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Questions and answers for your Property, Contracts and the law, get actions to avoid the legal Pitfalls part 3
By arlene | November 4, 2008
Question: Is a mortgage bond on a house transferable?
Answer: When a house is sold and ownership passes, it ceases to be collateral for the person who lent the money to purchase it, and the bond accordingly falls away. In theory the lender has effectively given it a value as collateral which should rise through the years, and should the same lender wish to grant a bond of an equal amount on the same house to another buyer, the bond would have to be re-registered. In practice, however, a mortgage bond on a house is not transferable.
Question: I have just bought a stand in a new township. Is the local authority responsible for the maintenance of the roads?
Answer: Yes, but in the case of older properties this is not always so. Some townships which were established many years ago escaped the need to provide roads and services acceptable to the local authority which does not have to provide or maintain them either.
Question: Once I have bought a house, can I do what I like with it?
Answer: Your municipality or local authority will undoubtedly have regulations which you must comply with and you may not do anything which might impair market value if there is a bond over the property. It is also possible that the title deeds will include restrictions on what may be done with the house, for instance, in any residential areas no one may conduct a business from their home without specific authority.
Question: I have bought a flat under sectional title. Am I allowed to do extensive alterations? Who is in charge of general maintenance?
Answer: Basically, what you do to the interior of your flat is at your discretion and expense as long as it does not affect structural soundness or external appearance. General maintenance of the interior of the flat is up to you. The body corporate is responsible for the exterior and common property.
Question: I would like to extend my house but do not have the capital. Should I apply for a second bond or borrow from the bank?
Answer: Second bond interest rates are the same as those for the original bond and are usually lower than bank overdraft charges. If you have paid off a substantial part of your existing bond you could try to obtain a re-advance from your building society.
Question: My neighbour intends building a double garage on the boundary between our houses. Can I lay an objection at the municipal offices?
Answer: The building plans for structures on a boundary require the written approval of the adjacent property owner; your objection could cause the garage to be moved off the boundary.
Question: My wife and I would like to register a property in both our names, is this possible?
Answer: Yes, and this is becoming a frequent occurrence to protect the rights of both partners.
Question: I am married under antenuptial contract. What are the advantages of registering the house in my wife’s name?
Answer: If your home is registered in your wife’s name and she can prove she inherited it, or received it as a gift from you prior to marriage, or paid for it herself then she will not be liable for estate duty or transfer costs in the event of your death, nor can the property be attached by your creditors if you become insolvent. However, if you have any share in the property or have contributed towards its cost, registering the property in your wife’s name is no protection.
Question: I am married in community of property. Can I register my house in my wife’s name?
Answer: No. The house will be registered in the husband’s name, but there are exceptions to his sole right to it which can be dealt with by your lawyer.
Question: I think I have a claim against an estate agent for the way he handled the sale of my house. What can I do?
Answer: See your lawyer and make certain that the Estate Agents‘ Board is advised in writing of your loss within three months of you having become aware of it. You must be prepared to supply proof of your claim within six months of being called upon in writing by the Board to do so.
Question: Must I pay rates on a vacant stand?
Answer: Yes, but the rateable value will in most cases be only a fraction of that once a house has been built. Watch for regulations which could require you to pay rates on a house of a given value if one is not constructed within a given time, since these are frequently introduced by local authorities to encourage development and dampen speculation.
Question: A swimming pool firm’s contract calls on me to pay the full amount for a new pool before it has been completed and filled. Should I do so?
Answer: It is unwise to pay for any construction work prior to completion. Satisfy yourself that the payments advanced on the work leave sufficient funds unpaid to see that the pool is completed to acceptable standards. If necessary write this into the contract.
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