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Daniel
Daniel, Solicitor
Category: Australia Law
Satisfied Customers: 5572
Experience:  Bachelor of Laws (dist) Graduate Diploma in Legal Practise. Admitted NSW Supreme Court / High Court
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What can I do regarding a bank holding up proceedings on the

Customer Question

What can I do regarding a bank holding up proceedings on the sale of a business when they have security over the Lease on which the business in situated when the lease they have security over has expired and a new lease has been taken out. The bank in question was asked to release their interest over the old lease and take security over the new lease several years ago and I have a letter from the bank with their consent for the transfer of old lease to new lease and all Land Gate fees paid however there was a problem and unbeknown to myself the lnew lease has not been registered with Land Gate.
JA: Because laws vary from place to place, can you tell me what state the property is in?
Customer: I have a buyer waiting to purchase the property and I have been waiting over 4 months for the bank to complete their paper work and have the new lease registered with Land Gate. Now the bank is saying they need more documents regarding consent to have security over the new lease and it appears to be stuck in limbo between their lawyers and the bank. I feel that the sale of my business is in jeopardy and proceeds from the sale would have paid out my mortgage with the bank. This is a small business with a lease in the town of Exmouth WA.
JA: Has anything been filed or reported?
Customer: The only records are with the shire of Exmouth and the Westpac bank. I have signed all bank documents they have sent my and they have the original copy of the New Lease in their possession. I feel that they are taking far to long to have this matter settled, like 4 months is just taking way too long. if I were taking out a new business loan they would have the documents to me in 3 days but when I'm trying to sell out and pay off my debts they seem to be stalling.
JA: Anything else you want the lawyer to know before I connect you?
Customer: just that I have just spoken to the representative of the Westpac this morning and they now tell me that they can't proceed with the registration of the lease with Land gate because there needs to be more documentation done and they have admitted to me that it is their fault that the consent documents weren't signed and registration finalised back in 2014. I asked them where we go from here and they cant tell me. I fear that the bank is slowing the process down and I will lose the sale. the contact details of Westpac rep. Russid Kruger(###) ###-####
Submitted: 2 months ago.
Category: Australia Law
Expert:  Daniel replied 2 months ago.

hello
Have you not spoken with the ombudsman?
Your lawyer you have engaged, have they not send demand letters to the bank as yet?

Customer: replied 2 months ago.
No I have no spoken to the Ombudsman. I'm not sure what demand letters you mean. I have been in constant email with the bank but they just tell me it is with the back room people and will be in touch. the process is taking forever and because I live in a remote area I have to travel long distances to get to their bank branches to sign documents which I thought they had all that was to be signed but the banks lawyers keep coming up with more documents to be signed and the process just keeps on going and very slowly.
Expert:  Daniel replied 2 months ago.

Speak with the ombudsman, NOW:

https://fos.org.au/

Demand letter, meaning has your lawyer not sent the bank letters demanding that the issue be rectified.

I wish to help you in this situation.

Customer: replied 2 months ago.
I am only a small business and wish to sell some assets to be free of debt, I have already spent considerable money on professionals to get accounts in order and I don't want to get bogged down on paying solicitors to write demand letters to the bank when it is the banks responsibility to get their paper work in order in a timely manner. I am merely looking to get advice from the Ombudsman to see where I stand with the very slow conduct the bank is taking over this issue and is costing me a lot of interest and the possibility of the loss of a sale due to the very slow process.
Expert:  Daniel replied 2 months ago.

Hello
The ombudsman should act swiftly.

I wish to help you in this situation.

Expert:  Daniel replied 2 months ago.

Hello
I note I have not received a response?
I wish to help you in this situation.