To mitigate issues with a Land Registry being unavailable PEXA has introduced functionality to perform a Secondary Lodgement Verification on each Document in the Lodgement Case. Once PEXA determines that communications can not be established with the Land Registry, this feature allows a Lodgement Case to progress to ‘Ready’ where:
All Documents in the Lodgement Case have been signed, and
The latest Lodgement Verification Result is successful for each Document in the Lodgement Case, and
No Document data has changed since that last Lodgement Verification was performed, and
The current date is the settlement date for the workspace.
Note: This feature only applies to workspaces with financial settlement
This feature is available in SA, WA, QLD, NSW, & VIC.
Important - for this solution to work:
Documents will need to be prepared and have a Lodgement Verification performed prior to day of settlement
No changes can be made to any documents following a successful secondary lodgement verification
Financial Settlement Schedule must be completed (this does not affect the secondary lodgement verification)
What happens next?
If the Land Registry’s systems are still unavailable at the time of Lodgement, PEXA will invoke Lodgement Override and proceed with settlement. Lodgement will continually be re-attempted until such time that the Land Registry’s systems are available.
Where the Secondary Lodgement Verification has been successful, the Document Status will be updated to show that settlement is proceeding based on ‘Secondary Lodgement Verification’.
When the Financial Settlement Schedule also reaches ‘Ready’ status, then the Workspace’s status will be ‘Ready/Ready’ and settlement will initiate once the Workspace reaches its scheduled Settlement Date and Time. If the Land Registry’s systems are still unavailable at the time of Lodgement, PEXA will invoke Lodgement Override and proceed with settlement. Lodgement will continually be re-attempted until such time that the Land Registry’s systems are available once again.
Where the Secondary Lodgement Verification has been successful, a banner is displayed to indicate that a Secondary Lodgement Verification has been performed:
When a document is expanded, an informational message is also provided to indicate that a Secondary Lodgement Verification has been performed:
When could Land Registry unavailability affect my ability to settle?
PEXA cannot solve this issue for cases where the documents are not prepared before the day of settlement, as they would not have had successful Lodgement Verification. In order to give yourself the best chance to settle on the due date, even where the Land Registry is unavailable, your Lodgement Case must be prepared before the day of settlement and have had a successful Lodgement Verification.
Other items to note:
Where a successful Lodgement Verification Result is returned from the Land Registry after the Secondary Lodgement Verification has been performed, PEXA will update the Documents in the Lodgement Case accordingly with the result from the Land Registry.
To ensure all Lodgement Cases have the latest successful Lodgement Verification Result captured, PEXA will run a Lodgement Verification the evening prior to the workspace’s scheduled settlement date where document data has changed. Lodgement Verification will only be performed on Lodgement Cases in ‘Prepared’ status only.
For VIC Workspaces only:
In addition to the points above, the following conditions will also need to be met in order for your Lodgement Case to progress toReady:
A Nomination is not required for the Workspace.
The CT Controller is signing a document in the workspace, therefore a Nomination is not required, and
No title(s) in the Workspace have been:
Nominated to Paper, or
Nominated to another active Workspace.
PEXA will continue to improve this feature for Victorian Workspaces to allow more Workspaces to progress toReadyin future releases.