A dumb question. After 15 years we’ve made our final mortgage payment to our French bank Milleis (after they bought Barclays France). So my question is, what do we do now? Is there any paperwork that requires completion in order to remove Milleis’ charge on the property? It’s so long since we took the mortgage out I can’t remember if there are deeds to the property that we have to recover?
We also plan to close our Milleis account. Their charges are eye watering compared to our Credit Agricole account so we intend to combine everything with them.
Whilst we can chat with our neighbours our French isn’t good enough to navigate financial institutions or the legal profession.
Will the notaire who originally handled the transaction be a first point of call?
There is a curiosity that, despite having made the final payment, the mortgage itself doesn’t come to an end for 1 year (if taken out before 2006) or two years if taken out after that. So you can’t set light to the file yet!
So in a year of so’s time you will receive the necessary papers.
If you look at your original papers it may well say a term of 25 years +1.
Edit: service public says 1 year, but I have read elsewhere than can be 2 for more recent mortgages
Thank you Jane. That’s very helpful. Now you mention it I vaguely remember something about +1. So it sounds like we just wait.
Thanks Graham. I did wonder that. Funnily enough we bought a barn and a second tiny house from a local farmer several years ago as the land gave us rear access to our garden. The same Notaire dealt with it I don’t ever recall getting any documentation in relation to that transaction!
It’s not unusual for the notaire to retain the original documentation in their archives.
How strange, after the final payment the debt having been settled, the institution has no further claim to the property and it should be solely the owners. What is the justification for such action?
you can bet your life it will be clearly explained in the small print… (in French of course)
12 months for claims to be laid perhaps.
Thats what I thought but owners are responsible for all debts, what would the bank do?
I have discovered this which explains why this might apply in some circumstances -if there are any notaires costs to be added. They are notoriously slow!!
La fin automatique d’une hypothèque sur laquelle un notaire a ajouté des recharges arrivera seulement 1 ou 2 ans après que le dernier prêt restant ait été remboursé .