LAND TRANSFERS

Gisborne Herald, Volume LXVI, Issue 20001, 28 July 1939, Page 7

LAND TRANSFERS

SIMPLIFIED PROCEDURE COSTS BILLS MODIFIED MORTGAGES AND LEASES BILL BEFORE HOUSE (Parliamentary Reporter.) WELLINGTON, this day. Simplification of the procedure and modification of the costs of land transfers form the salient venture e the Land Transfer Amendment Bill, prepared iby the Attorney-General, the Hon. H. G. R. Mason. The Minister gave notice tin tne House of Representatives this af ernoon of hit) ic.ienti-on to bring the measure forward. _ One c'f the main clauses in the b'.J gives facilities for 'appropriate en. lie on the register where the parties agree fo give to a subsequent mortgage priority over a previously existing mortgage. Under the present law this operator requires the discharge of the existing mortgage, the registration of u new mortgage, r.-vd the subsequent execu tioaecf a mortgage to secure the charge previously covered by the discharge--mortgage. This involves considerable work -and consequent registration fees stamp duty and legal costs. The new procedure enables the register to be changed, giving effect to the rearrangement on the prcductlto of a simple memorandum signet by all the parties concerned, thus saving considerable expense. Apart from use in day-to-day experience, it is thought that this facility may have special usefulness in relation to the proposals for making advance, for -the erection of buildings on farm land's that are subject to existing encumbrances. Another clause enables a lease to be renewed by signing "the registration of a memorandum of extension, instead of toy the execution of a new lease as -at present required. A further clause enables an encumbrance registered against a lease to oe brought forward against a new lease substituted for the old one without the necessity of executing a new mortgage. Other clauses relating to procecure are designed to facilitate removal from the register of entries which, by changed circumstances or effluxion of time, have -become -spent.