Our firm is acting for a mortgagee and assisting them with registration of a mortgage.
Last year, I sent the mortgage form (signed by the mortgagors) with the certificate of title to our agents, GlobalX to register. There were no issues and after a few weeks, the mortgage was registered, along with a new certificate of title.
I tried to do the same last week, however I was advised by GlobalX that mortgages are now required to be registered electronically with PEXA.
I've completed the tutorial on PEXA but it was dated in 2016 so the form is a little bit different. As such, I was wondering if someone could confirm the process of registering mortgages in 2018. My understanding is the following:
1. The old mortgage form (that is signed by the mortgagors) is no longer being used.
2. The new National Mortgage Form (NMF) is now being used.
3. If the mortgagee is being represented by a lawyer, their lawyer can sign the NMF (assuming they have VOI's the mortgagee).
4. The mortgagor does not need to sign the NMF.
5. The NMF is then duplicated on PEXA.
6. A Nomination needs to be completed.
7. After the NMF and Nomination are signed and lodged, the mortgagee's lawyers keep the physical copy of the NMF on record and destroys the old certificate of title once the new one is issued.
8. PEXA's filing fee is $41.47. Land Victoria's filing fee is $106.40.
Thank you for your time, I would appreciate any help.
I'd suggest checking this scenario with Land Use Victoria as I suspect that if the mortgagor wet signed the old form and the lawyer uses the NMF, it's possible that the electronic mortgage (NMF) will not be on the same terms as the wet signed mortgage.
It's worthwhile checking out this Webinar on the NMF too as it will provide more info and is more up-to-date than the tutorial.