Originally Posted by Pazcat
It needn't be all that long, if they initially approve you for a mortgage then you need to present them with the property.
Our bank asks for the nota simple so they can do some basic checks with that and then the cadastral, after lets say at it's worst 2 weeks(often closer to 1) they will have valued the property within their system and then can give you the exact terms they are prepared to pay and then file it for approval if you agree which can be another week or two.
After that if all is well then they ask for a weeks notice before signing at the notary.
If everything is in order then it shouldn't take longer than a month.
However, if there is some issue with paperwork that is lacking or things don't match on the nota simple/cadastral then they might insist on doing their own valuation which can add another 2-3 weeks whilst they faff around with that.
If things are not in place they simply wont give a mortgage on the property, if it's got an F'dO or doesn't match their valuation. They don't even want to look at a rustic property.
So it really is a case by case basis and it is dependent on the bank as well, I can only speak for one bank and the other few we spoke too and ruled out.
All you can do is sit down with a few banks in the area and see what they say because I have no doubt that each bank will do things differently.
Right now we have the bank waiting, they are ready to go as are we but the sellers have to get their affairs in order first and that is still the longest part.
Thank you for that Pazcat, that was very helpful
I think from what you're saying the property will be un-mortgageable. It is a rustic property, I 'think' it has an FdO on it at present (..I'm led to believe it has, but trying to get to the bottom of it as the aborgado has not been very clear at all). So I'm assuming the Servidumbre would not be the main issue.
At the moment we are waiting on the seller to obtain the necessary paperwork...or what he deems is needed, maybe the new aborgado may disagree?...that has taken nearly 8 weeks so far!!! Why that wasn't done prior to the offer I don't know?!?!...well I do, spending out the money!!!!
I am waiting for the reaction to changing aborgados...as in 'it will cause a delay!', because that may be the last straw, as we've been very patient waiting, and it'll take as long as it takes for me to be sure, I'm not going to be pressurised.
Many thanks for the information anyway, I will make some enquiries