Countryboy1

By March of this year I will have paid off the mortgage on my Spanish home.
I have read an article that says that I need to have someone to sign a mortgage cancellation deed (if that's what it's called) at the Notary and this is something I can arrange myself or get my gestor to do it.
If I do it myself, is it just a question of arranging an appointment at the Notary for myself and the bank representative? Does the bank draw up the necessary paperwork?
As this is my first experience of this over here (and the last I hope!), can anyone advise please?
Thanks.

cricketman

I am not an expert, but a Spanish friend of mine recently paid of their mortgage so had to get it signed off at the notary to change the deeds.

It came with a small fee of 1200 euros!

missile

I have never had a spanish mortgage so I have no idea.

I just wanted to say congratulations on being mortgage free

anonimouse

You could always owe them 1 Euro

jackytoo

Cost my Daughter 800+euro but she used a Lawyer as she wasn't in the country. This was about 2004. In return she received a revised set of deeds.

Fred James

That probably included the cancellation fee to the bank for paying it off early.

bobd22

I enquired with our bank re paying our mortgage off early which we are doing later this month this the information we were given.
When you pay it off leave say 1000 euro to pay this means that you will pay 0.25% rather than 1.25%. The remaining amount will clear normally without any extra cost.
Once mortgage is paid contact the bank and they will arrange the change of deeds at the notary no need for solicitor, cost was about 800 euro for this.

snikpoh

Why change the escritura? It doesn't really matter unless you want to sell - surely?

jackytoo

In my daughter's case this was settled at the time of paying off the mortgage directly. The mortgage had been paid off for about a year before she got around to doing the legal requirements (and several reminders from the bank to do it!) . I collected the documents, can't remember the breakdown of fees but I think about half was Lawyers fees, some land registary fees and of course Notary fees and IVA.

Fred James

I'm inclined to agree with Snikpoh - there is little point in changing the paperwork until you want to sell.

It's possible that if the changes are incorporated at the time of sale it might work out cheaper.

bobd22

I suppose although not really required unless selling it would make it easier if anything happened to you for those left behind to sort it out. the girl at the bank said once it was completely cleared the mortgage you arranged it through bank at your convenience.

HBG

When you clear your mortgage, you've got to do it through a notary etc to clear the charge the bank has on your property. As far as the escritura is concerned, it doesn't matter.

(I've just had a quick look at mine and wish I hadn't, it frightens me).

Countryboy1

Thanks for that, what do you mean by the last sentence? What frightens you?

snikpoh

I suspect that if his escritura is anything like the ones we have, then they bear little relationship to reality. Some will also contain many details of previous occupants/owners. One of ours, for example, is over 40 A4 sheets and it's only a 80m2 flat!

Countryboy1

A big 'thank you' you all of you who have taken the trouble to reply, it's much appreciated.
I must admit, I hadn't given a thought to the idea of not doing anything immediately the mortgage ended. Food for thought I think!
I'm staggered by the likely cost of any such procedure though - and what for for heaven's sake? Living in Spain however for the past 10 years I suppose I shouldn't be. I know I shouldn't compare with the UK as it invites "well if you don't like things here then go back" comments, but when I finished my mortgage over there, my bank just informed the Land Registry that the charge on my property was no more and that was it. The deeds were mine.
My contact with the Notary's office has only been on a couple of occasions and for the life of me I can't see what useful function they perform other than the obvious of being a very expensive witness and source of an official stamp!
I may of course be doing them a great injustice, but notwithstanding that, I'm willing to bet that in the great majority of the countless property and land 'scandals' of recent years, a Notary had affixed his or her official endorsement to the contract or agreement. Has a Notary ever been sued for a breach of professional duty?
Anyway, end of rant and once again a big thank you.