Banks and Notaries in Spain/ Purchasing a property

Purchasing a property in Spain, increasing the loan, asking for interest only honeymoon period or changing the bank who has provide the mortgage to a new bank. To accomplish any of these transactions in Spain, you must use a notary. This is certainly not the case in the UK. Not only is stamp duty at a minimum for property purchasers but the costs to purchase are minimal compared to Spain. Most banks in the UK who provide mortgages do not charge for the valuation, here they do.

I am unusually at a loss to understand the necessity of the notary involvement. Are Spanish banks not mature enough to give you a loan or carry out the other actions without having to make an appointment at the notary and does Spanish law dictate they do and why? I have my conclusions. In my opinion, I do in fact consider that the relationship between banks and notaries is an unhealthy one.

Please note: The information provided is based upon our understanding of current legislation. It is not legal advice but is provided freely to enable you to be properly informed. We recommend that if you are considering taking action, you should seek professional advice.