How long do mortgages (or other encumbrances) take to discharge?
It varies considerably from weeks to months. We suggest water share owners contact their financial institution as soon as possible to get an estimate of the time this is likely to take.
My water share has a mortgage on it and I am only transferring part of the water share. What should I do?
You will need to divide your water share first and seek a discharge of the mortgage over the part that you are transferring. You should not divide your water share until your project is approved and you have been advised of the water volume to be transferred. If you need to, you should seek advice from your lawyer/water conveyancer.
My water share has a mortgage on it and I am transferring the whole water share. What do I do?
You must discharge all mortgages on your water share before transferring the water to the GB CMA. Please organise for this to be done as soon as possible, as it can be a time-consuming process.
I didn’t realise there was a mortgage on my water share. Is this a problem?
When water was unbundled from land in 2007, any mortgages on the land were automatically added to the water share. Some water share owners may have forgotten that this happened. Any mortgages on the water share must be discharged before water is transferred.
My water share has no mortgage on it and I am only transferring part of the water share. What should I do?
You do not need to do anything at the application stage. The divide and transfer of the water share can take place as part of the conveyancing process after the Water Contract is signed.
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