Dación en Pago Procedure (handing back the keys to your lender)
A dación en pago (or dation in payment) means handing the keys back to a lender, and in exchange a lender will discharge in full of the mortgage liability not holding a borrower liable in the future. They will renounce pursuing the debt in your home country or elsewhere against any other assets you may hold.
What this service includes:
- Negotiation with your lender on the terms.
- Arrange surveyor.
- Drafting of deed.
- Signing deed witnessed by a Notary Public.
- Surrendering the keys.
- Verifying your mortgage liability is fully discharged.
What this service does NOT include:
- No-negative-equity rule: the property should not be in negative equity (in fact, I advise it should have at least over 20% equity).
- No bank repossession procedure underway: it is critical a lender has not started repossession proceedings against the property.
Legal fees: on application
*Our legal fees do not include extras, such as an updated property appraisal.
We will be very pleased to discuss your matter with you. You can contact us by e-mail at firstname.lastname@example.org, by telephone on (+34) 952 19 22 88 or by completing our contact form to book an appointment.
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