on 26-09-2018 02:10 PM
Hi, when you have a sale by Mortgagee in Possession, because this has to be opened for Mortgage on Title with Transfer there are not the same functionalities in the Workspace that you have with a standard sale by Proprietor on Title. In particular the options for payees in destinations, associated subscriber role and the ability to add the adjustments into the settlement screen. Is there any way to add these in?
on 19-10-2018 10:22 AM
I am attending a purchase of a mortgagee in possession title. The mortgagees solicitor is insisting that they have conducted several such transactions in PEXA and that the purchaser has commenced the workspace. However, as the purchasers conveyancer I am not a privy to the loan account details and have also contacted PEXA to find out if PEXA is conducting mortgagee in possession type transactions. PEXA has advised that PEXA is not yet set up to conduct these types of settlement in NSW.
Can PEXA please advise if "mortgagee in possession" transactions have now been commenced in NSW.
If they have commenced is it correct that the purchaser can commence the workspace without the loan numbers.
on 23-10-2018 08:50 AM
NSW LRS is not yet enabled to receive a 'Transfer by Mortgagee in Possession' from PEXA.
As for the sequence for workspace creation, it is only protocols which suggest the Vendors Rep create the workspace. PEXA itself is indifferent to which Participant creates the workspace.
As the Purchasers rep, you will be responsible only for entry of any Purchasers equity (if indeed your firm will be in possession of such in your firms trust account) plus disbursements to your firms account for professional fees. Your firm will also be required to digitally sign disbursement line items for water rates and council rates as the 'associated subscriber'.
Please let me @GeorgePolus know if you have more questions.
on 23-10-2018 09:08 AM
You are correct. We have a known issue at present in the Financial Settlement schedule for handling of disbursements requiring associated subscribers for Transfer by Mortgagee dealings.
This issue will be rectified early in 2019.
For now, the only work around is as follows.
There is no requirement to act in this role, only that the role exists in the workspace.
Once the role is created, the Financial Settlement Schedule will enable Third Party Disbursements and selection of the associated subscriber.
Please do let me know how you get on.
Please contact me @GeorgePolus at any time.