Procedure and cost to register a 1st mortgage on a title

And the existing loan agreement would be subject to copyright anyway.

 

So if there is an existing loan agreement, and it sounds like you're just adding more security for the loan - then what is the instrument that you are using to mortgage the additional property?

That's the part I don't get.

 

Hi

As I am not a professional in legal issues I am not sure of what the issues are in regards to copyright.

Also in regards to what instrument am I using to mortgage the additional property? This is I suppose where my hurdle begins and I may be forced to use a solicitor to do things which if it gets to that stage I will have to really consider if it is worth the extra cost or if I can get the borrower to absorb all legal costs.

Regards,

alicudi

 

I think Alicudi was proposing to just copy the existing loan and mortgage documents used for another loan - and change the name.

 

Hi

The names haven't changed. This is for an existing loan and not classed as another loan.

Regards,

alicudi

 

So you are lending more money on an existing loan agreement against existing security?

 

Hi

No I am not lending any further funds but have informed them I may consider renewing the loan in the future should the value of the security keep increasing.

Regards,

alicudi

 

Not sure what this thread is about now.

Was the loan a short term loan and it is coming up for renewal?
Haven't you lodged a mortgage yet?

 

Hi

The loan end date is in August 2017.

Mortgages were provided/lodged on all properties owned at the time of when the loan was created.

The existing loan contract allows me to give them notice to repay the loan in full at the end date or we can negotiate to renew the loan again if both parties wish to do so.

Regards,

alicudi

 

And you now want double the security. Without legal advice.
Imagine if CBA did that ?

 

Hi

I never reject extra security but if you read this whole thread in its entirety it is not something I asked for, it was simply offered to me.

Regards,

alicudi

 

I don't think it is a matter of the OP wanting to double the security. According to the OP:

This is the equivalent of me going to CBA and offering them the chance to register a mortgage over an otherwise unencumbered property as additional security for a loan I already hold with them. You reckon they wouldn't jump at that?

 

They would jump on it. But they would still use lawyers to prepare documentation.