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Mortgage Redemtion

Mortgage Redemtion

Old Feb 17th 2019, 2:09 pm
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Default Mortgage Redemtion

What is the protocol in Spain with regards to mortgage redemption? Do banks hand over Title deeds? What is the legal process and legal costs? Whoever has been through the process, kindly advise. Cheers. TIA
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Old Feb 17th 2019, 2:12 pm
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Default Re: Mortgage Redemtion

Redemption
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Old Feb 17th 2019, 5:13 pm
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Default Re: Mortgage Redemtion

Originally Posted by ValTay0607 View Post
What is the protocol in Spain with regards to mortgage redemption? Do banks hand over Title deeds? What is the legal process and legal costs? Whoever has been through the process, kindly advise. Cheers. TIA
Basic objective is to get the event recorded in the Registro de Propiedades, two ways of doing it :

1. When you pay the final installement ask the bank to do the paperwork. They will do so and charge you for the service.
2. Do it yourself, may save a bit of money but takes time :
... Get a certificate from the financial entity of zero debt.
...Take it to a Notary get an escritura of the cancelation, will also need signature of the bank on it
... Go to Hacienda and using a form for Impuesto sobre transmisiones patronal file it - no tax to pay as value is zero
....When the Escritura is signed by the bank, the Notario should ensure this happens, take it to the registro de propiedades

To check all done correctly go back to the Registro or check via Internet ,after a while and ask for a Nota Simple" - this gives a history of the property and all transactions.

We got the bank to do it all, not sure exactly how much they charged, as needed the registro entry prior to selling.
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Old Feb 17th 2019, 8:26 pm
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Default Re: Mortgage Redemtion

Use a gestor as it’s a complicated and time consuming process. The taxes etc will be a lot more than the gestor’s fee. Total cost, probably a few hundred depending on the size of the loan.
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