leehumphrey

Hi can any help is it legal to take over the mortgage on a property and then own it,as opposed to selling etc,and is this a cheaper option.
thanks for any help
lee

Rosemary

As Concierges for the Spanish section of BE we would like to say hello and welcome.

BE is a very large expat website, so if you have problems finding your way around we have concierges who will try to direct you. The moderators for the Spanish forums are Mitzyboy and Fred James, moderators are there to ensure that the site runs smoothly within the rules of BE. Problems and complaints should always be addressed to a moderador who will look into the matter and deal with it efficiently and fairly. Our members who post in the Spain Forums are friendly and helpful with a wealth of knowledge of the issues of living in Spain. At the top of the page you will find a quirkily named thread called Free Beer which is full of important and useful information. Hope you enjoy your time participating in the forums.

Please let us know if you need any further help.

Rosemary and Graham

Cazzy1

You can take over a mortgage, but the bank will check that you can afford it. Our experience as estate agents, at the moment with several of our properties, especially those that are in arrears is that the bank is refusing to let the mortgage be taken over though.

jackytoo

If you want to own it then it will count as a sale and you will have to pay the usual taxes and notary fees.

spainrico

Taking over an existing mortgage (subrogation) can be cheaper than setting up a new one and is fairly common in Spain, it also makes things less complicated at completion as there are less parties involved at the notary.