Discharge of Mortgage - source account

[cmac88]

We are acting for a client as "registered proprietor". 

We need to complete a stand alone discharge - we have added the mortgagee and they have accepted the invite, created the nomination & discharge and added the relevant fees. 

As we do not have a linked account i thought we would be able to have the client add the funds to a PEXA source account to pay those fees and finalise the discharge. However the source account doesn't come up, how do we settle when we do not have a trust account linked for the funds to be debited from??? 

[AaronG]

Hi @cmac88,

An option would be to pay the Mortgagee out directly and they would then create their own Discharge workspace and discharge the mortgage. You do not need to be a party to this workspace.

I hope this helps.

[Ames]

Hi @cmac88 

I agree with Aaron but just want to clarify. Do you want to add source funds to payout the security (loan payout) or just the discharge fees?

In either scenario, if you are representing the Proprietor on Title, you cannot access the PEXA Source Account (if that's your regular source account).

If there's no loan payout and you're only talking about discharge fees, those will be dealt with by the mortgagee and you don't need to be in the Workspace at all.

If you need to arrange repayment of a loan, you can arrange this outside of PEXA (as Aaron suggests) and then the mortgagee can deal with lodging the discharge in PEXA, and again, you don't need to be in the Workspace.

Ames