Bri and Katee

Does anyone know the position with HSBC? Last time I wanted to transfer cash to pay off some of what I owed on the mortgage (10.000UK£) they refused to do it because it was over £10.000? The transfer company understood the position and allowed me to send 9 thousand and then 1thousand the following day.

Hopefully by next month I shall have enough funds in my bank to pay off the mortgage company completely. Now here is the problem. I have to ring the Leeds B.S (euro mortgage) get a settlement figure and then pay it within 48 hours.

How can I do that if the bank will only allow under £10.000 per day? I owe 50 grand so at that rate its 5 days. I rang HSBC and I was supposed to get a call back, it never happened. I typed a message for the online 'talk to an adviser' and it wouldn't connect. I seem to be in a black hole.

bobd22

I don't know about HSBC but when we paid our mortgage off in Spain we used an independent transfer company and they split our transfer into 2 automatically. I seem to think that was though due to overall the amount being more than the free amount that can be paid into the bank in Spain which I think was 50,000 Euros? They just automatically sorted that out for us.
One other thing to remember is unlike the UK once you have paid your mortgage off you must pay to have the bank or whoever the mortgage is with taken off your esrutira. You can either use a solicitor or the bank to do this, bank is normally cheaper.

Fred James

You have to pay the registry fees etc but the bank do not charge for the paperwork to show the loan has been repaid.

Look at this thread on another forum.

View topic - removing morgage from escritora - You & the Law in Spain | Andalucia.com Forum - Andalucia users information about tourism, holiday destinations, accommodation, travel and culture in Andalucia, Spain.

MikeJ

I think it's a standard bank rule to counter money laundering. I had to transfer money within the UK in £10k chunks - using Lloyds.

bobd22

I paid about 700 euros through the bank to do mine but they did deal with everything and I was simply then presented with a new ecrutira. Main reason I mentioned it was because in the UK when mortgage paid up you don't need to do anything. You simply get a letter from lender saying they have informed land registry they no longer hold an interest in the property followed by a similar confirmation letter from land registry. The op may not be aware that eventually in Spain you must physically get the lender removed from escrutira. Of course this can be done at your leisure .

Bri and Katee

Yes I'm aware we need to have the escritura amended. The Leeds informed me as such, as far as they are concerned it will be redeemed, but the Spanish require us to pay to have their interest removed, what we don't know is how much this is going to cost.

bobd22

That's what I paid I know the solicitor would have charged quite a bit more. Not sure if a gestor would be cheaper than bank? There is no urgent rush to get this done maybe worth checking around for costs.

lic

Hi,
Don't use banks to transfer money.
Use Transferwise.
If you download the app, you get a spot rate immediately. The rate is always better than the banks, and MONEYCORP etc.,

Rosemary

I have resurrected this thread in order to thank you all for bringing this to my attention because I was totally unaware of the need to have the banks name removed at the registry. My mortgage ended earlier this year so off I went to the bank to ask for the relevant paperwork to take to the notary and was provided with a detailed letter. So onward to the notary with every piece of paperwork that I thought he might ask for and luckily did not forget anything so he started the process for me. Weeks later he asked to see me again and explained that the registry would not accept the letter from the bank, they needed a certificate instead.

The bank manager had no idea what sort of certificate was needed so I told her to contact the notary for information. After a couple of weeks I was not sure what was occurring between the two of them so I asked my gestor to talk to them both to see what the stalemate was about. As my gestor used to work in the financial section of my bank he managed to be a knowledgeable go between and finally the certificate was produced and I took it to the notary. So not as easy as I had anticipated.

Today I returned to the notary for the final paperwork having paid 580 euros to him when he put the paperwork in for the official stamp etc from the registry. My notary is so genuine that he gave me 1.74 back because one aspect was less than he had been quoted.

I completed this task so that my daughter will not have the hassle when she inherits and also because I like things to be correct even if that means dealing with this sort of thing which I hate doing.

Rosemary