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As
experienced registration agents, we constantly keep abreast of the
latest news, rulings and services in relation to land and company
information.
In this section, you will be able to access our monthly newsletters,
which are packed with information useful to your practice. |
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Introduction
2003 is well upon us now and as with last year we expect
it to be full of changes. LANDinfoNET Limited as an
organisation has many challenges ahead this year. Probably
the biggest is becoming familiar with electronic registration.
We have been to Christchurch to see the operation and
discuss issues with some of the pilot users (more on
this later in the Newsletter).
Spreading
our service across the nation is another big challenge
as we set our sights on offering a quality service to
even the most remote parts of New Zealand. We already
receive requests from all over the country and with
the assistance of the Internet we get some from across
the Tasman as well.
The
digital age has allowed for fast good quality delivery
of titles right to your desktop so if you are not receiving
your titles by e-mail and you want to receive them by
e-mail let us know.
Email:
info@landinfo.net.nz
Phone: 0508 534251 Hamilton office
0800 106206 Auckland office.
As
we venture into 2003 we will be working hard to ensure
you see us as an extension of your office, a valuable
resource at your fingertips. We wish you a prosperous
2003.
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Electronic
Registration - stage two Land on Line
Stage
two of land on line (electronic registration) is now
being trialed by a small number of Christchurch solicitors
to ascertain the viability of the system security, audit
processes, robustness and gather feedback.
We
were fortunate in being able to meet with a leading
Christchurch firm (whom we are very grateful) to view
the electronic registration process. As our ongoing
focus and commitment to be an extension of your office
includes our ability to provide our solicitor clients
with the benefits of electronic registration and settlement,
once electronic registration becomes a reality.
Although
electronic registration is limited to basic Discharge,
Transfer, Mortgage dealings the level of security is
paramount as the actual register is being updated at
the time of electronic registration. Therefore the trial
is establishing an audit process for users of the system
to certify facts relating and obtain original signatures
from the parties involved. This information needs to
be filed and produced on request by the RGL for any
time up to ten years after electronic registration is
complete.
We
are now in the process of discussion with the RGL and
Law Society as to having our electronic registration
strategy finalised for your benefit. We will constantly
be keeping you updated on the trial and the process
we require to undertake electronic registration on your
behalf.
Please
be assured our motive and focus for electronic registration
is continuing to provide a business-to-business relationship
with our solicitor clients, utilising our skills and
resources to compliment not compete. We do not deal
with the general public, should we get public enquiries
we refer them to a list of our clients within that area.
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OTHER
ISSUES ENCOUNTERED AT LINZ
Consents
When
land is subdivided, a mortgagee is required to consent
to any easements that are being created. Some of the
consents that have been turning up lately are made in
a general way i.e. the mortgagee consents to the subdivision
of the land. It may seem to be a fine point to some,
but LINZ do not always see a general consent as covering
the creation of easements shown on the plan, as they
may not be a requirement to deposit the plan. Therefore,
the items that a mortgagee is consenting to should be
made as specific as possible for the avoidance of doubt.
Old
Stream Beds
If
there are allotments on a new plan of subdivision that
are incorporating some old stream bed into them, communication
with the surveyor who drew the plan should be sought
for guidance on what approach is to be taken to include
the land in the new titles.
Some
of the options to be considered are: to include the
land in the new titles by way of an accretion application;
an application to bring land under the Land Transfer
Act 1952 or to simply absorb the land into the new titles
by way of the ad medium filum principal.
It
is not always obvious from looking at a plan what method
of obtaining title to an old streambed is intended.
Your discussion with the surveyor may help determine
which approach should be pursued.
Simultaneous
Lodgments
There
has been some confusion about whether or not the simultaneous
lodgment process is still available. LINZ are still
encouraging the lodgment of plans and documents together
because there may still be a time saving that could
be to your advantage. LINZ's internal processing is
no longer the same; therefore they do not refer to the
process as being a simultaneous lodgment, and can no
longer guarantee the issue of Titles within 10 working
days.
Freeze
Areas
You
may have heard of the survey freeze areas that are going
to affect the Tauranga area from about Waihi to Te Puke
for a period starting on 10 February 2003 to the end
of March. LINZ are carrying out some adjustments to
their survey database in various areas, which means
that processing of new plans may be delayed. LINZ asks
that you lodge as much plan and new title work as you
can in the freeze area before they start work on their
project.
There
will be other freeze areas in the future but we have
not been notified of when they will be starting work
on these. The completion of all freeze areas is expected
to be completed in May 2003. We will keep you posted.
If
you need to find out more details about the freeze areas,
LINZ have nominated Craig Woodhouse and Steve Zanders
as contact points in the South Auckland Office on Ph
07-838-2489.
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NO
MORE DUPLICATE TITLES
Often
the security used for lending proposals is a mortgage
over land. Land usually appreciates over time and
is usually in demand (important in the event of forced
sale). In the past to assist banks and lenders with
confidence they would hold the duplicate title in
their vaults with their mortgage duly noted. All in
all the debt was considered to be "safe as
houses" (quite an ironic quote these days!).
October
14 2002, New Zealand Land Title Registration changed,
"No more duplicate titles". At LANDinfoNET
Limited we immediately commenced a post registration
search service to provide confidence that any transfers,
mortgages etc. were duly noted on the new electronic
title.
Many
of our clients have been dumbfounded by this action
and in conversations we have been hearing phrases
such as "opportunity for criminals", "fraudulent
activity", "fiddle their way into mortgages".
One solicitor asked the question "how would
you feel returning home from a holiday to find someone
in your house, and when you searched the title, it
was in their name?" The answer very obviously
is "bloody terrible!"
Criminals
seem to line up for these opportunities and of course
it didn't take long for one to pounce. We refer you
to an article on the Internet "Electronic Land
Transfer: A Conman's Paradise? URL:
http://xtramsn.co.nz/business/0,,5009-2018658,00.html.
After reading this article you will note "the
ability to raise an electronically generated copy
of a title was a major factor in the offences being
committed."
Unfortunately
the onus is even greater for the legal profession
and the financial institutions to ensure they are
dealing with the actual owner of the property and
any charges noted are true and correct.
Well
the new age is here now and we must deal with it.
Rest assured LANDinfoNET Limited will supply any service
we can to provide you with the necessary information
to carry out your roles as solicitors and financiers.
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REAL
ESTATE STATISTICS
There
has been no shortage of conveyancing work over the last
year, especially in the second half where we experienced
the traditional hot spots heat up to levels of sales
not experienced since 1996. This has reduced the average
selling times and lifted the median sell price an owner
may realise for their property. As a result of this
activity the real estate statistics as published by
REINZ make very interesting reading. CLICK
HERE to see a table which depicts averages
across New Zealand.
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F
a r e w e l l
Thank you for taking the time to read our newsletter.
We look forward to continuing to provide you with information
that will be of value to your practice. Please do not
hesitate to contact us if you have any questions or
comments in regard to this newsletter - we would love
to hear from you.
All
back issues are held on this site.
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Disclaimer
Although every effort has been made to ensure the accuracy
of the information within this newsletter, we are not liable
for the results
of any action taken on the basis of the information given
or any
errors or omissions.
© 2003
LANDinfoNET Limited
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PREVIOUS
NEWSLETTERS
>ISSUE
1 - 14 AUGUST 2001
>ISSUE 2 - 3 DECEMBER 2001
>ISSUE 3 - 15 MAY 2002
>ISSUE 4 - 15 AUGUST 2002
>ISSUE 5 - 1 NOVEMBER 2002
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in
this issue
Introduction
Electronic Registration
- stage two Land on Line
Registrar general
of lands - Ruling and decisions
Other
issues encountered at LINZ
No more duplicate
titles
PPSR
news
Real Estate statistics
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REGISTRAR GENERAL OF LANDS - RULING AND DECISIONS
Consents
A
new form of consent has been adopted. This is to be
used where mortgagees, caveators and other persons/corporations
are consenting to registration. The consent form is
designed to be attached to the document concerned,
just as an annexure schedule would be. LINZ will still
accept consents made in the traditional manner for
a while to come but be aware that consents now need
to be dated and witnessed in all cases. Please advise
if you would like a copy of the new consent forwarded.
Form
Approvals
LINZ
have become a little more relaxed in terms of the
acceptance of forms which do not bear a LINZ approval
upon them. Normally a form that does not bear an approval
will attract a form fee of $35.00, however, LINZ are
now saying that if they receive a form that corresponds
exactly with a form in the 2002 Land Transfer Regulations
they will not charge a form fee even though no approval
is endorsed on the document. If the layout or the
wording of the form is too different they may charge
the form fee.
Easement
Certificates/Easement Instruments
Easement
Certificates are being accepted by LINZ "for
the time being" according to them. As this timeframe
is not specific we would encourage those practitioners
who are still using the old Easement Certificate form
to start using the new Easement Instrument form set
out as Form 3 to Schedule 2 of the Land Transfer Regulations
2002. Please advise if you would like a copy or assistance
drafting.
More
on easements
-
The
caveator's address for service is now governed by
section 240B of the LTA, which means it can be a
postal address or a fax number or e-mail address
(please remember if you have current caveats and
you change your address, give notice to LINZ of
the new address for service).
-
A
postal address should be somewhere in New Zealand
because there are issues of timeliness should notice
have to be sent to that address. However a fax number
or e-mail address could be anywhere in the world.
-
The
simplified procedure for applying to the RGL for
a caveat to lapse provided by the new section 145A
of the LTA has not yet come into force.
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PPSR
NEWS
An Interesting Statistic
The PPSR was implemented on the 1 May 2002; the one
millionth financing statement was registered on Friday
6th December 2002.
Land
Info Net has been kept busy registering financing statements,
pre-loads and searches since 1 May 2002. Please advise
should you require any assistance or clarification on
the PPSR searching and registration process.
Change
Demands
A change demand is where a debtor or other interested
party demands registration of a financing change statement
under s.162 of the PPSA. A financing change statement
is the data required to be entered in the register to
renew, discharge or otherwise amend a financing statement.
The
debtor must first have given notice in writing to the
secured party of their demand. If, after 15 working
days, the secured party has not responded to this demand
the debtor may lodge a change demand on the PPSR. The
secured party has a further 15 working days to accept
the change demand or obtain a court order to maintain
the registration, otherwise the debtor's change demand
will automatically be accepted.
These
change demands will be sent via email to the email address
you have supplied for the secured party. They will
not automatically be sent to the registering party.
It
is important to only supply secured party groups with
email addresses that are monitored regularly, as the
secured party has only15 working days to either comply
with the change demand or obtain a court order. If the
demand is sent to an email address of a Legal Executive
that is on holiday for example, there is the possibility
that the secured party would not be notified of the
demand and would be unable to respond within the prescribed
time period.
Should
you choose to utilise Land Info Net Limited's email
address in the 'individual' secured party group field
or the 'person acting on behalf' of an organisation
secured party group field, due to the importance we
will notify you of any change demands via, email, fax,
letter and a follow up phone call.
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