Paying off a Spanish mortgage

Hi everyone. I understand that paying off the mortgage on a property I have in Spain isn't just a matter of going to the bank and paying the balance. Can anyone provide a guide as to what I should be asking or doing when I do visit the bank please?

Should I involve my solicitor in this or is there a more cost-effective method of completing the process?

Thank you

We just went to the bank and paid the balance. There was a charge for early repayment (about 1% of the balance I think) but it will depend on what your mortgage agreement says.

The manager called us in and gave us our deeds there and then with no charge. We informed our solicitors who updated their files and that was it.

Be careful, although mortgage is fully paid off. You need to get a certificate from the bank to confirm this and de register at the notary, otherwise if you want to sell there will still show a debt at the notary. Our bank charged around 500 euros for the certificate and it took a while, our solicitor had to sort it out with them as we could not complete our sale without the debt removal at the notary.

carolyn wrote:Be careful, although mortgage is fully paid off. You need to get a certificate from the bank to confirm this and de register at the notary, otherwise if you want to sell there will still show a debt at the notary. Our bank charged around 500 euros for the certificate and it took a while, our solicitor had to sort it out with them as we could not complete our sale without the debt removal at the notary.

Thank you, I recall reading this somewhere a while back. I appreciate your update

Yes do involve your Solicitor to make sure it is cancelled as a charge against your property. You can have multiple copies of Deeds in Spain so the Bank giving them back to you means nothing. The mortgage debt will be registered against your property in the Property Register so it has to be officially cancelled there.

Bee

My solicitors did that for me. They took a copy of the deeds and then did the business. I didn't have to pay the bank for a final payment as they just gave me a receipt.

Mind, I pay the solicitors 190 euro a year for handling things and they kept a copy of the new deeds which, I assume, shows the payment. Mind, that was over 13 years ago now.

When we paid off our mortgage we had to go to the “Registro de Propiedad” to obtain a certificate to confirm there was no longer any debt on our property. This was a while ago, I think it cost about 100 euros.