The Hong Kong Monetary Authority (HKMA) notices that there have been cases where mortgage borrowers have further mortgaged their properties without seeking prior consent from the original mortgagee AIs. Starting from 1 February 2017, the HKMA expects AIs engaging in mortgage lending business to subscribe to an e-Alert Service provided by the Land Registry for all new mortgage loan applications (including top-up mortgage loans) to enhance credit risk management.

AIs will receive electronic notifications from the Land Registry when further charge/mortgage documents in respect of the properties mortgaged to the AIs concerned are lodged for registration with the Land Registry. To subscribe to the e-Alert Service for AIs, AIs must obtain written consent from the property owner(s) concerned in compliance with the Personal Data (Privacy) Ordinance (Cap. 486). That is why Mr Chan was asked to sign a consent form for his mortgagee bank to subscribe to the e-Alert Service for AIs when he made an application for a mortgage loan.

As the property owner, if Mr Chan gives his consent by signing the consent form and provides his email address in the consent form, he may opt to receive same electronic notifications relating to his property issued to his mortgagee bank by the Land Registry under the e-Alert Service for AIs. He will receive an email alert when a charge/mortgage document is delivered to the Land Registry for registration against his property, normally on the day following the date on which the document is delivered to the Land Registry. He will get relevant particulars of the document, including the date, memorial number, nature of the document and date of delivery for registration, from the email notification. By using the memorial number provided in the email notification, he may order (with the payment of the prescribed fee i.e. HK$100) a copy of the charge/mortgage document for reference upon completion of registration.

The Land Registry will only charge Mr Chan's mortgagee bank for its subscription to the e-Alert Service for AIs and will not charge him any fee for such a notification arrangement. The Service will cover the whole term of the mortgage as long as Mr Chan does not withdraw the consent given.

The e-Alert Service for AIs is not available for subscription by property owners. However, Mr Chan may subscribe to the e-Alert Service for property owners provided by the Land Registry whereby he will receive an email alert of the delivery of any instrument for registration against his property. The e-Alert Service for property owners saves Mr Chan's time and costs as well as provides an easy and convenient means to keep track of instruments delivered for registration against his property. It also facilitates Mr Chan to take appropriate and prompt action if unexpected instruments were submitted for registration against his property, in particular if his property is subjected to or may be affected by potential or actual disputes (e.g. registration of bankruptcy order against the co-owner's share, repair notices or orders issued by the Building Authority, etc.).

The subscription fee for the e-Alert Service for property owners is HK$225 for one year or HK$250 for two years. Mr Chan may obtain further information on the Service here or call our Customer Service Hotline at 3105 0000.