On 11 October 2021, the Real Property Amendment (Certificates of Title) Act 2021 commenced, which abolished the Certificates of Title (CTs) and the control of the right to deal (CoRD) framework. All existing CTs have been cancelled and CTs will no longer be issued. Existing CTs will not need to be produced, and CoRD holder consent will not be required, for a dealing or plan to be registered. All existing Guidelines subject to this change are currently being reviewed and will be updated to reflect these changes. For further information regarding the abolition of CTs, please see https://www.registrargeneral.nsw.gov.au/property-and-conveyancing/eConveyancing/abolition-of-certificates-of-title

Variation of mortgage

Form W-05VM (PDF 280 KB)

Dealing type - VM

Legislation - s71D Water Management Act 2000

Stamp duty - Not required.

WAL Certificate - Required for a variation of a first mortgage affecting the registered holder.

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

Caveat noted on the WAL Folio - If specifically prohibited, refer to the SD6 for service of notice on the caveator.

Note  A charge cannot be varied.

Written consent

The written consent, where the registered holder of the WAL is affected:

  • of a term transferee is required where a current term transfer is noted on the WAL folio. See s71N(8) Water Management Act 2000.
  • of a mortgagee or chargee is required where a mortgage or charge is noted on the WAL folio.  Production of the WAL certificate by the mortgagee or chargee to allow registration of the dealing is acceptable in lieu of written consent. See s71L Water Management Act 2000.

(E) The number of the WAL affected by the variation of mortgage must be stated.

(F) The tenure type of the WAL must be stated and agree with the tenure type shown on the WAL folio, i.e. Continuing or Supplementary.

(G) The registered number of the mortgage or charge affected by the mortgage being varied must be stated.

(H) The full name of the mortgagor must be stated and must be identical to the name of the registered holder as shown on the WAL folio. The ACN or ARBN of a company etc must be stated.

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

(J) The full name of the mortgagee must be stated and must be identical to the name of the mortgagee as shown on the WAL folio. The ACN or ARBN of a company etc must be stated.

(K) The relevant items 1 to 4 must be completed, the others must be deleted and verified. At least one item must be completed.

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

Note

  • a variation of the distribution of the principal sum between the registered mortgagees is acceptable but does not alter the tenancy and or shares of the mortgagees as registered.  An alteration to the tenancy/shares must be effected by lodgment of a Transfer of Mortgage or Charge form W-05TM.
  • the WAL or the parties to the mortgage cannot be altered by a Variation of Mortgage form W-05VM.

(L) The variation of mortgage must be executed by the mortgagor and mortgagee and be witnessed, or be executed on their behalf by the following:

  • attorney and witnessed
  • authorised officer and witnessed
  • solicitor or barrister or licensed conveyancer where the mortgagor or mortgagee benefits from the variation.

Note  A solicitor or barrister or licensed conveyancer cannot execute on behalf of a mortgagor or mortgagee who does not benefit from the variation. 

See execution requirements for companies, witnesses etc pages. Note  Requirements are the same as for Real Property Act dealings except where otherwise stated.

Staff processing information

Refer all dealings to SD31

SD6 - Registration procedure

Variation of a mortgage

PRIME CODE    code of mortgage being varied as shown on the WAL folio

PRIME NO.    number of mortgage

SUB CODE    UMV

Variation of a mortgage of mortgage or charge

PRIME CODE    code of mortgage or charge as shown on the WAL folio

PRIME NO.    number of mortgage or charge

SUB CODE    UA

DETAILS    Variation Of Mortgage [number of mortgage varied].