Once the property has been transferred it is advisable to register the new ownership details with the public property register.
Apart from not being able to obtain a mortgage without doing so, failure to register can cause multiple problems in the future with regard to future property transfers, inheritances, defending title against third parties etc.
Below are approximate costs for having this carried out. It will be necessary to check specific prices with the individual registry.
Removal of the Previous Mortgage From the Register
While not a legal requirement, it is preferable to have the previous mortgage removed from the property register.
This is the case even though the mortgage has been paid off following the sale of the property. The charge will still appear on the register and it’s removal incurs a number of charges, notably notary and registry charges.
The process involves obtaining a certificate from the financial institution that issued the mortgage that the mortgage has been discharged.
This certificate is then presented to the notary who draws up a public deed to that effect. The deed is then presented to the registry for inscription on the property register which thereby removes the mortgage charge from the property.