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As part of Release 8 (21 May), you can now justify a mortgagors name using the national mortgage.
This is commonly used in refinances where the party on title (i.e. the mortgagor) has changed their name (for example, a party has married).
In mortgages where the Mortgagor's name differs from the name recorded on Title, you can now use a National Mortgage to justify the discrepancy (NSW & SA).
To update their name:
Justification Details are presented in the National Mortgage.
Note: A Notice of Sale is required to be completed by the Incoming Mortgagee and will need to be lodged in support with the National Mortgage. It will automatically be created.
It will display as In Preparation. Next to the Notice of Sale, click on the Action Cog > Edit and complete the document.
Once completed, it will display as below.
Complete the rest of your transaction as normal.
I just watched the Release 8.0 webinar.
That only mentioned Change of Name for Mortgagees, not Proprietors.
It showed that Standalone NSW Change of Names for proprietors will be introduced in Release R9.0.
Have I misunderstood?
This change is about the change of name for Mortgagors, not mortgagees. You can view the release notes for release 8 here. It is not referring to lodging a NSW Change of Name for Release 8. Evidence details still need to be listed.
We are hosting a Release 8 Webcast and Ask Me Anything event on Monday 21 May which may be a useful session to dial into. You can register here
I hope this helps!
It's been a while since we've spoken . The NSW Land Registry haven't mentioned if the National Mortgage Form will be updated to include the Change of Name (like Victorian mortgages). Do you know if they intend to update the Mortgage format?
Edit: I've since emailed back and forth with Cliff Wally at NSW Land Registry and I'm still unclear if they are going to update the mortgage form. I guess we keep collecting a signed Change of Name form and related evidence, until the forms change. But it is great that we can process the change of name through PEXA. A point to note is an additional lodgement fee applies for the change of name component (unlike Victoria).
Thanks @BGoodwin and thank you for the updates on your communication with NSW Land Registry. If I hear anything else I will post it here as well.