centre of a world-famous wine region

The property consists of a country house in need of restoration with a living space of 300 sq m and an attached barn. On the ground floor there is a warehouse where the owners keep the tools for the land, two cellars and two other rooms used for storage. On the first floor there are four bedrooms, one bathroom, one room for storage and the barn. As you can imagine, there is plenty of space for a very interesting restoration that would make a spacious home.
Externally the house has an area with a patio and a baking oven.

An old couple owns the property and therefore the vineyard has not been looked after lately, although it still produces wine. The neighbour has been helping out with the maintenance of the land – one of the delights of Italy I find is that the community spirit and neighbourliness has not been lost.

The climate is Mediterranean and mild - the Italian Riviera is only 30 miles away. The winters are short, and night temperatures in January and February only occasionally fall below zero. Spring and autumn are long and warm. The summers are hot and dry, although the hilltops are cooled by a pleasant sea breeze.

Please contact me or my colleagues at the Italy Buying Guide: just phone on 0207 898 0549 or go to:
http://www.ItalyBuyingGuide.com/property.htm

and fill in the form there. We will contact you immediately to discuss this with you and put you in touch with someone to help you realise your dreams.

Liability of the estate agent in Italy

This is what an Italian lawyer has to say:

According to the Law 39/1989 the estate agent must be registered with the local Chamber of Commerce. If the agent is not registered, he will be liable to fines and other penalties and he will not be entitled to the agreed commission.

The above mentioned legislation provides an important guarantee for the consumer requesting that real estate agents must have adequate insurance cover in order to practise their profession. Such insurance policy should cover cases of professional negligence.

According to article 1759 of the Italian Civil Code the real estate agent must inform the parties of the circumstances in his knowledge regarding the safety of the transaction. As a consequence, although the real estate agent cannot be charged with technical-juridical investigations concerning the property that might have an impact on the transaction (legal due diligence), he is nevertheless charged with duties of information according to the principles of the normal professional diligence.

The real estate agent is therefore obliged to give information on each circumstance in his knowledge or that simply he should have known according to the principle of normal professional diligence. Wrong or non verified information would not be acceptable according to the law. Lack of respect of such principle could cause contractual responsibility and the right of the consumer to request the repayment of the commission. Under special circumstances the consumer could also be entitled to request compensation for damages.

If the guilty silence of the real estate agent induced the consumer to finalise the contract under different conditions than he would have had if he was properly informed, the real estate agent could be responsible to pay for the difference. According to article 1755 Civil Code, if the deal is closed thanks to his intervention, the real estate agent is entitled to a commission from both parties.

Such right could arise already at the signature of the preliminary contract, assuming that such contract is complete in all the essential elements. In order to be entitled to the commission the real estate agent must have a decisive role in the transaction. Simply generating the lead of a potential buyer without accomplishing any other task is not enough to be entitled to such right.

The law does not provide the cost of the commission, therefore this can always be freely agreed by the parties. It is always advisable to agree the commission in writing.

This is in ‘Legalspeak’ but in short it means that you need a bona fide estate agent who needs to be registered and that brings with it responsibilities that you are legally permitted to expect. We have a wonderful Italian law firm plus a registered agent standing by ready to help you so please give us a call on 0207 898 0549 or go to:

http://www.ItalyBuyingGuide.com/resources.htm

and we will put them in contact with you immediately.

Fireworks... going up in smoke

It’s that time of year – wood smoke, pyrotechnics and reams of autumn leaves…

But just as every recreational explosive carries a health warning, there’s no point making sparks in life without taking sensible steps to protect yourself against the unforeseen.

If we’re to plan effectively, we must think about the worst case scenario. The principle of insuring yourself against anything untoward is universally accepted, yet there is no other area in which people need more encouragement to take the necessary steps to address the shortfall. People don’t like thinking about misfortune, and very easily slip into an “I’ll-sort-it-out-tomorrow” mentality.

Which is why we all need an expert to set up a package of policies, giving the appropriate cover for the cost of private medical care, incapacity, serious illness and death.

There are three main reasons for sorting this out as soon as possible, rather than waiting till you’re buying property, starting a family or generally settling down:

1. Cost – the cost of insurance premiums vary with age, going up steeply in one’s late 20s and through your 30s. If you fix your premiums before you reach this bottleneck, you’re onto a guaranteed winner.

2. Cover – if a banger goes off in your hand, you need cover today to provide financial independence while you recover from your injury (or sufficient security if you don’t!).

3. Insurability – as time goes by all sorts of things can change which will affect your ability to take out cover, almost always for the worse. Not just your age, but your health, your weight, the health of your parents and siblings, how hazardous your pastimes are, and any number of other criteria which conspire to reduce the chance of being able to take out cover.

Insurances are like safety goggles, they’re not going to be very entertaining, and they cost money that you’ll never see again, but once you have them in place you can light the blue touch paper and stand back…

We have a brilliant insurance expert that would be very happy to discuss you particular circumstances with you. Please just call us on 0207 898 0549 or take a look at our website for them and get a quote:

Insurance Quote

Top Tip – a romantic wedding in Italy!

Ever dreamed of getting married in Italy? Even if you are a non-resident is actually not very complicated. Here's how to do it if you are thinking of a civil ceremony.

The first thing you have to do is go to the British Consulate for the area where you intend to marry and complete the necessary forms to announce your intention to marry (i.e. Publish the Banns). This is just the same as if you were marrying in the UK.

The Consulate will produce the ‘Nulla Osta’ – the Italian equivalent of the No Impediment certificate – and send it to the appropriate Town Hall (Comune) in Italy where the marriage is to take place. A few days before the wedding, the local Comune will require the Declaration of Intent to Marry form to be completed and they will also need to know details of the two witnesses (photocopies of their passports will provide all the necessary information).

Some Comunes will charge a fee for their services and some will provide a floral centrepiece for the table or let you do your own flowers. In one case, the mayor was willing to re-enact the ceremony at a local hotel – at a price! (The official ceremony must however legally take place in the Town Hall or Comune-owned property.)

If neither the bride nor the groom is a fluent Italian speaker, you will need an interpreter who the Town Hall official will have to approve as competent and swear in. During the ceremony, the mayor or official will read a section of the Italian and the interpreter will then translate it into English.

There are two parts to the ceremony: first the Act of Marriage is read out and at the end of this reading, the couple are married. However the Certificate of Marriage also has to be read out (mentioning the names of the interpreter and witnesses). Finally the official Register is signed, as in the UK, by bride, groom and witnesses. Go to http://ukinitaly.fco.gov.uk/en/help-for-british-nationals/living-in-italy/how-register-marriage/ . It will tell you all about marriage process).

When Roger and Vibeke Tilbury, who are retired and live in Italy, went in to their local Comune to announce their son’s intention to come from the UK to marry in Italy, the Comune’s anagrafe – the births, deaths and marriages registrar, and your point of contact for arranging a wedding – was not at all enthusiastic about the idea. ‘We reckon he just wanted a quiet life, but having said that, he did everything he needed to do, efficiently and on time,’ says Roger.

‘The ceremony itself was very sweet because the mayor said some words of his own before he started officially, about how pleased he and everyone else was that we'd made our homes here and how honoured they were by our son’s decision to get married in Italy (lots of people had said a similar thing to us beforehand). Vib had to translate all this and was quite moved by it, so struggled!’

Vib and Roger were also struck by the wording of the Italian civil ceremony, and how a great deal of emphasis in placed on a couple’s responsibilities to each other and to any children that may be born in future. ‘It made a lot of sense, particularly here where family ties are still so strong,’ says Vib.

Roger continues: ‘It was very nice that several people were out on the street and threw
rice as we passed by, and they all had big beaming smiles as usual. We took over a small piazza for half an hour or so for a toast and photographs. And of course the wedding breakfast was stupendous. Lots of people commented on how wonderful it was - not just the food which was fantastic, but the whole atmosphere, and how the meal was part of the celebration - hard not to be when it went on for five hours! Everyone was amazed that we managed to cram down nibbles with the welcome drinks and then managed eight courses! It helped that we had speeches between courses rather than all at the end as you would do in England - it was good to have a breather here and there, and it also meant nobody was bored by a solid hour of waffle!’

Happy life if you decide to do the same!! I’d love to hear about it – do phone me or my Italy Buying Guide colleagues and tell us all about it ! 0207 898 0549.

Travelling overseas? Look no further...

eBookers
eBookers is an excellent site. You can book flights, hotel, car rental and anything else to do with travel. The site is easy to use and I find the prices very competitive. But there is another reason I use ebookers. As they mention on their website, some people are a little nervous about booking a holiday at the moment, what with recent events in the travel industry. Reassuringly they deal with this question upfront – and this is their advice:

You need to ask four essential questions you’re planning your next trip. They are:

Is my flight insured?
If it’s covered by Scheduled Air Failure Insurance, you’ll get all your money back for the unused portion of the flight if the airline goes out of business. If you haven’t started your trip, you’ll receive a full refund, or if you’re already on holiday, you’ll be repatriated. At ebookers, all their scheduled flights and low cost carriers are covered by the scheme.

Is the price when I book my flight the price I pay?
Some operators let you pay a deposit when you book flights but don’t issue the tickets immediately. If the price has gone up in the meantime, you end up paying more. Make sure your agent issues the tickets immediately – that’s what they do at ebookers.

Does my agent keep a check on airlines?
Your agent or operator should constantly check that the airlines they do business with are reliable. At ebookers, they do, and they won’t book you on to one they don’t trust.

Is my holiday ATOL protected?
The ATOL symbol means you’ll get a full refund if your travel supplier goes out of business. If you haven’t started your trip, you’ll receive a full refund, or if you’re already on holiday, you’ll be repatriated. And yes, you’ll find every holiday booked direct with ebookers is ATOL protected.

So…if you are going to Italy on a ski-ing trip, or hoping to take advantage of great property prices out of season, we can highly recommend that you book through ebookers. Click here for more details

Stuck for ideas for Christmas?

Finally, I have had a wonderful idea, triggered by a chat I had with one of our readers. We all know that times are hard at the moment. Many readers are longing to move abroad yet have found that they are not able to sell their home in the UK and are having to put plans on hold. This is a great opportunity for readers to buy the guide in advance so they will be set and ready to roll when the good times come – and they always do! Furthermore, guides make a fabulous Christmas present… they make a wonderful addition to any coffee table… guides are great! So if a friend or relation is also thinking of moving…well, I have just solved your “what should I buy them for Christmas” problem, haven’t I?

More information about the Guide got to: http://www.ItalyBuyingGuide.com/guide.htm

and we will send it off to you immediately – or to your chosen recipient.

Kind regards,

Gianna Williams
Italy Buying Guide
The Overseas Guides Company
Gianna@OverseasGuidesCompany.com