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About TedCrilly

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  • Location France
  • Nationality Irish
  1. Cancellation of a loan (mortgage)

    We have got ourselves into a situation where we need to cancel a mortgage, and are looking for some advice.   We arranged finance for a mortgage to buy a gartengrundstuck ~ 50,000 euro. Due to unforeseen circumstances, we pulled out of the purchase before the sale was finalised (but after signing the contracts with the notaire).   We were quite surprised to find out that even though the loan was never paid out, the bank is requesting a lot of money to cancel it (more than we would have paid in interest). Unfortunately for us, the bank's lien on the property went through, despite the cancellation of the sale, and they are demanding this payment to have the lien removed.    What are our rights in this situation? Do we simply have to pay up, or is there a way to negotiate? We were obviously somewhat naive to think that this loan agreement only came into force upon payout...   Thanks in advance.