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mortgage-question

Posted by Sevendaver-252003 - Created: 5 years ago
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3 replies (Showing replies: 1 to 3)

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Posted by lemanieg-181528 - 5 years ago

        Also remember that if you want to redeem the mortgage you will have to     pay frais de mainlevée (legal costs for repaying the     mortgage) to the notaire on redemption. Unsurprisingly these fees are     steep for something, which would be a nominal cost in the UK.

Above taken from a posting on the internet written by a French tax lawyer. You are paying him to 'strike off' the mortgage document from the land registry so that the property now shows that there is no mortgage against it to the new purchaser. Even if you have paid back the loan to the bank, this is a separate administrative step that is often overlooked until you come to sell the property.

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Posted by Sevendaver-252003 - 5 years ago

.8 on 500,000 euros to check that there is no mortgage (40,000).  no non no.  the notaires office said the check would cost 1000 euros.

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Posted by monaconigel - 5 years ago

To try and answer your question - the Notiare only has your word that there is no mortgage on the property, therefore I assume the Notaire has to check that there is no mortgage (charge) on the property. I wouldn't expect the charge for 'redemption' to be that big if he /she just has to check a few databases.