After much effort, the time comes when you have completely canceled your mortgage loan.
Now you can fully exercise the right of ownership over the released property, after lifting the mortgage. In this article we indicate what is the procedure you should follow in that case.
What is called mortgage lifting?
The lifting of the mortgage is the procedure that you must follow to ensure that your real estate is free of the mortgage. Through it, your property ceases to fulfill the function of guarantor of the mortgage debt. Then, the restrictions generated by the mortgage on said property were without effect.
What steps should you follow to lift the mortgage?
Once you finish canceling your mortgage debt, you need to go to the entity that granted the loan. There you must request the lifting of the mortgage, which is then required to register in the Public Registry.
To register the lifting of the mortgage you must present
- Minute where the entity expresses its willingness of the creditor to raise the mortgage.
- Simple letter of real estate to be raised, including contact and address information.
- Copy of the identity document (DNI) of the holder.
- Registration form, complete and updated literal copy of the property to be erected. With a validity of no more than 3 months.
On average, financial institutions take two weeks to issue the survey minutes. And after submitting the application, a three-week wait is necessary for it to be addressed. After this process and period of time, the property is free of the mortgage. This way you will have the freedom to apply for a new mortgage loan or sell the property.
The issue of the mortgage raising minutes is free, but there are notarial and registration expenses that you must bear.