Home Loan : First Time Buyer

[MrGray]

I dealt directly with Nedbank and had no issues.

Luck of the draw I guess. In 25 years of banking with them I have never had such atrocious, shambolic service.

 

[Shard]

Took out a joint bond with my gf to buy a house.

R3.125 mil, took bond of R2.075. We apparently got one of the best credit scores our consultant had seen before and we got Prime less 0.55%.

I'm a BA, she's a Phamacist. Both with no other liabilities.

 

[PieterseMJ]

We went through an originator and it was a breeze. We needed a 100% bond and the only place that offered us the 100% on 20 years with an average rate was FNB. I didn't complain as i like FNB and bank with them, but i think the worst for my partner was that not even Standardbank came out to play and we have another home loan with them already for the past 7 years. Must say that the people i know who have bought recently all got good deals from FNB compared to other banks and lenders

 

[Freaksta]

Took out a joint bond with my gf to buy a house.

R3.125 mil, took bond of R2.075. We apparently got one of the best credit scores our consultant had seen before and we got Prime less 0.55%.

I'm a BA, she's a Phamacist. Both with no other liabilities.

Which bank if i may ask? Thats a decent rate.

 

[SauRoNZA]

If you have a certificate for it they are liable.

Go back to your attorney and have them chase it.

Just has the plumbers out for a leak in my new house's roof.

Few weeks ago had the electricians out to sort out the geyser that wasn't working.

Everything covered by those certificates is their problem to fix.

 

[SauRoNZA]

Took out a joint bond with my gf to buy a house.

R3.125 mil, took bond of R2.075. We apparently got one of the best credit scores our consultant had seen before and we got Prime less 0.55%.

I'm a BA, she's a Phamacist. Both with no other liabilities.

That kind of money why haven't you married the girl yet?

 

[StrontiumDog]

Transfer went through and we were still waiting for COC's...I am ready to argue this thing

That's not legal.

 

[Shard]

Which bank if i may ask? Thats a decent rate.

Was FNB directly. My gf is with them, I am with Standard. I didn't even get to speak to someone about it at Standard - went online filled out all the stuff, no one ever called.

I wasn't really phased about shopping around, she was happy with the rate and I was just transferring money from my dads old bonds he's kept going from investment properties at a whopping Prime less 2%.

The lady at FNB was quite cool, she said we can push for a lower rate, but we need to go get comparative quotes to do that.

 

[Shard]

That kind of money why haven't you married the girl yet?

Priorities haha. We're both practically minded.

Marriage is for when its time to have kids.

 

[Salt]

That's not legal.

Are you a lawyer? Do you have a reference proving this? I am tired of waiting for this now.

 

[e4et]

With how much do you guys think the realtors inflate the prices of homes they try and sell ?

 

[StrontiumDog]

Are you a lawyer? Do you have a reference proving this? I am tired of waiting for this now.

No, but our lawyer would not proceed with transfer for a property we sold until he/she had the 3 x COC. It's law... and if they transferred the property into your name without the COCs that is seriously dodge.

The delay with the COCs for our property delayed the transfer by a few days.

Find some transferring attorneys and they should tell you the same.

 

[SauRoNZA]

Yeah it should be impossible to transfer without the certificates.

 

[StrontiumDog]

With how much do you guys think the realtors inflate the prices of homes they try and sell ?

It depends on so many factors. How long is a piece of string?

 

[me_]

Are you a lawyer? Do you have a reference proving this? I am tired of waiting for this now.

Here is a link regarding the CoCs and roles of the conveyancing attorney:
http://www.ee.co.za/article/certificates-compliance-role-conveyance-attorney.html

They do say in there that sometimes the conveyancing attorneys do disregard the CoCs. Have you asked them directly for them?
If you got a bond, your banks conveyancing attorneys should also have verified the CoCs so maybe ask them for copies as well.

 

[me_]

If the conveyancing attorney hasn't ensured there are valid CoCs, here is the recourse you have against them (according to the law society):

What recourse do you have if the conveyancer fails to do the job?
Conveyancers are subject to the disciplinary powers of the law society of
the province in which they practise. Law societies will act in the interest
of the public. A complaint may be lodged with the relevant law society.
If someone believes that a conveyancer has not done his/her job
properly, he/she may lodge a complaint with the relevant law society
which will investigate the matter and, in appropriate cases, will
discipline the conveyancer.
If the conveyancer has been negligent and the purchaser or the seller
should suffer any loss as a result of such negligence, they may have a
claim against the conveyancer for the amount of the loss.

http://www.lssa.org.za/upload/Buying_or_selling_a_house_English.pdf

 

[WAslayer]

With how much do you guys think the realtors inflate the prices of homes they try and sell ?

i am busy purchasing a property now.. went to sign the documents at the attorneys, and saw the current owner's purchase price, and i am paying him 160k more than he paid for the place.. mind you, there was no date on the documents, so this could be 3 or 4 years or even months ago.. this is after i gave him my offer of 45k less than what was being asked for the property and he accepted..

 

[SauRoNZA]

i am busy purchasing a property now.. went to sign the documents at the attorneys, and saw the current owner's purchase price, and i am paying him 160k more than he paid for the place.. mind you, there was no date on the documents, so this could be 3 or 4 years or even months ago.. this is after i gave him my offer of 45k less than what was being asked for the property and he accepted..

Yeah without time that means nothing.

Also doesn't take into account any work he might have done to the place.

My house I made 320k on in five years. That's just the way it works. You can't look at original purchase price as a means of current value. If that was the case I should have paid 400k less for my place because that's what they had paid however many years before.

You can normally get the details (before they are updated with yours) from the government property valuation websites. At least for Cape Town that is.

 

[WAslayer]

Yeah without time that means nothing.

Also doesn't take into account any work he might have done to the place.

My house I made 320k on in five years. That's just the way it works. You can't look at original purchase price as a means of current value. If that was the case I should have paid 400k less for my place because that's what they had paid however many years before.

You can normally get the details (before they are updated with yours) from the government property valuation websites. At least for Cape Town that is.

very nice info on the government property valuation site.. will keep that in mind with my next purchase..

the property im buying is listed there, which states the market value as at 1st july 2012 was only 10k more than what the current owner paid.. so there was a 190k jump from what he paid to what he was asking now, in around 3 or 4 years.. he did some upgrades, probably around the line of 30k to 40k..

 

[StrontiumDog]

@WAslayer, well what is the current value of the place? If it's millions then 190k is nothing. If it's a 300k property then that's a good increase.