Delay the Mandate of Electronic Conveyancing in Victoria
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As of 1 October 2018, electronic conveyancing will become compulsory for all conveyancers and lawyers and financial institutions.
All combinations of transactions available in PEXA (Property Exchange Australia and being the only Electronic Lodgment Network (ELN) currently available) will need to be lodged electronically as at this date. This includes withdrawal of caveats, discharge of mortgages and property transfers.
As it currently stands, approximately 20% of transactions are taking place in PEXA whilst the remaining 80% continue to be conducted as paper transactions.
At a mere 20%, PEXA is already struggling to keep up with demand both within the online workspaces and the PEXA support hotline. Settlements are being delayed, banks are struggling to adhere to guidelines and time frames and PEXA's phone lines are at capacity.
All this and we are only at 20% with 5 months before the mandate.
This petition is not about stopping Electronic Conveyancing, as conveyancers and lawyers we accept and support progress and we accept and support online settlement and registration, BUT it should be by way of organic growth and led by free market innovation and competition, NOT by forcing it on the professional community by way of a mandate that makes the big end of town rich. Further, we believe that any mandate should only be invoked when a critical mass has been achieved, which verifies its process and reliability. This figure should be 66% of eligible transactions.
STOP THE MANDATE
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