Community home
Menu
  • PEXA Certified Expand

    PEXA Certified

    This program will give you an introduction to PEXA, how it works and how it can help you transform your business processes.

    Discover More
    • Getting Business Ready
    • System Set Up
    • Transacting in PEXA
  • Help Centre Expand

    Help Centre

    Here you’ll find more than 230 help articles and videos to assist you.

    Discover More
    • Help Articles
    • Help Videos/PEXA TV
    • PEXA Interactive Demos
    • FAQs
    • Ask a Question
    • PEXA Certified
  • Ask a Question
  • Share your Experience
  • Raise an Idea
  • Blogs Expand

    Read the latest in our blogs.

    Keep up to date with the latest PEXA product releases, and read up on the property blog.

    Discover more
    • Community Blog
    • The Property Blog
    • Security Updates
    • PEXA Product Releases
    • Announcements | Outages etc
    • The Bank Blog
    • Workspaces
      Community
      Register
      Log in
    Apps menu
  • Register / Login

Community Home
Register / Login

Purchase Settlement - Lender Additional Security

cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 
  • Community
  • :
  • Join the Discussion
  • :
  • Ask a question
  • :
  • Purchase Settlement - Lender Additional Security

Purchase Settlement - Lender Additional Security

Reply
Topic Options
  • Subscribe to RSS Feed
  • Mark Topic as New
  • Mark Topic as Read
  • Float this Topic for Current User
  • Bookmark
  • Subscribe
  • Printer Friendly Page
  • All forum topics
  • Previous Topic
  • Next Topic
PeggyAve
PeggyAve
Occasional Contributor
  • Mark as New
  • Bookmark
  • Subscribe
  • Subscribe to RSS Feed
  • Highlight
  • Print
  • Email to a Friend
  • Report Inappropriate Content

on ‎30-08-2018 02:53 PM

on ‎30-08-2018 02:53 PM

Purchase Settlement - Lender Additional Security

I have a matter where we are acting for a purchaser in Victoria.  We have an incoming lender (NSW) which is taking an additional title (outside the property being purchased in the workspace) as security.  How do I go about this in the PEXA workspace?

Category:
  • Banks and Financial Institutions
  • VIC
2 Likes
Reply
  • All forum topics
  • Previous Topic
  • Next Topic
2 REPLIES 2
sharond1
sharond1
Occasional Contributor
  • Mark as New
  • Bookmark
  • Subscribe
  • Subscribe to RSS Feed
  • Highlight
  • Print
  • Email to a Friend
  • Report Inappropriate Content

on ‎20-03-2019 11:37 AM

on ‎20-03-2019 11:37 AM

Re: Purchase Settlement - Lender Additional Security

I have a similar matter. Purchase of one property and additional property as security for loan. I seem to have an additional workspace for this security (as title is in different name). Waiting to see if this works. Could we please have an answer from PEXA?

0 Likes
Reply
TheDoctor
TheDoctor Community Superuser
Community Superuser
  • Mark as New
  • Bookmark
  • Subscribe
  • Subscribe to RSS Feed
  • Highlight
  • Print
  • Email to a Friend
  • Report Inappropriate Content

on ‎10-04-2019 12:03 PM

on ‎10-04-2019 12:03 PM

Re: Purchase Settlement - Lender Additional Security

Hi @PeggyAve 

Assuming that the additional security is also in Victoria, the only way the two properties can be in the one workspace is if the lender has one single mortgage over both properties, not separate mortgages for each property.

This does not overcome the privacy issue though.

The additional security is not part of the purchase, from the vendor perspective. So the vendor and vendor lender should not be privy to the additional security property.

Therefore, they should not be on the same workspace.

 

Now, how do you manage this in the separate workspace for the additional security.

In VIC & NSW the controller of the CT must be in the workspace to create the Nomination (VIC) or Consent (NSW).

Either yourself (CT Controller - Vic / Consentor - NSW) or the lender can create the workspace and invite the other.

Unfortunately you cannot link the two workspaces as the purchase will be a financial workspace and the additional will be a non-financial workspace (no settlement)

The Lender will need to manually coordinate the settlement with their additional lodgement.

 

If the additional security is in any other PEXA State, the Lender creates the workspace, as the sole party, and coordinates it with the purchase.

 

hope this helps

Thanks
Brett

Any opinions are that of TheDoctor and not necessarily that of Westpac.
0 Likes
Reply
PEXA

|

Facebook Twitter LinkedIn
  • Support
  • Privacy Policy
  • Terms of Service