The last step to terminate the mortgage is to cancel it at the Property Registry, a procedure forgotten by many until they are ready to sell the home. Without this management, the property does not appear free of encumbrances, something that the buyer will demand when preparing to purchase their new home. Doing it in advance, therefore, will favor negotiation with interested parties during the sales process.
These are the steps to follow and some legal reminders in this regard, essential if you decide to carry out the procedure on your own:
The cost of the entire procedure will vary depending on the value of the mortgage and the agents involved, although it may very well amount to €1,000 in total.
The unavoidable expenses are notary fees – which usually range between €400 and €500 – and registration fees, which depend on the amount of the loan.
If you hire an agency to carry out the notarial and registration procedures, its price can be between €150 and €400. If, on the other hand, you delegate them to the banking entity, it “may charge you the commissions and expenses corresponding to said processing, of which it must inform you in advance,” reminds the Bank of Spain.
Of course: “the entity should not charge for the signing process” of the deeds “or for the trip to the notary,” warns the state institution.
