Refinance 1st mortgagee from a NSW Title with 2nd remaining on title
I believe I will be asking for exemption as Bank 2 below is not on PEXA yet but hoping for an answer either way as dealing with Commercial matters it will come up again.
If we have a NSW title with 2 mortgagees and we’re refinancing 1 only, do both banks need to provide consent and be involved in the PEXA transaction and is this possible in current environment.
Bank 1 Mortgage (Being refinanced)
Bank 2 Mortgage (Staying on title)
We plan to refinance Bank 1 who is in ownership of CT \ ECT Control, after successful refinance the CT \ ECT Control should pass to Bank 2.
How would we facilitate the exchange using PEXA and can it be done in 1 transaction. Essentially after the discharge of Bank 1 is registered, CT \ ECT Control should pass to Bank 2. We would then need consent to allow our Bank’s mortgage to be registered but not sure this can happen in succession.
Alternatively I’m not sure if PEXA allows the consent from Bank 1 to register a discharge and register a new mortgage without involving Bank 2 However if that’s the case would it then just be a matter of reassigning ECT Controller to Bank 2 after settlement?