22-02-2018 09:13 AM - edited 22-02-2018 12:02 PM
THIS MATTER IS NOW RESOLVED
I have a client who has attended with a paper title and paper discharge of mortgage (dated 18/2/2011) from NAB.
As expected, a title search confirms the NAB title was converted to ECT under the bulk conversion regime, and NAB retains control.
The client no longer has any relationship with NAB.
Is there a process for these circumstances on the PEXA Platform, to have NAB discharge the mortgage and issue paper title back to our control?
I am sure that there are more circumstances like this out there, where proprietors have just not lodged the discharge
on 22-02-2018 02:51 PM
In the absence of any response from the Community, I spoke with Land Use Victoria.
As we held the paper title and paper discharge, Land Use Victoria will accept both documents as an over the counter lodgement, discharge the mortgage for a paper based registration fee, and issue an unencumbered paper title back to the lodging party. The paper discharge was prepared in 2011 and handed to our client so it is valid, just not in the registerable formal required for post 31 December 2017 documentation.
It seems that there will still be a lot of these type of dealings, yet to be located in deed storage, client safe custody etc. and Land Use Victoria will honor them.
There was no need for NAB to nominate in this circumstance, as they had clearly discharged the mortgage and had no ownership right for the EcT that was converted in the bulk conversions.
on 22-02-2018 02:57 PM
Interesting, thanks for sharing Cathy!
I'm glad Land Use were able to assist. You're right, there's bound to be a few more of these that pop up every now and again.