LINZ is piloting new Notice to Mortgagee functionality in Landonline, providing banks with the ability to receive post registration search copies of the mortgage and updated Title directly from Landonline. The Property Law Section (PLS) Land Titles Subcommittee has been working closely with LINZ on the concept and process which should create greater efficiencies for lawyers and banks.
The first bank to subscribe to this service is Southland Building Society (SBS). SBS will be amending its letter of instruction for new mortgages from Monday, 22 June. The amended letter of instruction will advise practitioners that they must include a “bank client ref” when submitting the dealing in ‘searches required’ box. Practitioners will no longer need to forward post registration searches to SBS as this will be done automatically by Landonline.
LINZ and the PLS will advise e-dealing customers when additional banks are subscribed to the service.