on 12-04-2018 07:10 AM
We have to register a mortgage in WA where the MCP's are not registered and will be bespoke.
Is there some kind of schedule or something we attach, for example in QLD you would use the NMF and attach a Form 20 Schedule containing the mortgage terms? Will this then be uploaded some how or will it fall outside of the PEXA jurisdiction? Or do you have to register the terms with Landgate?
Apologies - this is not my usual jurisdiction and every other WA mortgage we have had a registered MCP. Many thanks in advance.
on 17-04-2018 11:54 PM
In WA there is no ability to lodge additional documents with your national mortgage form. There is the ability for free text within the document, but this has a limit of 4,000 characters, which generally does not cover the more bespoke mortgages out there.
The options are to either 1) register a "mostly generic" MCP with Landgate and reference this in your mortgage, adding in the specifics for this deal in the free text box; or 2) reference the conditions in the loan agreement and refer to this instrument in the free text box in the mortgage form.
I cannot comment on the enforcability/legalities around the options however, so will leave it to you investigations. We are seeing most parties register the MCP at Landgate.
I hope that helps somewhat.