Are you PEXA ready?
The conveyancing industry is about to get another major shake-up as Land Use Victoria transitions to 100% digital lodgements on PEXA
The conveyancing industry is about to get another major shake-up as Land Use Victoria (LUV) transitions to 100% digital lodgements on PEXA.
This may have substantial consequences for developers who are coming towards the income realisation and delivery stage of the property development cycle. While PEXA runs smoothly for stand-alone transactions, the industry is still adapting to bulk vendor conveyancing on PEXA.
Developers will also need to be aware of additional disbursements which may be incurred as a result of using the PEXA platform.
A summary of the LUV aspirational timeline, as published in a recent LUV Bulletin, is set out below: From 1 October 2018:
- All settlements that can be done on PEXA must be done on PEXA.
- All instruments or a combination of instruments available in PEXA are to be lodged electronically. Examples include a case comprising a withdrawal of caveat, discharge of mortgage, transfer and mortgage. This requirement applies to conveyancers and lawyers acting for a party or themselves and PEXA subscribers.
LUV will only accept paper lodgements for “stragglers” and only on cases where the transfer instrument is not on PEXA, for example, transfer of lease. - It is the LUV’s intention for 1 October 2018 to 1 August 2019 to be the transition period. After 1 August 2019, the LUV will no longer accept paper lodgements.
Maddocks is currently, with a number of other developer law firms, in discussions with PEXA about bulk vendor conveyancing and how to continue to achieve the current volume of bulk settlements in PEXA as opposed to the streamlined process in paper that developer law firms have perfected over the years.
Maddocks is a PEXA ready firm.
Need advice on your development project?
Contact the Property & Development team.
Key contacts
Related articles
Victorian Government announces further extension to COVID-19 rent relief provisions
The State Government has announced that the protections for commercial tenants in place under the COVID-19 Omnibus...
Corkman demolishers found guilty of contempt
By John Rantino, Kierra Parker & Louis Wardle
The developers responsible for the demolition of the Corkman were found guilty of contempt of the Tribunal last month.
Subdivisions and Securing Your Vision – Part 1
By Nick Sparks
In the rush to get to market and sell product, do not overlook the post settlement phase.
HomeBuilder, FIRB and the Commercial Tenancy Relief Scheme update
By David Hartney & Athina McGregor
There has been some recent updates made to the HomeBuilder, FIRB and the Commercial Tenancy Relief scheme.
Partner
Melbourne