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El blog de Maria

Your daily Spanish Law reporter. Have it with a cafe con leche.

Legal tip 135. Reduced expenses for mortgage operations
08 September 2009 @ 13:58

Less Notary and Registrar Costs

Along with the reduction of commissions, this 4/2007 Act provides for a reduction of the notary and registration costs when cancellations, novations and subrogations of mortgage loans or credits.

Notaries´ fees of these type of deeds, needs to be considered as “documentos sin cuantía “(non amount based documents) which have a fixed fee of 30 euros.

Registrar fees will be reduced in a 90%

These measures have reduced expenses for these types of businesses (Novation, cancellation and subrogation) in a 40%. For instance, a typical cancellation of a mortgage of 120.000 € costs now around 42 €, when the cost was 240 € before the Act.

Tax reduction for time extension of mortgages

Oh yeah..... more savings.......: as a  reminder:

From May 2008 to April 2010, the extension of the term of the mortgage loan is not subject to the tax established in article 31.1 of the text of the Law of the transfer tax and Stamp Duty of individual deeds.

Please keep the offer!


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