About Jennifer-MPC

No I wasn't responding to your reply.  Thank you for your support!  It is just so frustrating how the banks are making everything so difficult and time consuming!!   I actually have it in writing on this workspace from ANZ that they purposely intend to only advise funds available figure on the day of settlement and they will not respond to any request to do it earlier KNOWING that my client needs to transfer funds of her own to complete settlement and they know settlement will be delayed and my client will incur penalties.  I have this in writing from ANZ...I actually cannot believe that they are intentionally causing penalties for my client and that I have it in writing from them that is what they are doing! ... View more

I dont think you are understanding the situation.  I am not talking about refinances where the client is simply changing banks.   Your quite right there, they are relatively simple and also It has nothing to do with us if the client doesn't engage us.  And that is completely fine.  Those types of transactions are not the issue and those types of refinances are not the ones Im talking about because i don't do those refinances.   IN the last 4 weeks Ive had three refinances were the client is refinancing to fund their purchase.  They are the only types of refinances I do.  They are the only types of refinances I am concerned about. And they are the only types of refinances where banks refuse a clients legal and constitutional right to have legal representation.  These are the only types of refinances where banks do not take their instructions from the client, do not look at the DA, do not care that we are listed as the authorised representative, and refuse to invite us to the workspace.   These are transactions Im concerned about.     Most of my purchase files are attached to refinances and I am meant to be involved in both.  The client has authorised us on the DA as her representation.  We even mention on the DA that there is a refinance.  WE ARE MEANT TO BE A PART OF BOTH THE REFINANCE AND PURCHASE SETTLEMENT.  We need to coordinate it, we need to advise our client well in advance of funds they need to contribute to the purchase, we need to fully account to our client of all settlement monies, loan advances and payout figures prior to settlement taking place.      I dont know what type of transaction you are talking about it because it has no similarity to my current one.  As you advised you need to be part of both transactions and your not.  The bank hasn't been given authority by the client to distribute the loan advance to pay for her purchase settlement.  You are not authorised to manage any link to any other workspace.     But in any event, we need to invited to all refinances that are attached to a purchase regardless of who links what, as how on earth can we advised our client of funds they need to contribute for settlement?  How do we account to our client prior to settlement with a break down of settlement proceeds?  How do we obtain their authority as to the distribution of funds within the workspace?  Its a legal requirement and our PI Insurance wont cover any error in the distribution of funds if we fail to obtain our client's authority in relation to figures.  There are so many complications, legalities and issues that arise from this view you are taking.  Its extremely high risk and forces us into a position where we are unable to comply with our obligations as a conveyancer under the Act.   As previously advised, you always receive the appropriate documentation and authorisation from us.  That is not the issue and when i call the banks to request an invite to the workspace, they all agree and say, yes yes we can see you on the DA but we still can't invite you to the workspace.   The issue is not with us and its not with us incorrectly filling out the DA.   ... View more

I am well aware of what a refinance is.   If you flashback to pre 1 October 2018, the Legal Practitioner/Conveyancer was ALWAYS involved.   We were required to complete the Transfers, the SRO duties forms, acquisition notices and attend settlement.  A refinance could not occur and the bank would not verify a file until the legal practitioner/conveyancer had provided all the necessary documents to the banks.    I am not too sure where you got your information that the majority of refinances occur without a client's representation, but it is incorrect.  I do know that some refinances occur inhouse between the banks and thats usually when the client initiate the refinance themselves and that type of transaction isn't the same as mine.   In my case, both banks were instructed that I was acting on behalf of the client and that a workspace was required to be linked as the funds being advanced are to be used for a purchase which will be a clear title.   A majority of refinances come about so that the client can use one property as equity to purchase another and with the roll out of PEXA and the mandatory requirement for settlements to occur through PEXA, the only way these types of transactions can occur is if the banks look at not only the discharge authority and their client's instructions but also to their own requirements and conditions of the loan that all properties must settle simultaneously.  The banks are refusing to let us comply with the conditions the banks set themselves.   Furthermore, if a client wants legal representation, they are entitled to legal representation.  Its a constitutional right. Its not up to PEXA or the mortgagee to decide whats best for the client and whether they are or are not allowed to have legal representation.   Also, Im not sure what DA your talking about but if we are noted on the DA as the agent representing the client, the client is authorizing the bank to deal with us and we need to be involved and the banks need to communication with us on behalf of the client instead of communicating between the banks and leaving both the client and their representation out without any involvement.   I didn't just simply send the DA from my email and expect to be included in the transaction.  Thats almost insulting that you would suggest that I am that ignorant.   WE ARE NOTED ON THE DA AS THE AGENT FOR THE CLIENT.     My last three refinances all ran into the same issue with the banks and we were, have and always will be noted and authorised by the client on the DA as acting on behalf of the client when we send through a Discharge Authority.  That just goes without saying. ... View more