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A Mortgage Release happens when a lender officially cancels or "discharges" their legal claim over a property in New Zealand. This typically occurs after you've fully paid off your home loan or refinanced with a different lender. The process involves registering the discharge with Land Information New Zealand (LINZ) to remove the mortgage from your property's title.

Getting a proper Mortgage Release is crucial - it proves you own your property free and clear of that particular loan. Under NZ property law, you'll need this document before you can sell your home or take out a new mortgage. Your lawyer or conveyancer usually handles the paperwork, ensuring everything meets the requirements of the Property Law Act 2007.

You need a Mortgage Release when selling your property, switching lenders, or after paying off your home loan in full. This document proves that a specific lender no longer has any claim to your property under New Zealand law. Banks and other lenders require it before approving new mortgages or completing property sales.

Time-sensitive situations also demand a Mortgage Release - like finalizing a property settlement after divorce, transferring ownership to a family trust, or meeting deadlines in a sale and purchase agreement. Getting this sorted early helps avoid delays, as the registration process through LINZ can take several working days to complete.

• Standard Discharge: The most common type, used when a mortgage is fully paid off. The lender confirms there's no remaining debt and releases all claims on the property.
• Partial Release: Used when subdividing land or releasing only a portion of mortgaged property. Common in property development scenarios.
• Refinance Discharge: Specifically designed for switching lenders, often processed simultaneously with the new mortgage registration.
• Electronic Release: Processed through LINZ's online platform, becoming increasingly common for straightforward discharges.

• Banks and Lenders: Prepare and register the Mortgage Release once a loan is repaid or refinanced. They must follow LINZ requirements for proper discharge.
• Property Owners: Request and receive the release when selling property or changing lenders. They need this to prove the property is unencumbered.
• Lawyers/Conveyancers: Handle the legal paperwork, verify documentation, and ensure proper registration with LINZ.
• Land Information NZ: Processes and records the release, updating the official property title records.
• New Lenders: Require proof of previous mortgage releases before approving new loans.

• Property Details: Gather the title reference number, property address, and current ownership information from LINZ records.
• Mortgage Information: Collect the mortgage reference number, original loan amount, and confirmation of full repayment.
• Identity Verification: Prepare current identification for all property owners and ensure signatures match bank records.
• Bank Requirements: Contact your lender for their specific discharge form and processing requirements.
• Registration Details: Confirm the correct LINZ registration fees and timeframes with your lawyer.
• Documentation Review: Double-check all forms are completed accurately to avoid registration delays.

• Property Identification: Complete legal description, title reference, and street address as registered with LINZ.
• Mortgage Details: Original mortgage number, registration date, and lending institution details.
• Release Statement: Clear declaration that the lender releases all claims and interest in the property.
• Party Information: Full legal names and roles of all mortgagors and mortgagees.
• Execution Block: Designated spaces for authorized signatures, dates, and witness details.
• Certification: Statement confirming the discharge complies with Land Transfer Act 2017 requirements.
• Registration Details: LINZ registration reference and any specific territorial authority requirements.

A Mortgage Release differs significantly from a Mortgage Document in several key ways. While both relate to property financing, they serve opposite purposes in the loan lifecycle.

• Timing of Use: A Mortgage Release comes at the end of a loan when debt is cleared, while a Mortgage Document is created at the start to secure the loan.
• Legal Effect: A Mortgage Release removes the lender's claim on property, whereas a Mortgage Document establishes it.
• LINZ Registration: Both require registration, but a Release cancels the original mortgage entry, while a Mortgage Document creates a new one.
• Property Rights: A Release restores full property rights to the owner, while a Mortgage Document restricts them.
• Document Structure: Releases are typically shorter and focus on discharge details, while Mortgage Documents contain extensive loan terms and conditions.