3 weeks ago
I have a sale settlement due in July. Our client has one title which encompasses 5 lots however under the COS only 3 of the lots have been sold. The title is also subject to a mortgage. How do I deal with this in PEXA. I contacted the Land Registry however the person I spoke to was not particularly clear and simply said open up workspace as normal but use the generic title. However this would then create a transfer of land etc of the which the details would not be correct. Do I open the workspace as per normal as acting for the proprietor or to deal with an interest but use the generic title particulars? Are the documents to be uploaded include a transfer of land showing only the lots being sold? The sale is naturally dutiable, can we claim the SRO as per normal in the PEXA workspace. Sorry but not sure which way to go.
3 weeks ago - last edited 3 weeks ago
Hi Cheryl, @Chezza
Good question, it appears as though your transaction is not eligible for electronic lodgement as you are only transferring part of the title. If so, you will have to settle your matter in paper, this would include exchange of funds, docs (transfer, mortgage etc) outside of PEXA. This also includes completing your stamp duty assessment and payment prior to lodgement.
Effectively you will go through a complete paper settlement process:
- Financially settle in paper
- CT Controller will nominate the eCT to a paper instrument
- Stamp the paper transfer and pay any duty required
- The lodging party (likely the incoming mortgagee here) will collect all the docs and instead of handing them over at the Land Registry counter, they will put all paper instruments into a PDF with a Request to Accept Paper Lodgement form, and Lodgement Summary Form (and any other required docs), then attach the PDF to the s104 Generic Residual Document and lodge via PEXA.
Hope that helps