Priority Notices

[MCOLAW]

When creating a Priority Notice we note the Discharge of Mortgage and the Transfer and the Incoming Mortgage. But, do we actually need to include reference to the Incoming Mortgage? Won't that register after the Transfer is registered as the Priority Notice will have been removed after registration of the Transfer?

PEXA automatically puts the Incoming Mortgage in but we have had two instances where that has been a problem. Once where the client changed banks and once where the client decided to use cash. The Priority Notice can't be amended but would need to be withdrawn and recreated which costs fees. If we hadn't mentioned the Incoming Mortgage everything would have continued as normal without concerns re changes to the new mortgage etc.

[LTL]

1. The PEXA Priority Notice options for dealings does not include a planning agreement under section 7.6 of the Environmental Planning and Assessment Act 1979 (NSW).  Does PEXA intend to include a Priority Notice option for planning agreements?

2. What happens in PEXA if a priority notice is lodged and then another dealing (not identified by the Priority Notice) is lodged before the dealing identified in the Priority Notice

[MCOLAW]

I don't understand this response. It doesn't relate to my question.

[MichelleFinn · Accepted solution]

Hello @MCOLAW, In relation to your query, you can clarify directly with NSW LRS - econveyancingnsw@nswlrs.com.au. I can however advise that previously they have instructed on the Priority Notice, you do not need to reference the incoming mortgage, as the mortgage will follow the transfer in registration. Often when lodging the Priority Notice the detail of the incoming mortgagee may not be known.

[MCOLAW]

Thank you