What does this regulate?
01 · UNDERSTAND
A mortgage mandate allows a mortgage to be established later, within the agreed powers. At the time the mandate is granted, no mortgage is registered for that portion.
We discuss which assets and debts are covered and how the mandate relates to any immediate mortgage. The lender decides which combination they accept.
A RECOGNISABLE SITUATION
Your bank proposes partly a mortgage and partly a mandate. We review both parts separately and show where possible future costs lie.
What requires attention?
02 · CHOOSE CONSCIOUSLY
A mandate is not a waiver or limitation of the loan debt. If it is later used, additional deed and mortgage costs may arise.
Also explain what was agreed earlier and where doubts remain. A regulation can only be appropriately developed if facts and wishes are clear.
More points to consider for your own situation
03 · YOUR INTENTION
You do not need to be able to answer all this in advance. Your doubts are also a good starting point.
Click on a question for an initial explanation or practical tip. You do not need to have an answer to everything yet.
For what amount is a mortgage and for what amount a mandate provided?
Ask the bank to confirm the division between mortgage and mandate in writing, including amounts and costs. Bring that overview with you.
When can the lender use the mandate?
Identify the conditions under which the bank may use the mandate. Request an explanation based on your loan, including the consequences for your property.
Who bears the costs of conversion?
Ask who pays the conversion costs and what estimate is possible. Take this into account when comparing credit offers.
Is it your own debt or someone else's?
Indicate for whose credit you provide security and why. Have it explained what risk you personally bear, even if you do not receive the borrowed money.
What do we need, and why?
04 · PREPARATION
Bring what you already have. We will agree on any additional documents the office needs to request. The final list depends on your file.
Identity and contact details
To correctly identify the persons involved and their capacity. Provide identity documents via the channel we agree with you.
Credit offer with division of securities
To distinguish between mortgage and mandate.
Deed of ownership of the involved property
To investigate ownership and authority.
Existing credit and guarantee documents
To understand the concurrency of securities.
Is something missing? Mention it in your application. An initial meeting does not have to wait until you have gathered everything yourself.
What does NotaLegal do for you?
05 · GUIDANCE
We discuss the text of the mandate and its relation to your loan. We explain what is established now and what may still happen later, so that a lower cost today is not confused with the absence of risk.
You will receive a draft for discussion. We review your questions and agree the final version before signing. Afterwards, we explain which preservation, registration or further execution applies to your document.
Know in advance what to expect.
06 · FEES
Statutory tariff where legally established
For deeds with a legally established fee, we apply that tariff. The total settlement also includes, depending on the file, taxes, dossier costs, third-party expenses and VAT. For services without a legally established fee, we agree the remuneration in advance.
You will receive a clear explanation in advance regarding the costs of your transaction. We discuss the services your file requires and distinguish between fee, taxes and other costs.
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Substantive background: notaris.be · Mortgage mandate
General explanation for preparing your meeting. Foreign ties, previous documents and your concrete situation may change the outcome. Sources and legal explanation.