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

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Please let us know if you need any further help.

Rosemary and Graham

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.

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.

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.