Discharging a mortgage 1 title particular and subsequently registering a new mortgage
We have a situation where we initially registered a mortgage that included only one title particular over a security property in NSW which should have two title particulars instead. To correct the error, the Bank has requested the customer to sign a new mortgage that included both title particulars and have in fact registered this mortgage via PEXA complying with the registration requirements.
The Bank also has to register the discharge of the existing mortgage (over one title particular). However, a problem is being encountered to complete this in PEXA. The error relates to the cord holder consent which is required in NSW.
This brings the question that is it necessary to first register the discharge the existing mortgage prior to registering the new mortgage to cover two title particulars?