A Discharge of Mortgage is a type of dealing, usually lodged by a bank or financial institution, after a Mortgage has been repaid. On registration with the Land Registry, reference to the Mortgage is removed from the title.
Only Subscriber users representing the Mortgagee on Title can create a Discharge document in PEXA. In Victoria, a single Discharge document is used to discharge a single Mortgage.
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Mortgage Number When the Mortgage reference number is entered into the Discharge document in PEXA, the details held with the Land Registry automatically display in the Current Name and Name of Party on Register fields.
Lodgement Instructions Where a lodgement case already exists in the Workspace, the Discharge document is added to the lodgement case when saved. If lodgement doesn’t already exist, the lodgement case and lodgement instructions are created and the Discharge Document is allocated to the lodgement case in the Workspace.
Financial Settlement When financial settlement is required for a refinance scenario, the settlement details are entered into the Workspace, via the Financial Settlement Schedule menu in PEXA. Please refer to the instructions for Maintain Financial Settlement Schedule for more details.
Update Discharge Documents Discharge documents can be edited in the Documents screen, in the following circumstances:
The Discharge document is saved in the Workspace.
The Subscriber user has the appropriate credentials to edit the document.
The Lodgement Case is not locked.
Note: If the Discharge document is signed, editing the discharge document un-signs the document and the Discharge document status reverts to In Preparation.
Create Discharge Document
Create a New Workspace or locate an existing Workspace to add the Discharge Document to.
Confirm your party details in the Participants screen
Select Documents from the Left Navigation in the Workspace Summary screen.
Click Create Document and then select Discharge Document.
Select Discharge from the list. Note: Only the Mortgagee on Title role can create the Discharge document.
The Mortgage reference number displays in the field. Note: The Mortgage Reference Number is associated with the Land Title and is sourced from the Land Registry Information supply (RIS).
Check the following information in the Discharge screen:
The details in Current Name and the Name of the Party on Register fields match.
Titles and property address details
If the information in the Current Name and the Name of the Party on Register fields does not match, provide a reason for the difference using a justification via the Participants > Party screen. For example: Green Bank is the Mortgagee on Title, but the Party on Register is Yellow Bank. The two banks merged 6 months ago into one entity, Green Bank.
Result: The Discharge Document displays and has a status of Prepared.
PEXA automatically creates the Lodgement Instructions document ready for the lodgement case (where lodgement doesn’t already exist). The Lodgement status displays as In Preparation.