Private mortgage lending is a growing destination for investor funds. The security of such investment requires accurate and compliant documentation. Our Brisbane Mortgage Lawyers can assist you with your mortgage or caveat needs.
Our Mortgage Lawyers team at QLD Business + Property Lawyers has experience in representing lenders as well as those to whom they lend. For lenders, our team can provide you with advice on appropriate documentation and registration of your security interest.
Our services for lenders include:-
- Drafting Loan + Mortgage Documentation;
- Registering Second Mortgages;
- Preparing PPS documentation;
- Registering caveats;
- Mortgage releases;
- Effecting mortgage-in-possession sales;
- Arrears recovery.
Financial products – or the banks that promote them – sometimes don’t live up to the promises made. If the fruits of years of your hard work or those of a financial guarantor have been put in peril by misleading advice or bank promotional practices, our lawyers in banking and finance disputes can advise you through the disputation process to bring about a positive outcome. Find out more
Second mortgage loans?
Second mortgage security is often accepted by a lender when the borrower’s equity in the secured property is substantial and the loan is intended to be short-term.
For a borrower, it can allow fast access to funding when the value of the property is established and the extent of the first mortgage debt is known. Interest rates may be higher than if the funds were borrowed from a bank, another reason why they are generally most suitable for short terms and where urgency applies.
The lender has the right to lodge the second mortgage for registration but sometimes will lodge a caveat as an interim measure. A caveat is an instrument that notifies other parties of the lender’s security interest.
How our mortgage lawyers assist lenders
We act for lenders who lend money to businesses, individuals and members of the lenders’ family. If the borrower defaults on its commitments, it is important to have adequate security for the money owed to you and that the documented arrangements allow for immediate recovery.
Mortgagee exercising power of sale
Our mortgage team will efficiently execute demand notices, default notices, notices exercising power of sale, mortgagee exercising power of sale contracts and obtain the requisite valuations to ensure compliant and prompt mortgagee recovery when loan transactions fail.
We strive to make this process as smooth as possible by providing quality advice and service that also accommodates the personal circumstances of defaulting borrowers.
Caveat lending in Queensland
In states other than Queensland, lenders often make short-term loans secured only by a caveat over the borrowers home or other real estates, as opposed to mortgage or 2nd mortgage. A caveat lodged with the registrar of titles simultaneously with consent to the caveat from the registered owner of the land does not lapse – as is the case with normal caveats – after the expiration of three months. That is, with the exception of those that relate to an unregistered (equitable) mortgage.
Hence in Queensland, for loans for longer than three months, a caveat alone is generally insufficient. In the Queensland system, the correct form of security is a second (or third) mortgage.
Under Queensland legislation (Land Title Act 1994, ss. 121–131), a person claiming an interest in a property can lodge a caveat. – Qld Business
Please contact our mortgage Lawyers if you require loan and security documents to be prepared please contact us and we can help or email us particulars so we can provide a fee estimate for the services you require.