First time property buyer woes!

[d0b33]

So... I made an offer, received a loan quotation, accepted it, things took longer than expected before to sign the transfer docs, I got married in between that period... to a foreigner. The amendments were made to the transfer docs but now the loan seems invalid.... Ok my fault I know, I wish I knew better at the time... So what to do?

The loan agent will attempt to hold the bank to the loan but if that fails what are my options? Apparently a re-application will not get me more than 75% since she is foreign.

Thanks in advance for any helpful advice.

 

[syntax]

How are you married?

We used just my salary to purchase the house even though both our names are on the paperwork.

 

[ToxicBunny]

Don't quite see how being married would change the loan offer...

It was based on your salary, not your combined salary.

 

[d0b33]

Married in community, if I had known the importance of OC I would have been sure to secure that, I was hoping to sign an ANC a few months later once all the stress of moving had settled down, but for security reasons. I did not expect issues with the bond.

 

[Sinbad]

Married in community, if I had known the importance of OC I would have been sure to secure that, I was hoping to sign an ANC a few months later once all the stress of moving had settled down, but for security reasons. I did not expect issues with the bond.

You wanted to sign an ANC AFTER you got married?

What part of ANTE-nuptual didn't you get? Changing your marriage regime is a complete ballache, and extremely expensive.

 

[Billy]

Let this thread be an example to those who think an ANC is just for people with their own business.

 

[rorz0r]

It will be cheaper to get your marriage annulled and get re-married with an ANC. Maybe you should just do that and get the house sorted then get married again. To change it now you'd have to make an application to the supreme court.

 

[d0b33]

You wanted to sign an ANC AFTER you got married?

What part of ANTE-nuptual didn't you get? Changing your marriage regime is a complete ballache, and extremely expensive.

Oh I was not aware

It will be cheaper to get your marriage annulled and get re-married with an ANC. Maybe you should just do that and get the house sorted then get married again. To change it now you'd have to make an application to the supreme court.

Getting divorced and re-married is not an option now though, her visa status has been changed to married...

Edit:
If I decide to withdraw from the sale, I anticipate loosing my deposit but what other costs should I expect?

 

[Cool E]

Oh I was not aware



Getting divorced and re-married is not an option now though, her visa status has been changed to married...

Edit:
If I decide to withdraw from the sale, I anticipate loosing my deposit but what other costs should I expect?

Agent might charge you.

 

[d0b33]

Agent might charge you.

Sellers might sue me too, they're paying off bond and the rates.. damn...

Couple renting were given notice once bond was approved too and have moved out...

 

[syntax]

Im sure all offers are subject to the bond approval and on the terms you decide.
So, if you dont get the bond you want, the offer doesnt hold.

With the bond basically being re-applied for, the process has started from the beginning.

Im confused though, if you signed for the bond, before you were married. What exactly happened that it changed now?
They dont re-do the bond loan agreement if you own a house and then get married do they?

/EDIT/ The only thing i can think of, is that there is a clause somewhere that the loan amount is valid for a certain period, if its not used, the process is cancelled and you need to start the process again

 

[d0b33]

Im sure all offers are subject to the bond approval and on the terms you decide.
So, if you dont get the bond you want, the offer doesnt hold.

With the bond basically being re-applied for, the process has started from the beginning.

Im confused though, if you signed for the bond, before you were married. What exactly happened that it changed now?
They dont re-do the bond loan agreement if you own a house and then get married do they?

/EDIT/ The only thing i can think of, is that there is a clause somewhere that the loan amount is valid for a certain period, if its not used, the process is cancelled and you need to start the process again

I'm not re-applying though, the bond agent is going to attempt to keep the current loan. I only accepted the loan, there was a delay for nearly a month before I could sign the transfer documents (Sellers). Thing is without this delay this could have been avoided and I would have signed before getting married.

 

[GreyBush]

I don't think you'll have a problem... unless your new wife has really bad debt or has been blacklisted or something.

 

[d0b33]

I don't think you'll have a problem... unless your new wife has really bad debt or has been blacklisted or something.

Hopefully.. main thing is she is foreign, which adds a spanner to the works.

 

[bwana]

Hopefully.. main thing is she is foreign, which adds a spanner to the works.

It shouldn't - does she have permanent residence?

 

[d0b33]

It shouldn't - does she have permanent residence?

Nope still temp, visa expires soon and applied for renewal as married.

 

[Sinbad]

I'm thinking russianbrides.com

 

[d0b33]

I'm thinking russianbrides.com

lol yes that's what everyone thinks... but we met each other in cape town

 

[Shake&Bake]

I'm thinking russianbrides.com

I'm thinking Mavericks

 

[rorz0r]

lol yes that's what everyone thinks... but we met each other in cape town

via an "organised introduction"?

Yeah I suggest you chat very nicely to the bank and maybe a lawyer or something.
Being married in community of property basically means that any agreement has to be entered into by both of you now, ie if you want to buy a car she must sign as well, etc. Real pain in the ass. Realistically expect changing to ANC to cost around 25-30k.