Variation of mortgage

Form 05VM (PDF 600 KB)

Dealing type - VM 

Legislation - s91 Conveyancing Act 1919

Stamp duty - not required

Certificate of Title - required for a variation of a first mortgage.

Not required for a variation of a second or subsequent mortgage.

NOS form -  not required.

Standard form of Caveat - prevents registration.

Priority Notice noted on the Register - see Priority Notice page.

Minister's consent is required for a variation of the mortgage where it was initially required for the mortgage and the restriction still applies.

Note  A charge or covenant charge cannot be varied.

(A) The reference to title for the land affected must be stated. The mortgage must be varied as regards the whole of the land in the folio affected by the mortgage. The land mortgaged cannot be varied.

(B) The registered number of the lease or mortgage affected by a mortgage being varied must be stated. The reference to title for the land affected must be stated.

(D) The full name of the mortgagor must be stated and must be identical to the name of the registered proprietor of the estate or interest affected as shown on the Torrens Title Register.

(E) The registered number of the mortgage being varied must be stated.

(F) The full name of the mortgagee must be stated and must be identical to the name of the mortgagee as shown on the Torrens Title Register.

(G) The relevant items 1 to 4 must be completed. Items not used must be deleted and verified. At least one item must be completed.

Item 4

Any annexure must be identified as such. Each page must be numbered. The first and last pages and any alterations or additions must be signed by all parties.

Note  A variation of the distribution of the principal sum between the registered mortgagees is accceptable but does not alter the tenancy and/or shares of the mortgagees as registered. An alteration of tenancy/shares must be effected by a Transfer of Mortgage form 05ML.

(H) The dealing must be executed by the mortgagor and mortgagee and be witnessed, or be executed on their behalf as follows:

Attorney and witnessed Solicitor or Barrister Authorised Officer and witnessed Licensed Conveyancer
Mortgagor Tick if benefiting Tick if benefiting
Mortgagee Tick if benefiting Tick if benefiting

 

See execution requirements for companies, witnesses etc pages. 

Staff processing information

If in order proceed with registration except for the following.

Refer to SD6

A variation of mortgage involving:

  • an Aboriginal Association or corporation
  • the NSW/Local Aboriginal Land Council.

Registration procedure

PRIME CODE    code of mortgage being varied as shown on the Register

PRIME NO.    number of mortgage

SUB CODE    UMV. 

Variation of mortgage of lease or mortgage

PRIME CODE    code of head lease etc as shown on the Register

PRIME NO.    number of head lease etc

SUB CODE    UA

DETAILS    Variation Of Mortgage [number of mortgage varied].