2023-11-17 18:47:50
2019 was a key year for mortgage holders, since it was when the banks’ usual practice of making borrowers pay the entire mortgage formalization costs ended.
The Government approved Law 5/2019, of March 15, regulating real estate credit contractswhich details precisely which party (lender or borrower) must assume the costs derived from writing and registering the mortgage loan.
The regulatory text came into force on June 16, 2019 and states that “the property appraisal expenses will correspond to the borrower and the management expenses will correspond to the lender.” Therefore, the management expenses began to be borne by the banking entity from that moment on.
However, the law that regulates mortgage loans does not simply stop there, since it also stipulates that the bank must assume the rest of the expenses related to the formalization of the loan.
Specifically, the law reads as follows: “The lender will assume the cost of the notarial fees for the mortgage loan deed and those for the copies will be borne by whoever requests them”; “the expenses of registering the guarantees in the property registry will correspond to the lender” and “the payment of the tax on property transfers and documented legal acts will be made in accordance with the provisions of the applicable tax regulations.”
In this way, all people who have taken out a mortgage as of June 16, 2019 have only had to face the costs of appraising the property.
The deadline to claim mortgages prior to the law
However, the big question is what happens to mortgages that were signed before the law went into effect (i.e., before June 16, 2019). And there is good news, since the Supreme Court ruled that it was an abusive practice for banks to force customers to pay all expenses.
This decision of the High Court means that people who assumed the entire costs of formalizing the mortgage by contracting it before June 16, 2019 can claim what they have paid improperly.
The figure that the bank must return on an average mortgage (150,000 euros) is approximately 1,500 euros. However, for larger loans, for example 250,000 euros, the amount to be claimed can reach 2,000 euros.
In any case, those who have been affected by this circumstance and want to claim the money should hurry. The Supreme Court gave a period of five years that begins to count from 2019, the moment in which jurisprudence was established.
It is also possible that the deadline has actually started counting from 2020, when the jurisprudence was corrected by a mandate from European justice. However, this latest start date is not clear, so it is best to make the claim as soon as possible.
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