on 22-03-2019 10:22 AM
we are the solicitor acting for Incoming Proprietor for a NSW property. A workspace has been set up for the purchase matter. Now the incoming mortgagee just advised that there will be simultaneous settlement for both purchase and refinance, and added a second refinance property into the same workspace.
Please advise us whether the incoming mortgagee should create a separate workspace and link it to the existing workspace for the purchase, rather than add the refinance property into the same workspace.
on 28-03-2019 04:50 PM
As a panel lawyer for an FI I would always set up a separate linked workspace but that is just my preference as it keeps the 2 transactions separate and easier to communicate with the other participants (the borrower's conveyancers usually don't have anything to do with the refinance).
I would suggest to your incoming mortgagee that they split it.
on 29-03-2019 02:31 PM
I would have thought there would be privacy concerns if they were on the same workspace.
The mortgagee on title for the refinance probably has nothing to do with the purchase so shouldn't be a party to it.
I also would always have them in separate but linked workspaces as the Incoming Mortgagee.
on 29-03-2019 02:53 PM
thanks for the replies. We have asked the incoming mortgagee to separate the workspaces, but they insisted to have one workspace so that they can register one mortgage for both purchase and refinance properties. So now all the transactions have to be in one workspace...
on 29-03-2019 03:50 PM
Ahhh, I see their dilemma.
We always take one mortgage for each property so can always separate the workspaces.