There may situations where you wish to discharge a mortgage, however your legal entity name does not match the legal entity name of the Mortgagee on Title. This change in name needs to be entered into PEXA in order to lodge any documentation at the Land Registry.
Note: as part of Release 8, if these details are set in Reserved Names (administrator level), below will occur automatically (Principal and Non Principal FIs only). If the names are not set as reserved names, you will need to complete below.
Create your Workspace/Accept your invitation as normal
Navigate to the Participants Screen
Under Unrepresented Parties, click Edit Party next to the relevant name
Confirm you represent/are that party
Select the correct name on title
Scroll down the Party screen to Previous Name On title
Check Yes to Add a previous name on title?
Select the Justification (as shown above).
A number of other entry fields will then display.
Depending on what you select, a number of other fields may display. For example, you may be required to enter supporting evidence.
You will be taken back to the Participant screen. Note you can no longer see the relevant Financial Institution as the unrepresented party.
Complete the rest of the transaction as normal.
Please note, this process will be the same for all discharging scenarios in PEXA