The industry is asking “how can we get more subscribers on the electronic network generating a greater throughput of transactions?”
The Australian Registrars’ National Electronic Conveyancing Council (ARNECC) has responded with strategic priorities that support acceleration of the uptake of e-Conveyancing.
Land Victoria was the first Land Registry to launch a digital transformation strategy for property transactions, beginning with the recent reforms to mortgages and discharges of mortgage.
Land and Property Information (LPI) New South Wales is following Land Use Victoria and Landgate’s lead and bringing property transactions online.
From 1 March 2017, Authorised Deposit-taking Institutions (ADI) or their Representatives are required to lodge standalone discharges of mortgage and consumer mortgages in PEXA. If you need to lodge electronically in New South Wales contact our dedicated Support Centre for assistance.
The LPI changes are available here.
Land Use Victoria and Land & Property Information have all announced changes to the way refinances are to be lodged from 1 August 2017:
Land Use Victoria
From 1 August 2017, refinance transactions, where the transacting parties to discharges of mortgage and mortgages are authorised deposit-taking institutions (ADIs) under the Banking Act 1959 (Cth), are to be lodged electronically (both retail and commercial mortgages).
These changes are contained in Land Use Victoria Customer Information Bulletin 162 available at: http://www.dtpli.vic.gov.au/property-and-land-titl
Land & Property Information
Where both mortgagee(s) in a refinance transaction are ADIs, any combination of mortgages and discharges of mortgage signed on or after 1 August 2017 must be lodged electronically, except where the mortgages and discharges of mortgage are to be lodged with any other dealing, affecting the same folio(s) of the Register.
These changes are contained in LPI Conveyancing rules (Section 12E Real Property Act 1900) available at: http://www.nswlrs.com.au/__data/assets/pdf_file/0016/215116/Conveyancing_Rules_October_2016.pdf
On 30 September 2015, Land Victoria announced changes to the way in which discharges of mortgage and mortgages are lodged:
From 1 August 2016, Authorised Deposit-taking Institutions must electronically lodge:
The changes are contained in the Registrar’s requirements for paper conveyancing available at www.delwp.vic.gov.au/publications.
From 1 August 2016, Australian Deposit-taking Institutions or their representatives must electronically lodge:
There are a number of objectives, including: