on 04-05-2018 01:46 PM
Is it possible to settle a matter in PEXA (VIC) where there will be two incoming mortgagees? The bank lending the bulk of the funds will be registered as 1st Mortgagee and the subsequent as 2nd Mortgagee.
on 07-05-2018 02:36 PM
I back up @LG's answer.
The two Incoming Mortgagees would have their own arrangement (outside of PEXA) as to who ranks first and the amount of prior mortgagee priority.
The Mortgagee who is going to rank first is responsible for ensuring the order of documents, in the Lodgement Instructions, is correct.
I think both mortgagees will need to sign the LI, but I am not certain on this. It may just be the 1st mortgagee as they will become the CT Controller after lodgement.
on 07-05-2018 03:14 PM
I would agree with TheDoctor only the 1st mortgagee would sign the LI as they are the responsible party as they would be in the paper world.