on 17-07-2019 07:48 PM
We act for the Proprietor on Title who has sold a share in a property in Victoria as well as the Mortgagee who has sold the other share as Mortgagee in Possession.
Is this transaction able to be done on PEXA?
If so, how?
on 19-07-2019 12:02 PM
This is a very strange scenario indeed.
In short this dealing must be completed in paper.
Today, neither LUV nor PEXA support scenarios where a Transfer by Mortgagee is enforced over some of the proprietors.
on 19-07-2019 02:39 PM
Cathy made the inquiry on my behalf.
So that you have the full picture -
1. The Title has 4000 equal parts or shares.
2. A owns 3194 of such shares unencumbered.
3. B owns 403 of such shares and are subject to two Mortgages, the Mortgagee under both Mortgages is A.
4. C owns 403 of such shares and are subject to two Mortgages, the Mortgagee under both Mortgages is A.
5. A has sold the whole of the interest in the Title as to 3194 shares in his own right and as to the remaining 806 shares as the Second Mortgagee thereof.
6. The First Mortgage will be discharged at Settlement by A.
Does the foregoing alter your advice?
on 19-07-2019 03:33 PM
Thank you for the detail - however, I am afraid this dealing must still revert to paper.