All existing pastoral leases in Western Australia will expire on 30 June 2015.
What will happen to mortgages, caveats, subleases and other interests registered against a pastoral lease?
Any mortgage, caveat, sublease or other interest registered or noted on the title against a pastoral lease will also expire on 30 June 2015 and will not be transferred or carried forward to any new pastoral lease that commences on and from 1 July 2015.
What steps are required to renew a pastoral lease effective from 1 July 2015?
The lease renewal process is well advanced. The Department of Lands (Department) has issued a renewal pack to all lessees holding a pastoral lease that is eligible for renewal. The renewal pack contains two lease documents (“Option 1” and “Option 2”) – one of which must be selected by the lessee, executed and then returned to the Department.
What steps are required to secure an interest over a new pastoral lease effective from 1 July 2015?
If you want your mortgage, sublease or other interest to apply to a new pastoral lease then you will need to:
- record that interest in a new document and ensure that the lessee obtains the Minister for Land’s consent to the grant of that interest against the new pastoral lease; and
- register that interest against the new pastoral lease by lodging the document in registrable form at Landgate.
With respect to mortgages that will be registered over new pastoral leases, mortgagees may have the option to provide the executed mortgage to the Department and request that the Department lodge the mortgage together with the new pastoral lease at Landgate on 1 July 2015. Alternatively, mortgagees must lodge the executed mortgage at Landgate once the Department has lodged the new pastoral lease at Landgate. All mortgagees should have been advised by the Department that their mortgage will expire and the steps that they need to take to have their mortgage registered over the new pastoral lease.
Time is of the essence:
If you hold a pastoral lease (or intend to grant or hold an interest over a new pastoral lease effective from 1 July 2015) and you are not already liaising with the Department, then urgent action is required.