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24-06-2018
01:09 PM
2 Likes
This morning I had a settlement with the Commonwealth Bank. I acted for the Purchaser and they were Incoming Mortgagee. I told them last week and entered in the Settlement Summary the amount required for settlement. However, on two occasions, instead of following my instructions (I am their client's representative) they just entered funds to equal the vendor's destinations. The Vendor had made a mistake with their destinations and fixed it in time. However, by this stage it was too late for the CBA to update their source funds in time. If the CBA had followed my instructions (as they would in the paper world) this would not have happened. In light of recent incidents, CBA you shoudl not be just uploading funds to make the Financial Statement balance, you should be following client instructions.
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16-06-2018
03:28 PM
I feel the banks feel that it is ok to let them rollover, as long as they settle before five. This is not how Conveyancers operate. Banks are taking advantage of this option to just let them rollover. They have said on the phone many times, it's ok it will just rollover.
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16-06-2018
02:19 PM
Has anyone tried using the PEXA Key on a Surface-Pro outside the office.
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11-06-2018
11:31 AM
3 Likes
Did you explain to the clients that it was the Bank that caused these delays/errors? The Banks need to be held accountable for their actions.
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07-06-2018
11:41 AM
And twenty minutes before our midday settlement we have had no response to our conversations, any mention of any expected delay, no source funds uploaded and no mortgage documents signed by NAB.
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07-06-2018
11:08 AM
1 like
What will be done about it? I can send you details of a workspace where this is happening, but it's happening on every workspace, so feel free to log in and look at them all. We don't have the time or capacity for this.
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07-06-2018
11:04 AM
1 like
Unfortunately though their Guidelines have suggested they won't be meeting the Transfer Guidelines. I have a settlement in one hour and still no source funds by the NAB. Last week I had one with NAB and they literally signed one minute before. My whole morning gone just waiting.
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07-06-2018
10:58 AM
We are doing everything we can to follow this list but repeatedly we have NAB signing off at literally the very last minute. This means we have to constantly keep checking the file to make sure it's all ok for the whole morning before settlement.
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07-06-2018
10:20 AM
Thanks Joelle. Great advice.
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07-06-2018
10:18 AM
1 like
We recently had one like this and ended up having to settle on Paper. PEXA advised they couldn't do it.
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07-06-2018
09:15 PM
Is it possible for Westpac to provide this in a printable format. Perhaps Westpac should consider including it in their auto reply when emailing discharges.
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07-06-2018
09:01 PM
1 like
MattKerr it is the preference of the Conveyancer to have the NAB handle the surplus where the NAB have been instructed by the client to do so. It is not for a Conveyancer to take over this responsibility for NAB where the NAB have been instructed. This increases the risk of error. We are not able to verify the account details like you can.
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07-06-2018
08:52 PM
1 like
The problem is that the Banks do not seem to be consistent.
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07-06-2018
08:51 PM
What about where we use a lodging agent like Lodgex or Globalx
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07-06-2018
08:49 PM
I agree with all of the above. The Banks are causing us Conveyancers an enormous amount of stress. Having to continually check a PEXA settlement in the last hour prior to settlement (or make that five) to see if the Bank have signed, uploaded source funds, uploaded surplus funds account etc etc. is just a waste of time. I had one last week that was four days late (four days of stress literally chasing the bank and trying to find out what was going on) where the NAB literally signed one minute prior to the settlement time. This is completely unacceptable. I did not know if it was going to settle or not until the very last second. Something has to be done!
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05-06-2018
09:34 AM
We have been advised in Victoria that under our LIcence as Conveyancers we are not permitted to lodge Caveats for a Family Law firm.
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15-05-2018
11:58 AM
5 Likes
Thanks. I feel this timeframes are very tight. We can't sit watching the screen for two hours prior to a settlement waiting for you to upload figures. We can't these be uploaded sooner ie. in accordance with the PEXA Transfer Guidelines.
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15-05-2018
11:56 AM
9 Likes
Thanks. Can we have a post on tips to the banks from Conveyancers? @EmilyBilling wrote: Please see the following tips from banks on completing transfers: NAB Westpac St George ANZ Suncorp / FMS CBA
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15-05-2018
11:54 AM
6 Likes
Good Morning Time and time again I am sitting at my desk hours before a settlement waiting on a bank to upload funds or enter their payout figure on the day of settlement. It is not possible for conveyancers to work efficiently when they can't take their eyes off the screen or leave their desk on the day of settlement. Why is it the banks are leaving this until the last minute. It causes time wastage. They aren't the only parties to the transaction. It has to be teamwork.
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06-05-2018
12:37 PM
1 like
I have just downloaded the Statement of Adjustment but it doesn't include the Loan Payout in the Vendor Destination Line Items. This is showing in the workspace but not on the download. Can you please advise why this is? Thanks
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06-05-2018
12:35 PM
Thanks.
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05-05-2018
09:31 PM
Why does it say that the Discharges and Mortgages only relate to ADIs that have a conveyancer or lawyer representing them. If a bank does not have a conveyancer or lawyer representing them, does this mean they can still lodge a stand alone mortgage and/or discharge by paper?
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26-10-2017
11:46 AM
1 like
Thanks Ames for your detailed response. Much appreciated.
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16-10-2017
10:31 AM
Except when Land Victoria decides to go down for the day.
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12-10-2017
12:38 PM
We are acting for a Vendor where the Bank's Solicitor is treating the PEXA Fee has a Government Fee and taking no responsibility for it. They are still charging their Settlement Legal Fee in full and passing the $41.00 fee onto the Vendor. This means our client is paying $150 plus to settle on PEXA. I've reduced my fees to compensate but I can't do this every time. The way forward.... How do we sell this to our client when it's costing $85 more to settle on PEXA. Where's the benefit?
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04-10-2017
05:30 PM
I can't select 'I Represent This Party' for my client. I represent the Vendor. Julie
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09-08-2016
10:27 AM
If I am acting for a Purchaser in Victoria, do I need to ask the Vendor's Conveyancer to send the signed Goods Statement to me prior to settlement?
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