Understanding the Mortgage Cancellation Process Due to Expiration: Expert Advice from Notary Jaime Calvo Francia

When selling or inheriting a property, it is essential to ensure that it complies with all legal requirements, such as lifting the mortgage. This step is key and must be carried out after making the payment of the last installment of the mortgage.

The Mortgage Law offers various alternatives to carry out this process and one of them is the mortgage cancellation due to expiration. The latter can be expressly established by the parties or due to the expiration of the legal deadlines from the end of the payment period established in the deed.

The mortgage cancellation request in these cases can be a confusing process. For this reason, the most appropriate thing to do is to request the advice of specialists such as those of the Notary Jaime Calvo France.

When does the cancellation of a mortgage prescribe?

In accordance with the provisions of the Spanish Mortgage Law, the mortgage action prescribes after 20 years, which are counted from when it can be exercised. In some cases, the registration cancellation of the mortgage can be given by prescription, as stipulated in the Civil Code. However, it is possible that, on occasions, this process is not carried out automatically, which is why it is necessary to carry out the process on your own.

In this context, to cancel the mortgage due to expiration, 21 years must have elapsed from the moment the last installment is paid. This term makes it possible to ensure that the loan has not been renewed, nor has the statute of limitations been interrupted or the mortgage foreclosure.

Although this procedure is not mandatory, it is essential if you want to sell or re-mortgage the property.

How to cancel a mortgage due to expiration?

The request for mortgage cancellation due to expiration must be carried out in the Property Registry. In general, it is a free procedure as long as the essential requirements are met, such as proving the legitimate interest in canceling the mortgage due to expiration. This procedure must be carried out by the owner with the right to the affected dwelling or the heirs thereof, as the case may be.

Likewise, it is necessary that the 21 years established as the term by current regulations have elapsed. The owner must go to the Property Registry with his identity document. If you cannot carry out the process on your own, it is necessary to formally authorize a person to carry out the process.

The Notary Jaime Calvo Francia has a team of professionals experienced in carrying out this type of procedure. The outstanding experience of this firm is one of the main elements that allow it to stand out as a reference for those who wish to receive assistance and advice in the request for mortgage cancellation due to expiration.