Quick question: I am finishing my housing loan this month. I dont plan to sell the house anytime soon. Do I need to remove Private Caveat that the bank got lodged? Is is possible to do this at a later without any issues? Reason: if the caveat remains, it would be next to impossible for third party to do any transfer. Should I get the relevant documents from the bank and just keep them to remove the caveat any time later? I am not too familiar with those things so I am just considering my options here. Of course I could also just take (any?) lawyer and get them to remove the caveat at once. What is the suggested course of action here?

Instead of a caveat, the bank should have created a charge on the property. Once you have fully settled the loan, the bank will release the charge. You can either appoint your lawyer or use the bank's panel lawyer to do it for you. I have not heard of the owner/borrower withholding the discharge. In this instance I think the bank will proceed to release the charge at your cost.

This post has been edited by Jasoncat: Dec 6 2016, 09:12 PM

Owner of the property can claim financial damage against the party entering a private caveat without any reason, as the owner of property cannot sell the property due to the caveat.

So normally caveat is released by the party entering the private caveat once documentation issue has settled.

thanks for the information guys. i will check if there is a private caveat or just a charge. maybe the banker got confused. i was informed there is a caveat and frankly slightly confused. its not overly important since there is no intention of selling the property and property law is not my forte. if its a charge i would be released wether or not i want to right? i guess any lawyer will be fine to do that right. i shall appoint one then after paying the final installment. if its a caveat it might be better to sit it out and wait for the bank to release it - correct?