Mari Carmen and Manuel are a married couple in their sixties and who, after years of effort and perseverance, managed to pay off the mortgage on their home less than five years ago. Now, with retirement on the horizon, this couple is considering selling their apartment in the city to buy a villa in a quieter town. To start the procedures, the real estate agency with which they have contacted has asked them for the simple registry note, which is a document in which the charges registered on the property appear.
To the surprise of the couple, in that simple note there is a mortgage charge, which corresponds to the mortgage loan that they contracted decades ago to buy their apartment and which was settled less than five years ago. From the real estate agency they are informed that they will have to cancel the mortgage by registration, a procedure that they can carry out before putting the house up for sale or when it has already been acquired. The most comfortable thing would be to formalize the cancellation and the sale in parallel, but from the financial comparator HelpMyCash.com they assure that it is not the most convenient option.
According to the comparator analysts, if this married couple decides to wait until the sale of the home, the registration cancellation of their settled mortgage will want to be processed by the buyer's bank, that is, the one that finances the acquisition of the apartment. It is a common requirement, since the entity prefers to take care of eliminating the previous burden in order to be able to register the new mortgage loan without problems.
Leaving the cancellation in the hands of the buyer's bank, which will entrust it to an agency they trust, is the most comfortable option, since Mari Carmen and Manuel will not have to do a single procedure. However, the bank agency will charge fees of more than 400 euros in the vast majority of cases. If notary and registration fees are added, the final bill can exceed 1,000 euros.
According to HelpMyCash, there is no obligation to accept the requirements of the buyer's bank, but it can put many obstacles if the mortgage is not canceled through its agency. Negotiating with the entity to allow the process to be entrusted to another agency (or to allow sellers to carry it out on their own) consumes time that can be saved if the mortgage charge is eliminated before putting the home up for sale.
On the other hand, if the registration cancellation is made before putting the apartment up for sale, the buyer's bank will not be able to demand that its agency take care of everything. In this case, the couple will be able to carry out the procedures on their own without paying any agency: they will have to request the zero debt certificate from their bank, pay the cancellation deed to a notary, go through the Treasury to present and seal the model 600 of the tax on documented legal acts and go to the Property Registry to eliminate the mortgage charge on your home, after paying the registrar's fees.
Likewise, if this couple wants to save all this work, they can entrust it without problems to another agency that charges less for the registration cancellation. HelpMyCash, for example, collaborates with an agency that charges €181.50 for its services. The total bill for the procedure can be calculated, adding the notary and registry fees, with its free cancellation fee simulator.
Freeing the home from charges before putting it on the market also speeds up its sale. Mainly, because less documentation will have to be presented to the real estate agent or to the potential buyer: it will not be necessary to deliver the zero debt certificate to demonstrate that the mortgage that appears in the simple note has already been paid off.
What if the mortgage has not yet been paid off? In this case, according to HelpMyCash, it will have to be canceled in the registry when the debt is settled with the money from the sale of the home. As mentioned above, the acquirer's bank will want to carry out the process in the vast majority of cases, but it can be negotiated with the entity so that it allows it to be entrusted to another agency that charges less.
