At Schlun & Elseven Rechtsanwälte, our mortgage lawyers are experienced in all areas of mortgages and are available to advise clients on obtaining a mortgage or in potential disputes. Purchasing a home, and other property, is a huge investment and preventing mistakes is important throughout the transaction. Our team will advise you on your rights, and on what to expect when applying for a mortgage in Germany.
Furthermore, our German mortgage lawyers are available to advise those lenders and other bodies involved in the mortgage industry. Our team advise such bodies on matters of regulatory compliance, risk management, enforcement and with drafting contracts and other transaction agreements. Please, do not hesitate to contact us directly for expert legal assistance.
Mortgages in Germany: Legal Advice
Although renting has been prevalent in Germany for many decades, purchasing property has increased in recent years. We have previously outlined the process of purchasing a house in Germany, and our team supports people all over Germany in this matter.
There are different types of mortgages available in Germany, from annuity mortgages (“Annuitätendarlehen”) and full repayment mortgages (“Volltilgerdarlehen”) to interest-only mortgages (“endfälliges Darlehen“) and variable rate mortgages (“variables Darlehen”).
Mortgages of 100% of the property value are possible in Germany; it is more likely to apply for a mortgage of around 80% of the property value. Such mortgages can be paid back over a 25-30 year period. This time period can vary depending on the circumstances of the individual. Although there should be no legal barriers preventing expats from getting mortgages in Germany, it can still be more difficult for them than for native Germans, as some banks and lenders may view them as riskier. However, this is where the benefits of working with our team of German mortgage lawyers is a bonus.
Our lawyers will advise you on what you can expect to receive based on your income and other circumstances. As experienced real estate attorneys, we will provide insight into your rights under German law. Contact our lawyers if there is reason to suspect that discrimination played a role in your mortgage application. Furthermore, our team in collaboration with our landlord and tenant law specialists advise landlords across Germany on their rights regarding evictions, leases, business tenancies and defective premises.
There are also several government subsidies, allowances and loans available for the purchase of the property. Our German mortgage lawyers can oversee your application for such programmes. These subsidies are available under home ownership schemes, energy-saving building and renovation programmes and pension schemes. Allowing our team to examine the application can ensure that it fulfils the requirements, saving you time.
Legal Disputes: Contracts, Fraud and Enforcing Claims
Mortgage disputes can arise for many reasons. Such disputes include those arising from allegations of breaches of contract and mortgage fraud to discrimination and predatory lending. Mortgage fraud can occur in cases where one of the parties provides false information during the course of the transaction.
Our lawyers regularly draw up and review contracts and agreements. Throughout the purchase or sale of a property in Germany, many important documents will need to be fully understood to ensure that individuals don’t sign up for unplanned conditions. At Schlun & Elseven, our team will thoroughly review the contracts and agreements to ensure this does not happen.
Furthermore, the lawyers at Schlun & Elseven Rechtsanwälte will review the legal parameters of the property and ensure that our clients are fully aware of what is involved with the purchase of specific properties. We will examine the documents and titles to determine if there are any public easements, rights of residence, outstanding claims or liens against the property or other issues concerning the property in question.
If a party involved with the transaction has not fulfilled their legal obligations, our lawyers will be available to you to assert your claim both in and out of court. This includes cases with those involved with the construction of the property. Such disputes can often be resolved with out-of-court settlements or through litigation. Our lawyers will outline your rights and available options upon examining the case facts. Our experience in such cases will be of great benefit to you.
Investing in German Real Estate
The German real estate market can be lucrative for those who make the right investments. Knowing when and what to buy requires knowledge of the local market, and at Schlun & Elseven Rechtsanwälte, we present ourselves as your reliable partner in such investments. Our knowledge of the market, alongside our full-service approach, ensures that we are the lawyers to assist you in all matters of disputes or complications while navigating German law.
German law in the real estate field is notoriously complex due to the different local, regional and national laws that all play a role. The wrong move during the planning stage can result in unforeseen losses and long delays. Consulting with our real estate lawyers from an early stage allows us to provide clear and tailored advice. This will ensure that your real estate project or investment stays on course and within schedule.
Our lawyers advise both private individuals and corporate clients on the German real estate market. Whether you need a lawyer for a specific case or an ongoing partner to advise you in different areas of German law, our team is in your corner. Our team is available to advise on matters such as the creation and management of investment companies and special investment funds, to negotiate finance and lease agreements, provide legal guidance across the diverse sources of law on a local, regional and national level and in negotiations with different state bodies and development partners.
Please don’t hesitate to contact us directly by using our contact details below for more specialised service.
Practice Group: German Real Estate Law
Practice Group:
German Real Estate Law
Contact our Lawyers for German Mortgage Law
Please use our online form to outline your request to us. After receiving your request, we will make a brief initial assessment based on the facts described and provide you with a cost offer. You can then decide whether you would like to engage our services.
