Many of our clients require a mortgage to finance their property in Spain, and some of them do this through Spanish banks. However, we often experience that our clients are not aware of all the procedures related to this process and the costs of cancelling their own mortgage when they decide to sell their home.

Did you know that even if you have paid your mortgage back in full, it will not automatically be deleted at the Land Registry? This means that when the time comes to sell your property it will appear in the Land Registry that your home is subject to a mortgage debt, even if you no longer have a mortgage.

Once the mortgage has been paid, how is the mortgage on your property in Spain cancelled in the Land Registry?

Below we have listed the steps you must follow so that the Land Registry does not show that your home has a «debts» even if you have already paid the mortgage for your property in Spain.

• 1.Settle the payment of the debt
• 2.Request a certificate from the bank stating that the mortgage is paid in full
• 3.Go to the Notary to formalize the Mortgage Cancellation Deeds «Escritura de Cancelación de Hipoteca, signed by the owner of the property, the Notary and a representative of the bank.
• 4.Present the Deeds at the tax authorities «Hacienda Pública”
• 5.Present the Deeds processed by the tax authorities at the Land Registry.

When submitting the Mortgage Cancellation Deeds at the Land Registry, your property in Spain will appear in your name and free of «debts».

Are you thinking about selling your property and you still have an existing mortgage?

If you want to sell your property in Spain, but you are still paying the mortgage corresponding to that property, you whould not worry as this circumstance does not cause a problem. You can sell your house without problems, as long as you cancel the mortgage prior or at the Notary when selling the property. But, keep in mind that most banks will charge you a fee for early cancellation of the mortgage.

Therefore, it is very important to discuss these cancellation fees with your bank before signing the mortgage. Otherwise, if you wish to cancel your mortgage in advance, you may find yourself paying very high bank fees for the cancellation.

Cancelling your mortgage in advance, or once the mortgage has been paid in full, you must carry out the process described above to eliminate the mortgage debt in the Land Registry.

If you want to sell your property in Spain, contact us and forget the administrative procedures

If you wish to sell your property in Spain, we advise you to contact experts who advises you conveniently and supervises all administrative procedures. Contact Costa Blanca Estate and you will be pleasantlu surprised by our professionalism and experience in the sale of properties on the Costa Blanca coast.

To contact us choose the alternative that is most comfortable for you:

• Fill out the contact form that appears on the webpage
• Send an email to info@nieruchomoscicostablanca.com
• Call us on (0034) 966 276 905
• Visit us personally at our office

You can fin dus at Avenida de las Naciones 50 – Ciudad Quesada (03170) Rojales (Alicante), Spain.