My firm does a lot of family law property settlement and at the tail end of that is the refinance of the property (at times to our client) as per Court Orders. I have been doing these refinances on PEXA.
I found out today that a "Transfer without monetary consideration" (which is the transfer I use for the above matter) can no longer be done via PEXA ... is this for all these Transfers?
Invariably with the family law matters there is a sum of money that will need to be paid to the other party - so does this mean that there will be a PEXA workspace for that section of the refinance but the Transfer will have to be paper and done separately??
A Transfer (01TWC) "without monetary consideration" is currently out of scope - only a the standard Transfer (01T) is in scope. However there has been a workaround developed to cater to this type of scenario.
PEXA is not encouraging the workaround as it creates additional work for Land Registry and Office State Revenue. This also masks the volume of transfers without monetary consideration being processed through the system and delays the urgency of getting this type of transfer in production.
There are 2 options - either process the transfer in paper & then process the refi electronically or do both in electronically.