on 15-08-2017 11:08 AM
Three times now - loan is repaid and the Bank withdraws from Settlement - because it is their policy to lodge a stand alone discharge.
SA Land Registry take 2 days to register a PEXA document - and CBA, WESTPAC & St George have all chosen to lodge stand alone discharges when they know we have a workspace with a transfer.
I understand this is cheaper for the banks - but I think there should be a limit on the time frame that they can lodge a stand alone discharge - or be forced to join the transfer workspace.
Todays Settlement will be held up by a Westpac stand alone discharge lodged 2 days ago.
I am still waiting on CBA to lodge a stand-alone discharge for a Settlement in 2 days time (after they withdrew from workspace - "not their policy to join transfer settlements for repaid loans"
A time guideline should be in place to force banks to join transfer workspace if a discharge is required within 7 days (rather than them do stand alone)
Solved! Go to Solution.
on 15-08-2017 12:47 PM - last edited on 15-08-2017 02:11 PM by EmilyBilling
CBA have just advised the document has been lodged as stand alone discharge - it will take 2 working days to register in SA and (hopefully) be registered Friday if not Monday - our incoming bank will not settle until registered (our transfer scheduled for Friday).
Westpac did the same thing - lodged D/M on Monday - and I emailed SA LTO to get them to register urgently so we could settle