Paying off mortgage
Posted: Sun Oct 25, 2020 9:14am
Helpful member
Hi all
Can anyone advise me on the procedure of paying off a mortgage please?
TIA
Posted: Sun Oct 25, 2020 10:48am
Super helpful member
Doubtlessly you will have to negotiate with the lender who will charge compensations for lost profits. Then there are fees and charges for the notary public and the land registry on top of a stamp tax (+/- 10 % of the amount paid).
Posted: Sun Oct 25, 2020 10:56am
Helpful member
killjoy wrote on Sun Oct 25, 2020 10:48am:
Doubtlessly you will have to negotiate with the lender who will charge compensations for lost profits. Then there are fees and charges for the notary public and the land registry on top of a stamp tax (+/- 10 % of the amount paid).
Thanks
Posted: Mon Oct 26, 2020 8:16am
Helpful member
Hi Go to the bank tell them you want to pay off your mortgage, ask how much to finish it. Then when you pay, ask for a paper to show you have paid, it has to be stamped by the bank. Take this and your house papers to a notary they will put together the deeds. Check if they want someone from your bank to pop in and sign it, and if so when, if they do then go to your bank and ask them to arrange this. They will then try to charge you for registering the property on the land register, this is very easy to do. It depends on where you are (Suma Gestion Tributaria) take the papers from the notary there they will stamp it and keep a copy (so make sure your notary gives you two copies of the nota simple) there should be 0 tax to pay as you will have paid it all in the beginning, then they will give you a paper take it to the land registry office (ask at the tax office if you don't know where it is) go there and give them the papers, they will ask you to pay an amount, anything from 100e upwards. In around a week ten days they will text you go there and pick up papers you hopefully will be given some money back. Job done, may sound complicated but it is not really.
Posted: Mon Oct 26, 2020 10:18am
Helpful member
FionaS wrote on Mon Oct 26, 2020 8:16am:
Hi Go to the bank tell them you want to pay off your mortgage, ask how much to finish it. Then when you pay, ask for a paper to show you have paid, it has to be stamped by the bank. Take this and your house papers to a notary they will put together the deeds. Check if they want someone from your ...
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...bank to pop in and sign it, and if so when, if they do then go to your bank and ask them to arrange this. They will then try to charge you for registering the property on the land register, this is very easy to do. It depends on where you are (Suma Gestion Tributaria) take the papers from the notary there they will stamp it and keep a copy (so make sure your notary gives you two copies of the nota simple) there should be 0 tax to pay as you will have paid it all in the beginning, then they will give you a paper take it to the land registry office (ask at the tax office if you don't know where it is) go there and give them the papers, they will ask you to pay an amount, anything from 100e upwards. In around a week ten days they will text you go there and pick up papers you hopefully will be given some money back. Job done, may sound complicated but it is not really.
Thankyou for this detailed information. Very helpful
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