on 01-07-2020 04:24 PM
Just wondered if anyone could help with a query on lodging a NICO subdivision resulting from a boundary re-alignment.
We act for one proprietor, the proprietor of the adjoining property has their own representation.
Obviously we'll be using the s104 option but how do we juggle two separate mortgagees (two discharges and two new mortgages). In the paper world we would have just done a joint lodging and all documents (plan, Transfers x 2, Discharges x 2 and Mortgages x 2) would have been lodged together.
Whilst I can upload the two Transfers, application into a s104 PEXA workspace - how do I deal with the discharges/mortgages?
If anyone can offer any guidance, it would be greatly appreciated.
on 02-07-2020 02:18 PM
I have a similar scenario although I am only dealing with one registered proprietor and the OC.
In our case, our mortgagee will nominate the title for our transfer and once registered will attend to the discharge and registration of the new mortgage in their own work space. So it has become a two part process.
We haven't lodged our transfer yet but I think it will work.
Not sure this is any help.
on 16-09-2020 03:08 PM
Did someone respond to you on this issue? I do know that with a NICO transfer, once the Section 32 Plan is registered, the Mortgage automatically drops off. So in essence, it will be a standard transfer and a new mortgage.