First time property buyer woes!

[Other Pineapple Smurf]

I agree most people do...

But just looking at my own situation, I bought for less than the bank approved me for, and things are actually just getting more and more difficult.. the salary doesn't go up at the same rate prices go up.

Reason why I'm also glad we just bought this last month. We also went for a house that was 30% less than what the banks where prepared to loan us as we know what we really can afford. Also did repayment calculations on higher interest rates to see what our breaking point was.

I've seen too many people loose their houses as they bought too expensive and I'm not going to let that happen to us.

 

[DigitalSoldier]

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.

My cousin did this.

They were married In community of property and when he started his own business they decided to get divorced and married again. Its a lot cheaper than trying to get a ANC after your married.

 

[Zulika]

Hi Aqua-Lung, yes this does pose a problem because when one is married to a foreigner the foreign rules apply to a bond, especially because you are married COP.
I know that you got married after you signed the bond documents but the bond registration cannot go through unless your proper marital status has been put on the documents that are meant to go into the deeds office. If you have a look at the final approval the bank has the right to change or withdraw that offer should any of your information change.
They protect themselves that way by putting in that clause. On the other side if your offer to purchase states that you must get an approval on that property for a certain amount and you don’t get that, then you can’t be held to that purchase agreement, so yes you did previously get that approval but if the bank withdraws there is not much that you or the seller can do about that.
It is a bit difficult with foreigners and they only get between a 50% and 70% bond. I hope it works out for you

 

[creeper]

My cousin did this.

They were married In community of property and when he started his own business they decided to get divorced and married again. Its a lot cheaper than trying to get a ANC after your married.

You can change it without a divorce. It is a schlep, but possible

 

[d0b33]

Thanks everyone, Will be moving in next month, paperwork done... payments made

You can change it without a divorce. It is a schlep, but possible

Yea, was told it can cost in the region of 15k too.

 

[Celine]

Hi Aqua-Lung, yes this does pose a problem because when one is married to a foreigner the foreign rules apply to a bond, especially because you are married COP.
I know that you got married after you signed the bond documents but the bond registration cannot go through unless your proper marital status has been put on the documents that are meant to go into the deeds office. If you have a look at the final approval the bank has the right to change or withdraw that offer should any of your information change.
They protect themselves that way by putting in that clause. On the other side if your offer to purchase states that you must get an approval on that property for a certain amount and you don’t get that, then you can’t be held to that purchase agreement, so yes you did previously get that approval but if the bank withdraws there is not much that you or the seller can do about that.
It is a bit difficult with foreigners and they only get between a 50% and 70% bond. I hope it works out for you

don't know where you get that information from because my husband is pure bred british and we have had 2 bonds @ 100% when we applied for them, and we got both of them. we are applying for another bond at the moment but not for the full amount of the property we buying, don't need it just need to renovate.