DaciĆ³n 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:


  • Property appraisal.




  • 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 info@larrainnesbitt.com, by telephone on (+34) 952 19 22 88 or by completing our contact form to book an appointment.


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