on 23-08-2019 03:38 PM
I need help!!
We have a settlement at 12:00 pm today and until now we are still waiting for the bank to sign off because of the issue on the name of the purchasers.
Name has 111 as middle name. PEXA shows it is an invalid name so we made it III which is actually the correct one, and all documents were accepted by LRS.
However bank won't sign off in spite of sending Stat Dec of one and the same person and copies of names with III not 111.
Client is still hoping that it will settle because he has already notified his landlord and have arranged for a removalist.
Who else can help. Bank asks us to ring PEXA Support and the team agrees that problem has been resolved with regards to the name by putting III instead of 111.
Bank suggested client to legally change his name first before they can re-do mortgage documents. This will take days and client will be paying penalty interest.
26-08-2019 02:48 PM - edited 26-08-2019 02:49 PM
"Name has 111 as middle name. "
If your client actually has "111" (in numerals) as their name, I actually can't see what the bank can do. PEXA has to either accept "111" as the name, or the client has to change their name. The problem is with PEXA or with the client.
If I were acting for the bank, I wouldn't accept documents where the client's legal name doesn't match the name on the title either. PEXA has no authority to just say:
"and the team agrees that problem has been resolved with regards to the name by putting III instead of 111."
on 26-08-2019 03:08 PM
Just to give you an update, this will have to settle on paper instead as the middle name "111" could not settle in PEXA.
I still believe that problems may arise on registration but since the bank insists on using this name in all the document, we need to adhere for the sake of our clients.