Browse Forums Home Finance 1 Mar 30, 2017 7:50 pm Hello folks - hoping you can help with some title registration questions. We're about to do a knock-down and rebuild of a property that my husband had owned for several years. We had an existing mortgage with a bank, and refinanced to a construction loan. At the same time we wanted to get my name added to the title. We engaged a conveyancer to prepare the paperwork for this, which he provided to the bank prior to settlement of the mortgage. He's just confirmed to us that the bank have completed the registration (it's taken them 7 weeks). On the title search that he's provided me, the "old" mortgage is listed as well as the "new" mortgage. Is that normal? I would have thought that only the new mortgage would appear - we were charged by the bank for a "discharge of mortgage". The bank has also charged us $2199 for "registration of title". Does that sound right? We were expecting it to be less, given that we weren't registering a new owner (only adding me to the title). and the same bank had held the previous mortgage. The bank have stuffed up at literally every step, so I'm triple checking everything! Re: Mortgage / Title questions 2Mar 31, 2017 9:51 am Hmm this is very curious! OK so the timing, quite normal. I've known banks to take up to 6 months to register the title change. Regards both mortgages - definitely not normal, the first should have been discharged, but let me ask for some more clarity, did you change lender? If so, new lender has a problem and they need to fix it to protect themselves as much as you. If its the same lender it sort of almost doesnt matter....check this with the conveyancer, what has been their take on it? Regards the fee for registration of title, what state are you in? This sounds more to me like transfer stamp duty because you would have effectively purchased a tiny portion of the property from your husband, and, that transfer of that portion of the property attracts stamp duty. Check this with your conveyancer and that you haven't paid it elsewhere as well as stamping is normally their domain. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Mortgage / Title questions 4Apr 02, 2017 6:08 pm Commbank are notoriously slow for registration which explains the delay & those look like normal registration fees, I am more convinced its transfer duty but only your conveyancer can confirm that. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Flamingo Give me a call and I will do my best to talk you through it. For those who would like an answer, Subject to seeing your actual DA condition, I think you are… 1 4574 Personally, considering your layout (study/work desks in bedrooms), I don't think you have any other option but to leave NW windows and make them as big as possible e.g.… 7 10480 We had this happen to us last year and got charged a variation. Try and give away as much as you can that is usable to charity otherwise if you are in Sydney I have a… 1 4506 |