List of property documents that must be reviewed before
Many professional expats call Germany home these days and with long-term mortgage rates extremely low and rental prices rising in many areas, it's no wonder many are looking to buy an apartment or a house. .
Mortgage and insurance broker focused on the needs of expats in Germany. His specialties are investments and real estate management; mortgages (including remortgage); other investments and pension planning.
There is a property price dichotomy between smaller, more rural locations compared to larger cities such as Frankfurt, Munich, Berlin, Dusseldorf and Hamburg. In many of the larger cities there has also been a significant rise in prices, both in rentals and purchase prices.
Unlike many other countries, Germans tend to buy properties for life. The more typical Anglo-Saxon practice of buying now and continually upgrading is not often. This explains why there are fewer price fluctuations in the real estate market, although demand for select locations remains high. In general, it is convenient to invest in properties in the best areas. Location, location, location remains a key mantra when shopping in Germany. Good transport infrastructure, schooling and commercial attractiveness often have long-term benefits.
Title Search – What, Why and How?
The term “Transfer” is an old-fashioned word to refer to the process of buying or selling a property. The process itself can be very briefly summarized in a few paragraphs, however, few "transmissions" follow this simplified process. In its simplest form, the sale of a house could occur in the following way:
The buyer offers the seller £200.000 to buy his house. The seller accepts. The seller fills out a transfer deed from the Land Registry which they both sign (in front of a witness) and the buyer pays the seller the £200.000. They both go to the local Land Registry office with their identification and the transfer signed, request that the transfer be registered and pay the registration fee. It is done.
Of course, this rarely happens in practice because there are numerous issues that can negatively affect the process of buying or selling a home. As if that were not enough, most people who buy properties do so with the help of a mortgage. Mortgage lenders require that all issues, usually found by an appraiser or surveyor, be thoroughly investigated and addressed before money is lent. Investigating these issues, whether for a cash buyer or on behalf of a mortgage lender, is what typically slows down the process. This, as well as real estate chains, slow lawyers, gazumping by buyers and property searches, increase the time it takes to buy or sell a property.
How can I change the name of a title deed?
Registry queries, such as official search and official copy requests, work as usual, with many results instantly available. If a request has to be processed manually, it takes 1-2 days. Searches on the index map can take 2-3 days.
More than half of the remaining requests to update the record, such as a name change or title transfer, take about 8 weeks to complete, with most completed in 4 months. We know that in some cases these requests take a little over 5 months to complete.
If you have received a request for information (requisition), its processing will take longer. In some cases, applications with requests for information (requisitions) may take an additional month to complete.
More than half of complex requests, such as first registrations, creating a new lease or transferring part of the property (transfer of part), are processed in about 9 months. Most requests are completed in about 12 months, but some may take a few more months depending on the request.
Judgment Mortgage in Irish Law – What You Need to Know
To minimize delays, you should address this issue early on. Tell your client that consent is more than likely required. Get the mortgage account number and contact details of the relationship manager so we can get in touch as soon as possible. Start the process.
Even if a previous lender does not have a restriction registered in your favor against the title, this does not mean that your consent is not required for your load. Inevitably, your charging document will contain a clause that prohibits the granting of any other charge on the property without your prior written consent. Therefore, if a new charge is granted in violation of this prohibition, you may be held liable to the prior lender for inducing a negative pledge default. To avoid any risk of litigation with the previous lender, we always err on the side of caution and advise ABLs to ensure consent is obtained.
However, if a prior lender's consent is required for your load and you have not obtained such consent, your load can only be protected by notice in the property's load register and, although it will retain priority over loads registered later , it will not take precedence over previous uploads that do not appear in the upload log.
