Authority Updates - Victoria - September 2016

New Practice For Not In Common Ownership (NICO) Plan

From 1st October 2016 Land Victoria will not register a NICO plan unless all accompanying transactions are lodged to resolve the results of the NICO plan.

The required transactions typically include discharges of mortgage, transfers and new mortgages. 

Transactions resolving NICO issues should be lodged at Land Victoria, level 23, 570 Bourke Street Melbourne, or through an ELN. 
This new practice means mortgagees will not have any difficulty exercising their power of sale.

Further information is available in the guide What is NICO?

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Disclaimer: The information herein has been prepared by SAI Global Property Division Pty Ltd ACN 089 586 872 from information released by the Authority cited on this page. It is provided as general background information only; it is not complete; and it does not comprehensively address this subject matter. Readers should not consider the information so provided as advice nor as a recommendation to take any particular course of action. Persons needing advice should consult their own solicitor, accountant or other professional adviser.