How do I submit a request for a mortgage to be registered or discharged?
To register a new mortgage over a lease, or to discharge an existing mortgage over a lease, the department requires the following:
- The contract or official documentation as evidence of the mortgage or discharge. The documentation must be signed by both the lessee and the mortgagee (or other party to the dealing).
- The original lease documents. If the lease documents have been misplaced, the lessee must submit a statutory declaration to replace the lease documents (fee applies). The department will endorse the lease documents with the details of the mortgage (or the discharge).
- Payment of the prescribed fee (refer to the schedule of aquaculture fees).
There is an online form that can assist you in submitting these requirements.
How do I pay the prescribed fee?
When the department receives your request, it will send the lessee an invoice for the prescribed fee. Payment options will be provided on the invoice.
What happens after I submit the request and how long will it take to be processed?
Once all required documentation has been received and the prescribed fee has been paid, the department will update its records with the details of the mortgage or discharge. The original and duplicate lease documents will be endorsed with the mortgage or discharge.
For the registration of a mortgage, the original lease documents, once endorsed, will be returned to the mortgagee or other party to the dealing.
For a mortgage discharge, the original lease documents, once endorsed, will be returned to the lessee.
See the aquaculture transactions factsheet for more information on processing times.
Can the department refuse to register a new mortgage or to discharge an existing mortgage?
Yes. The department will not endorse the lease documents with the details of a mortgage, or the discharge of a mortgage, unless the requirements listed above have been submitted. This includes payment of the prescribed fee.
The department cannot register a mortgage over a lease that has expired or has been otherwise terminated. If a lease has recently expired (within 30 days of the expiry date), the lessee may be able to renew the lease prior to the mortgage being registered.
What happens to a mortgage when a lease is due to be renewed?
When a lease is about to expire, the department will notify the lessee at least 90 days prior to the expiry date. This notice is a reminder for the lessee to renew their lease. If there is a mortgage registered over a lease, the mortgagee (or other party to the dealing) is sent a copy of this notice.
If the lease is renewed, the mortgage will be endorsed on the new lease documents and will continue to be in place until it is discharged.
If the lease is not renewed, it will no longer be available to the mortgagee or other party as security. A mortgage cannot be held over a terminated lease.
What are my responsibilities as a lessee?
See the aquaculture lease and permit holder responsibilities factsheet for information about your responsibilities as a lessee (and where relevant, a permit holder).
Where can I get more information about managing a mortgage over a lease?
For more information, contact aquaculture administration via email at aquaculture.administration@dpird.nsw.gov.au.
How can the value of a lease be evaluated?
This is not something the department can assist with. The value of a lease is dependent on many variables including:
- the location of the lease within an estuary.
- the harvest zone for that location.
- production risks related to biosecurity and pollution.
- the type of infrastructure on the lease.
- availability of leases in that estuary.
- recent weather events.
- production history of the lease.