Hello Jason,

Yes, you can arrange a dissolution of the joint property ownership and pay the lowest tax - please note this tax has been recently increased; in Andalucia is now set at 1.5 %. However, we do not recommend you to regard this transaction as a solution to your problem, as the bank will still be the only responsible entity to determine if the properties are accepted in exchange of the debt. Also, be aware that the process is not as simple as delivering the keys to the property at the bank; the bank has to sign a Public document at the Notary accepting the deal to formalize the agreement that indicates they accept the properties as payment. Therefore, we believe the dissolution transaction will not change the current situation.

We recommend you to talk to the bank and try to negotiate to get to a temporary agreement or change the mortgage conditions, while trying to rent out the properties, if you are not ready to let all properties go.

Regards,