Registration of Lease

[CDGLaw]

Hi All

WE are in the process of lodging our first Lease on PEXA but there is a current Lease registered on title which has expired but had an option period.

The Lessor has completed the statutory declaration on page 2 of the Lease to remove the old Lease.

How does this translate to the PEXA document preparation? 

Or because of this statutory declaration does this particular transaction need to be dealt with manually? 

[GeorgePolus]

Hi Megan

Apologies up front if I have misunderstood.  

At present, NSW LRS does not pass Lease Interests to PEXA as part of Registry Information.   This gap will be rectified as part of R10.1 (Aug 2018) when NSW LRS update their platform to pass this data to PEXA.

Consequently,  even though PEXA currently has the capability to Discharge a Lease, PEXA is not being provided the Lease in order to be able to Discharge it.

As I understand the scenario, you need to Discharge the old lease and register a new lease. 

In short, today in PEXA you will be able to register the new lease.   But you will have to revert to paper to Discharge the old Lease. 

Please let me @GeorgePolus  know if I have misunderstood.

Regards,

George