A.—7

26

19. The mortgagor may pay to the; Superintendent at any time the whole balance of principal owing with interest to date of payment, and obtain a discharge of the mortgage on payment of the fee proscribed for such discharge. 20. The mortgagor may also from time to time pay to the Superintendent, in addition to the halfyearly payments, sums of £5 or a multiple of £5, which, at the next instalment due date, ma.y be applied in one of the following methods, according as he directs : — (a.) In payment of the half-yearly instalments (consisting partly of interest and partly of principal) as they fall due, until the deposit is exhausted ; or, (b.) In payment of as many future half-yearly instalments of principal (but not of interest) as it will cover, and, as far as such instalments are concerned, the corresponding interest will not be charged. On the next half-yearly date, however, the mortgagor will be required to continue his payments as before, the advance payment having the effect of reducing the period during which he would have to pay such instalments. For instance, a mortgagor has a loan of £100 for a term of 36| years. On the due date of his eighth half-yearly instalment he pays, in addition to the amount due, a sum of £5. This is applied in payment of his ninth, tenth, eleventh, twelfth, thirteenth, fourteenth, and fifteenth instalments of principal 12s. 2d., 12s. 6d., 12s. lOd., 13s. Id., 13s. 5d., 13s. 9d., 14s. 2d. (see table), making a total of £4 lis. lid., and the corresponding interest £2 7s. 10d., £2 7s. 6d., £2 7s. 2d., £2 6s, lid., £2 6s. 7d., £2 6s. 3d., £2 ss. lOd. (which has not begun to accrue) —is not charged. A balance of Bs. Id. remains in his favour. Then on the next due date he has to .make the half-yearly payment as usual (less Bs. Id.), but, instead of being the ninth, it counts as the sixteenth instalment, and by this means the whole loan is repaid three years and a half earlier (seven halfyearly payments) than it otherwise woulei be. Readjustment ol' Loans. 21. On the due date of any instalment, after at least one-tenth of the loan has been repaid by means of the half-yearly instalments or of moneys repaid in advance, or both, the mortgagor (provided he is not in arrear with any instalment or other payment due under the mortgage) may, with the consent of the Superintendent, readjust the loan by treating the balance of principal then unpaid as a fresh loan duly granted on that date for a fresh term. But no readjustment is allowed to an amount less than £100. Under this arrangement the mortgagor will be relieved of paying interest on the original amount of the loan, and will pay only on the balance of principal owing. 22. Following is the scale of fees payable for preparation of mortgages : — Mortgages under the Land Transfer Act, 1915. Law-costs of perusing title, preparing, completing, and registering mortgage (to be deducted from the advance) : — £ s. d. If advance be not exceeding £250 .. .. .. .. ..076 Exceeding £250 but not exceeding £500 .. .. .. .. 010 0 Exceeding £500 but not exceeding £750 .. .. .. .. 015 0 Exceeding £750 but not exceeding £1,000 .. . . . . ..110 Exceeding £1,000 but not exceeding £.1,500 .. .. .. ..160 Exceeding £1,500 but not exceeding £2,000 .. .. .. ..1116 Exceeding £2,000 but not exceeding £3,500 . . .. .. .. 117 6 With cash elisbursements, which are the same in every case, namely : — Mortgage forms .. .. .. .. .. .. ..020 Search fee (with an additional 2s. for every certificate of title after the first) 0 2 0 Registration (with an additional 2s. for every certificate: of title after the first) .. .. .. . . .. .. .. 010 0 Mortgages under the Deeds Registration Act, 1908. Law-costs of perusing title, preparing, completing, and registering mortgage (to be deducted from the advance) :— £ s. d. If advance be not exceeding £150 . . .. .. .. .. 018 0 Exceeding £150 but not exceeding £250 .. .. .. ..106 Exceeding £250 but not exceeding £500 .. .. .. ..150 Exceeding £500 but not exceeding £750 .. .. .. .. 113 0 Exceeding £750 but not exceeding £1,000 .. .. . . ..230 Exceeding £1,000 but not exceeding £1,500 .. .. .'. .. 2 13 0 Exceeding £1,500 but not exceeding £2,000 .. ■ . . . . .. 313 0 Exceeding £2,000 but not exceeding £3,500 .. .. .. .. 413 0 With cash elisbursements : Mortgage form .-. .. .. .. .. .. ..010 Fee chargeable by solicitor not residing in registration centre for employing agent to register mortgage .. .. .. .. ..056 Fee for partial or total discharge of mortgage.. .. .. ..050 Fee for execution of consent by the Superintendent to any document .. 0 5 0 Fee for production of title-deeds held by the Superintendent .. ..050