With these few lines we intend to inform you on the steps to be carried out by yourself, to formally cancel a mortgage loan which has already been paid in full.
Make sure the bank signs the Title Deed that cancels the mortgage in Spain!
After the settlement of the debt with your bank, there is no reason to keep a charge over your property, which may somehow damage your interests in the future, such as in the event that you decide to sell the property.
Please note that the economic cancellation of the loan does not mean an automatic cancellation of the mortgage on your house Spain and, therefore, does not imply the removal of the mortgage at the Spanish Land Registry where your property is registered.
Steps to cancel a mortgage in Spain
For the cancellation of the mortgage at the Land Registry it is required to perform the following steps:
1º.- You will need to contact the bank giving the loan so that, through their agents, attend at a Notary Public in order to grant the Cancellation of Mortgage Deed.
2º.- Once the Deed has been granted, you would submit the same in the corresponding Liquidation Tax Office, as exempt from payment of stamp duty, within thirty days of its issuance.
3º.- Following the liquidation, you would present the Deed to the corresponding Land Registry for the removal of the charge, so that the mortgage is cancelled.
Please note that the mentioned procedure does not correspond to the Bank, but needs to be carried out by yourself in order to have your Spanish property again free of charges. The expenses arising in connection with the cancellation are also to be covered by yourself.
Should you wish that we proceed with the necessary steps for the cancellation of your mortgage in Spain, please do not hesitate to contact us. We shall contact your Bank and prepare the granting of the Cancellation of Mortgage Deed, making sure that the mortgage is finally cancelled at the Land Registry where your property is registered.
- Lawyer in Spain, Lawyer Marbella, Lawyers in Marbella, Property Lawyer in Marbella, Spanish law firm,