What does lapsing a Caveat mean?
While there are a number of exceptions, generally a Caveat is said to lapse in the following circumstances, where: • the estate or interest claimed by the caveator is satisfied by the lodgment (by hand) at LPMA and registration of a dealing or • the registered proprietor of the land or a registered interest lodges an Application for Preparation of Lapsing Notice (form 08LX), together with the prescribed lodgment fee, to have the Caveat lapsed, under section 74J of the Real Property Act 1900 and the lapsing procedure is completed or • a party lodges a dealing (prevented by the Caveat) and also lodges an Application for Preparation of Lapsing Notice (form 08LX), together with the prescribed lodgment fee, to lapse or partially lapse the Caveat, under section 74I/74JA of the Real Property Act 1900 and the lapsing procedure is completed. In the case of an Application for Preparation of Lapsing Notice, the Caveat will lapse or partially lapse 21 days after the date on which notice was served
