Dear Valued Clients
Are you holding any old Discharges of Mortgage?
As you are aware NSW Land Registry Services has recently begun the process of issuing E Title registers for all titles encumbered by mortgages.
This process has effectively given all mortgagees the right to deal with these titles regardless of whether the mortgage has been discharged or not.
The importance of this notice is to inform you that any old Certificates of Title and Discharges of Mortgage (pre July 2018) held in your office security press can still be lodged manually by L J Kane & Company.
Why is this important? - Upon registration of these old discharges (before the cut-off date) your client will still be issued with a paper title, effectively returning the right to deal with that title to your clients, not the banks.
What if we do nothing? - NSW LRS have indicated that all NSW titles will become electronic by 1st July 2019 automatically assigning the right to deal to the mortgagee, this means any transactions after this date will have to be conducted through the mortgagees and Pexa regardless of whether the mortgage is current or not.
Please consider the inconvenience and substantial fees involved in dealing with Pexa & Mortgagees after 1st July 2019 and if you feel so motivated please search your office for any of these documents, we would be happy to lodge these on your behalf.
Kind Regards
The Partners
L J Kane & Company