Some caveats based on Agreements to Mortgage and Agreements for Sale and Purchase are now able to be automatically registered.
From Monday 10 August 2020, caveats that are based on an Agreement to Mortgage or Agreement for Sale and Purchase, provided they meet other business rules, will no longer step down to Lodge and will instead be registered automatically in Landonline.
The Prepare Caveat screen was changed in November 2019 to prepare for this change. . New fields were added to ensure the interest claimed is sufficiently clear if the interest is based on one of these Agreements.
Prepare Caveat screen
The Prepare Caveat screen allows a customer to select an “Agreement to Mortgage” or “Agreement for sale and purchase” agreement type. If this is selected, and there is no third party involved, the interest claimed field will auto-populate. Any required changes can be made by ticking the ‘edit?’ checkbox.
When viewing the Prepare Dealing screen, it will show that the caveat is an Autoreg instrument. This functionality is now available. Landonline will run an automated check to determine whether there have been dealings that could have the effect of preventing the automatic registration. If this ’10 year check’ is not completed successfully, the caveat will instead step down to Lodge. When prevalidating your caveat instrument, you will be advised that your caveat has failed a 10 year check and has stepped down. LINZ will then process your caveat dealing in the same way it did prior to the release.