Last updated: 05 September 2019 Additional Resources: Help Card
Linked Lodgements are used when there is no financial link between one given Settlement and any other, but Security requirements dictate a dependency.
This article describes How to do a Simultaneous Linked Lodgement.
Scenario Example: Simultaneous Execution - Two or more Settlements- Refinance
Two or more Workspaces each including Financial Settlement - Refinance.
No dependency of funds movement from one settlement to the other.
Initiation of each Settlement must occur at the same time.
A developer has purchased two blocks, each on a separate land title. Bank 1 is Mortgagee on both titles. Bank 1 has a separate Mortgage on each land title.
The developer has negotiated a more favourable finance arrangement with Bank 2. Bank 2 will place a separate Mortgage on each land title. Bank 2 has stipulated that both properties must be secured in order that the more favourable finance arrangement be set in place.
As no Document references both titles the dealings from a Land Registry perspective are ‘Unrelated’.
Two separate Workspaces are required.
Workspace 1 – Title 1, Discharge Bank 1, Mortgage Bank 2
Workspace 2 - Title 2, Discharge Bank 1, Mortgage Bank 2
In order to ensure that Settlement of neither Workspaces may commence without the other, Bank 2 has established a simultaneous link between Workspace 1 and Workspace 2.
Note: Currently, PEXA linked Lodgements (simultaneous) are limited to a chain length of 12 Workspaces.
Note: All workspaces must be the SAME Settlement Date and Time (i.e. Settlement Date and Time aligns). If 1 (or more) Workspaces are not at Ready/Ready status at the time of settlement, none of the Workspaces in the chain will commence settlement and/or lodgement.
You must be in the role of either Incoming Mortgagee or Mortgagee on Title.
To create your linked simultaneous lodgement, follow these steps:
Create your Workspaces. Note: All steps are the same as a normal refinance or transfer, i.e. create the Workspace, invite the relevant participants and create all documents. You can link the Workspaces at any point.
Open one of your Workspaces.
Navigate to the Financial Settlement Schedule screen.
On the Settlement Summary tab, select the Action Cog and then Create Linked Lodgement.
In the Linked Lodgement Type field, select Simultaneous.
On the Workspace you want to link, click Select.
If you wish to add further Workspaces for Linked Lodgement (up to 12), click on Add Linked Lodgement. And then click on Select for the Workspace you want to link.
The below example displays multiple Workspaces linked together for simultaneous lodgement. Note: To remove a Workspace, click on the Action cog of the Workspace you want to remove, and select Remove.
Settlement Date and Time Changes
In a simultaneous linked lodgement, if the dates do not align, a new task will be created to align settlement date and time. Settlement will not move to Ready status until this task is resolved. If any Workspace in the chain is not at Ready Ready status at the time of settlement, none of the Workspaces in the chain will commence settlement and/or lodgement.
In the unlikely event one of the Workspaces fails during the settlement execution process (for example, source funds are not available in one of the linked Workspaces), the system will delink that Workspace and proceed with settling the other Workspace(s).