Types of mortgages you can prepare in New Landonline
The types of mortgages you can prepare are:
- Full mortgage (Simple mode)
- Mortgage different shares or interests (Complex mode)
- Mortgage only part of the land (Complex mode)
- Mortage another mortgage, encumbrance, lease or other interest instrument (Instrument mode).
How to correctly enter mortgagee names
Sometimes mortgagee names are incorrectly entered on the Record of Title when a mortgage is registered. Only the legal name of the mortgage should be entered. For example, a company's registered name.
To enter mortgagee names select the mortgagee from the Mortgagee field. Make sure you select the correct one as some mortgagees have several similar names. For example, TEA Custodians (Interstar) Limited, TEA Custodians (Bluestar) Limited.
The word 'Limited' forms part of a company name so needs to be included when entering a mortgagee. For example, not ASB Bank but ASB Bank Limited.
If the mortgagees name is incorrect in the Mortgagee field you'll need to enter it into the field yourself. Use the names from the mortgage document or the bank's letter of instruction exactly as they are written.
Check your spelling. Ask a colleague to check the names for you.
What not to do with mortgagee names
Do not add additional information from the mortage documents in the Mortgagee field. For example, details of the registration or location of the office. Add other information by selecting Complex mode and typing the information into the Additional Clauses, Conditions or Intent field.
Do not include references to trusts when entering the mortgagee's name, as this contravenes Section 153 of the Land Transfer Act 2017.
Details for the registered owners will not display for affected titles subject to a withholding direction (hidden title).