How is the amount of the land charge determined in the case of a new construction?

  • Erstellt am 2015-01-07 08:40:07

hg6806

2015-01-08 14:22:13
  • #1
OK, then I have to elaborate further.
Almost 6 years ago, I bought two condominiums, one fully financed and rented out as an investment property, and I put about 100,000 in equity into the other and lived there myself.
Unfortunately, I had a total mortgage registered on both apartments. Now, with the new construction, I sold the owner-occupied condo, and this is now becoming difficult because of the shared mortgage. The bank reappraised the rented apartment and found that nearly 34,000 in collateral is now missing. And I had to put that amount into a savings account, which they have pledged.
If I could register another mortgage on the house, that would of course be great, but I think both banks would have to agree, and that will be very difficult.
 

nordanney

2015-01-08 14:49:45
  • #2


This explanation of your problem (thank you very much for that) supports my suspicion that another land charge on your house will not work. The bank needs assessable collateral, which it does not have with the condo – otherwise it would take a land charge there instead of the call money. Probably also a land charge on your house is not assessable, so in my opinion the bank will not agree to that. I would rather try the approach of talking to the bank financing the condo as to why security is lacking due to a revaluation – assuming that the condo is not in the middle of nowhere
 

hg6806

2015-01-08 15:09:09
  • #3
I have already spoken with the bank. No concession. After all, they also make money from the [Tagesgeld].... But I am now trying to shift this to another bank. It just becomes a bit more difficult with the pledge. The apartment was bought back then for the same price it is now valued at. And about 40% was still deducted as security, etc. Of course, the apartment is now worth much more. I sold my owner-occupied condominium with a profit of almost 100,000. But the bank doesn’t care about that. Oh yes, the apartment is located in a good area on the outskirts of Frankfurt am Main....
 

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