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bispen
11-27-2005, 03:28 PM
Hello.

I am told that there will be some expenses when a mortgage is taken to pay a property.

Expenses is

Transfer tax
Notary
Land register
Gestoria
Land Register Check
Valuation
and a set up fee.

Do know if you can save some of this expenses if you subrogate in the mortgage linked to the property when you take over the property from the builder?

Expert advisor
01-18-2006, 07:51 AM
In response to your question, please be informed that when you do not subrogate in the builders' mortgage but you arrange your own mortgage with the bank, two Title deeds have to be granted, one for the mortgage and another one for the purchase. That means that some expenses have to be paid twice (land registry, notary...)

However if you subrogate in the builders' mortgage there is only one Title deeds, what will supouse less expenses at the notary and the land registry and there will be no valuation.

Should you have any further question, do not hesitate to contact us.