Bank refusing to deal electronically on unencumbered title
I am dealing with an unencumbered title. the bank is refusing to conduct a PEXA settlement and requires the customer to send them the unencumbered title. the bank will then fund the money the clients have borrowed against the title.
However there is an unregistered mortgage that needs to be paid out and hence we cannot release the title to the bank without first paying out the mortgage. I have lodged a request via PEXA notifications to the bank's help team and also through our PEXA co-ordinator.
Settlement is scheduled for today and I am trying to find out if there is any way this can be satisfied. the bank is not prepared to appoint another personal lender as the current personal lender is the one refusing to provide a booking reference number and wants the title to be released to the bank.