We have done that with the Landgate Manual suggestion and also they have spoken to Landgate registrar as well. So your backing their theory that the registrar can deny their mortgage. Their Perth agent doesn't have a problem with paper refinances with a registrars caveat. This will go around in circles with no where to go till then end of time.
Happy days. .
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I hear of a broker having problems with a Financier (wont name them but not a bank lender) in that they will not accept and proceed with their new mortgage because they do not feel comfortable to proceed with a refinance as Landgate may not allow their mortgage to be registered. They want Landgate to provide some sort of confirmation it will be removed. They want an explanation of why a declaration of trust was lodged and who it protects. . A copy of the declaration and all relevant information has has been provided.
QUOTE: FROM LENDER:
Our legal department also noted such caveats are protective and the Registrar is not required to lift the caveat. The Registrar will only do if the interests of the parties protected by the caveat are protected (as you can see in the examples given in the page you linked for us). LANGATE MANUAL PROVIDED TO THEM
According to the PEXA Community (see this Article) the WA Registrar is unlikely to join the workspace and our mortgage dealing will be sent to an examination queue with no guarantee that the transaction will proceed.
One risk here is that the Registrar might look into the cash out question and while as a lender we are satisfied, the Registrar may apply a higher standard in the interests of the parties that the Registrar's caveat protects.
It would obviously be preferable for the Registrar to reach their decision before we fund but we need to understand the caveat before attempting to engage the Registrar.
*end of Quote.
????My question is how can this lender be convinced this is all normal and it is highly unlikely that the registrar will refuse their mortgage to be lodged.????
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