Several Legal Agent Firms recently came together to discuss our concerns regarding the Mandate being introduced by PEXA.

We all agreed that a thorough investigation should take place before this mandate is rushed through.

We believe all parties concerned should have a choice as to their preferred business practices and should not be dictated to by PEXA who would appear to have their own financial interests as priority.

Please take the time to download and read the Discussion Paper below and feel free to provide your feedback.

Please direct feedback (good, bad or indifferent) to;

info@ljkane.com.au   or   nomandate@legalagents.com.au

————————————————————————————————————————

 

UPDATE: 22nd August 2018

 

ACCC Article - please click on PDF link at bottom of page.

 

 

UPDATE: 28th June 2018

 

Hi guys

So PEXA finally went into damage control and gave back the money

I will follow up to make sure the other victims get the same deal

Thought this was a good article

 https://www.innovationaus.com/2018/06/PEXA-breach-harms-digital-trust

 

UPDATE: 27th June 2018

 

Masterchef star homeless after hackers steal $250k from house sale

A cruel scam has left TV chef Dani Venn and her young family homeless. Its been revealed the online conveyancing giant linked to a hacking scam that cost Masterchef star Dani Venn and her family $250,000 was warned twice about security fears in the weeks leading up to the cyber-attack. Dani and her husband Chris are without a home, after the proceeds from the sale of their old property were stolen, meaning they couldn't settle on their new property. "This is our life savings here, we've got two Read the full story

 

UPDATE: 13th June 2018

 

The below is a post by the Concerned Titles Group, who lobbied the State Government against the sale of The Titles Office.

Hopefully they can help get our message across

The CTG strongly supports David Buxton’s “Nomandate” campaign to try to stop the disintegration of NSW LRS (Land Registry System) our privatised NSW land title systems - See our Facebook post dated 26th April 2018.

The “Nomandate” campaign is about getting control back to the industry. They are not trying to stop progress and the introduction of econveyancing, just make the system user friendly for ALL!

But clearly understand these facts:

  1. You used to be able to lodge a simple dealing over the counter and pay the registration fee of about $139. This service came with friendly advice
  2. You now have to lodge simple dealings electronically through PEXA (a monopoly) and you must use a licenced PEXA user. So your fee is now:

registration fee + Licenced electronic PEXA user fee + PEXA fee.

  1. As an example, this has taken the registration of a simple Discharge of Mortgage from $139 to between $450 and $700, depending on who you use. (actual costs from 2 separate sources)

All this whilst the actual registration fee has not been significantly increased - as promised by the Premier!

  1. NOW the government intends to “mandate” that ALL dealings must be lodged through PEXA, a part government and part private econveyancing lodgement agent with a monopoly and an unregulated fee structure.
  2. The government then plan to float PEXA on the stock exchange and sell off the rest to more private enterprise. Any mandate becomes a financial windfall for the owners of PEXA
  3. Many solicitors and conveyancing agents can’t afford the transition to econveyancing at this short notice with all the changes needed to office equipment, training and other cost involved and will simply have to close shop as conveyancing is their “bread & butter”
  4. Even large Solicitors and Conveyancing agents will have to hive off qualified staff.
  5. PEXA is not a conveyancing agent.  It does not provide advice on conveyancing as its business is simply to lodge documents electronically for a second level fee, which is not regulated, so when PEXA becomes the only available avenue for lodgement, solicitors, conveyancers and the general public will be denied the opportunity to seek advice from registration experts.  As for the public, their only option will be to see a solicitor or conveyancer and pay up!
  6. The private owners of LRS (Land Registry Services), the now privatised land registry for NSW, are quietly removing any checks and balances of dealings, particularly for electronically lodged dealings.
  7. The CTG, as stated many times, is emphatic in its belief that this will lead directly to the disintegration of the integrity of the Torrens Title System and the introduction of very costly private Title Insurance.
  8. Gain to residents of NSW? – an increase in costs of more than 400% and loss of services!
  9. Gain to those who now own or will invest in PEXA – with about 1 Milllion transaction per year, you work it out! Any wonder investment in NSW is waning as they blame everything but their decision to “sell the Golden Goose” (LPI/LRS).

The CTG has created a follow up Facebook "post" and invite ALL supporters for the integrity of the land registry system through rational, competitive and consultative transition to electronic conveyancing to:

  • Contact your local NSW state LNP member and demand the delay of the mandate and
  • If you are a Solicitor, Conveyancer, Surveyor, Settlement Agent or any professional or company involved with land transactions, and you have not already done so, contact David Buxton at:

David Buxton, Director, Sydney Legal Agents / M J Armstrong and the Convenor of the “No Mandate” Campaign and obtain a Supporters document to be completed and emailed or mailed to him at: nomandate@legalagents.com.au or Post to: “No Mandate”, C/- Sydney Legal Agents, GPO Box 4096, Sydney NSW 2001, or DX 599 Sydney, 

  • Look at the Victorian petition and sign up. The Victorian petition, via Change.org, in on behalf of Vic Solicitors & Conveyancers, however, it's hoped that strong support of this will influence the NSW LNP government : 

https://www.change.org/p/the-hon-richard-wynne-mp-delay-the-mandate-of-electronic-conveyancing-in-victoria?recruiter=49402639&utm_source=share_petition&utm_medium=facebook&utm_campaign=share_for_starters_page

AND

Although the campaign is pressing ahead, we can’t rely on this alone – it must be fought from many perspectives. This is where you can help, even if that entails stepping outside your comfort zone.

If we can change the situation in Vic it would be a great help to get the current NSW LNP government to apply greater governance of the privatised LRS (the NSW land registry) through the Regulator.

The integrity of our land title systems is paramount to our nation moving forward whether you buy, rent or invest, so let’s all help to get them back on track for a better future for our next generation of Aussies!

For more information go to the CTG Facebook site at: https://www.facebook.com/Concerned-Titles-Group-1179063465480725/?ref=aymt_homepage_panel 

Regards,

The Concerned Titles Group (CTG)

 

UPDATE: 7th June 2018

 

Hi fellow supporters

The ACCC has been contacted and Rod Simms and his team have heard the arguments surrounding the unfair competitive edge that has been gifted to PEXA.

Their reaction was one of “extreme interest” and further meetings are being scheduled for next week

If they are convinced that PEXA has a non- competitive advantage (which it has!), then we are hopeful that orders will be made, which should mean a change in the scheduled mandate timeframes.

Even though I was not privy to the meeting, I'm told that our request for the three following conditions will be given full consideration in the next group of meetings:

  1. Independent Review of the e-conveyancing industry
  2. Active competition in place and validated
  3. A minimum of 70% of all four party transactions is reached via the available on-line platforms

This is without doubt our best chance of getting a policy change.

I will let you know as soon as I hear more

David

 

————————————————————————————————————————

 UPDATE: 1st June 2018

 

Hi All

Two important events are taking place this week

The first is that the survey initiated by Infotrack ends today and the results should be available next week.This will give us an even better idea of the industry’s sentiment on the mandate.

Secondly, I can confirm that a meeting is taking place with the ACCC, which will involve mandate timelines, and the fact that PEXA is a monopoly until competition is in place and working.

Once we have answers on both events above, we can start to formulate our strategy moving forward. Alas, still no answers to my submission from the Minister.

We might have to go Federal

Also, our Victorian counterparts have started a petition via Change.org, link is below

https://www.change.org/p/the-hon-richard-wynne-mp-delay-the-mandate-of-electronic-conveyancing-in-victoria?recruiter=49402639&utm_source=share_petition&utm_medium=facebook&utm_campaign=share_for_starters_page

 

David

Date: 07 Jun 2018

Downloads