REGISTRATION OF A MORTGAGE ON PROPERTY
HELD BY TRANSPORT OR LONG LEASE
A mortgage on property in Demerara will usually take 6 to 8 weeks to be completed and a mortgage on property in Berbice or Essequibo 8 to 12 weeks (because the documents have to be sent to and returned from the Deeds Registry in New Amsterdam or Suddie).
1. You come to see us when you have received a letter from the mortgage company telling you that the mortgage has been approved and the fees that have to be paid (see schedule of mortgage fees on following page).
2. You pay the mortgage fees and are given our official receipt.
3. We prepare the mortgage documents (usually within 1 or 2 days of your paying the fees) and:
(1) advise you that you will be legally bound by the documents you sign and
(2) invite you to obtain independent legal advice on your rights and liabilities under them.
4. You –
(1) either take copies of the mortgage documents and independent legal advice forms to a lawyer for advice and thereafter return them to us completed and signed/sworn.
(2) or tell us that you wish to go ahead without obtaining independent legal advice.
5. You execute the mortgage documents.
6. We ask you to contact us in 4 to 5 weeks’ time to find out if the mortgage is ready for passing.
7. We file the mortgage documents at the Deeds Registry (usually within 2 days after you have executed them).
8. The Deeds Registry checks the documents and if they are in order sends them for publication in the Official Gazette (usually 3 to 4 weeks from the date of filing).
9. We make regular checks at the Deeds Registry to see whether the documents have been sent for publication.
10. If the documents have been put out of order, we make the necessary correction as soon as possible (this may depend on how quickly we can contact you), file the corrected documents and repeat step 9.
11. We check the Official Gazette for publication of the mortgage.
12. When the mortgage has been published we prepare the mortgage deed and lodge it at the Deeds Registry within 10 days of publication.
13. If the mortgage is not opposed within 10 days of publication, the Deeds Registry staff will submit the documents to the Registrar or Deputy Registrar to be certified for passing. This is usually done within a week.
14. When the mortgage has been certified for passing:
(1) If you have not appointed an attorney to pass the mortgage on your behalf, you will, by prior arrangement with us, attend Transport Court on a Monday at 12.45 hrs or Wednesday at 14.45 hrs to formally pass the mortgage, or
(2) If you have appointed an attorney to pass the mortgage on your behalf, s/he will attend Transport Court to formally pass the mortgage. NB The power of attorney must be updated not less than a week before the passing and brought to Transport Court.
NB (a) Appropriate dress is required for Transport Court (no jeans, short pants, t-shirts or slippers)
(b) You or your attorney will be required to produce an ID card or passport before signing the mortgage deed
15. We uplift the mortgage deed and transport or lease from the Deeds Registry (usually about 2 weeks after passing) and send them to the mortgage company.
16. Please note:
(1) If there is/are (an) existing mortgage(s) on the property that is being mortgaged, unless the new mortgage is to rank after the existing one(s), it/they should be discharged before or simultaneously with the filing of the new mortgage.
(2) If you are obtaining a mortgage to complete the purchase of the property to be mortgaged and the conveyance is being handled by another attorney-at-law, it is your responsibility to inform us when the documents are ready for filing so that we can arrange to file the mortgage at the same time, or, if the documents have already been filed, to let us know the date of filing and, if the conveyance has been advertised in the Official Gazette, the date of publication.
If there is anything that you need explaining more fully, please do not hesitate to ask a member of our conveyancing staff or a partner. You may of course also contact us for an update at any time.
DEEDS REGISTRY MORTGAGE FEES
Individual mortgagor
Registrar’s fee - .2% of mortgage amount
Registrar’s duty - .12% of mortgage amount
Attorneys’ fee - .8% of mortgage amount plus VAT
Fee for additional documents (affidavit, special power, statutory declaration, format of independent legal advice letter) - $3,400 plus VAT
Company mortgagor
As for individual plus:
If for under $500,000 – Company Registrar’s fee - $20,000
Company Registrar’s duty - .25% of mortgage amount less duty paid to Deeds Registry
If for over $500,000 – Company Registrar’s fee - $40,000
Company Registrar’s duty - .25% of mortgage amount less duty paid to Deeds Registry