In some instances, mortgagee names are being incorrectly entered on the Certificate of Title when an e-dealing mortgage is registered. Only the legal name of the mortgagee should be entered (e.g. the Company's registered name). This will avoid problems arising when discharging the mortgage.
A few tips to remember when entering mortgagee names are:
- Where possible, use the Mortgagee Quick Codes. In the Prepare Mortgage screen, click on the drop down arrow in the Quick Code field and select from the list of names.
- Enter the mortgagee names as they are shown in the mortgage document or letter of instruction from the bank (i.e. if the mortgagee name starts with "The" make sure you enter The)
- Additional information (e.g. location of the registered office or details of the registration or incorporation) that is included on the paper mortgage should not be included in the mortgagee field i.e. "The Manchester Unity regional Credit Union at Napier (the society)" should be entered only as "The Manchester Unity Regional Credit Union"
- Do not include references to trusts when entering the mortgagee name, as this contravenes Section 128(1) of the Land Transfer Act 1952
- The word 'Limited' forms part of a company name - when entering a mortgagee be sure to include it if it is part of that name (i.e. although many people refer to 'ASB Bank' their correct name is 'ASB Bank Limited')
- Some mortgagees have several companies with similar names (i.e. TEA Custodians (Interstar) Limited, TEA Custodians (Bluestar) Limited etc). Make sure you select the correct mortgagee when you choose the name from the drop down menu or quick codes
- Recheck your spelling. Ask one of your colleagues to have a quick glance over your mortgage to check for errors. Two pairs of eyes are better than one.