Sectionalisation of Everwood

There are positive signs of recovery in the property market and Mc Naught and Company are involved as Conveyancers with the sectionalisation of the Waterfall development of 34 units, known as Everwood Estate.

The units are being put onto the market for the first time, although the development was completed several years ago and the units were rented out.

Undertaking a conversion to sectional title is something we at Mc Naught and Co specialise in from the initial options to purchase which have to be sent out to the existing tenants, to holding the tenants' meeting, preparation of the sale and information documents, attending at the development launch and handiling both the opening of the sectional register as well as the transfers of the property from the owner's name to the purchasers and the registration of the new bonds.

Prices range from R795 000 to R1 090 000 and can be bought from the developer directly or through Prime Estates.

Dave's Birthday again...

It seems the year has flashed by again and it is Dave's Birthday again.

Most of the day was spent supervising the Guesthouse building alterations Dave co-owns and then a nice home cooked roast with mom, Llewellyn and the kids.

Interest rates down ,5% - now 10,5%

August saw another 1/2% dip in the mortgage interest rates now down to 10,5%.

This is great news for home owners or anyone with mortgage or other finance from the banks.

It also means that the affordability level for mortgage bonds will have reduced and more people will now qualify for a home loan.. this helps the property market and will help boost confidence in the market which dived to an all-time low when rates shot up over the past 18 months.

New Market optimism

With optimism growing in the property market, the Banks are embarking on new measures to lend money again.

At the forefront, Standard Bank is launching on the 1st October its new 100% loan deal and slashing registration costs by up to 50%.

This is good news for property buyers who are looking for some good deals to help clinch their sales. Ask for Mc Naught and Company when registering your next mortgage loan.

A High Court case finalized this week draws attention to the importance of obtaining initials to any alteration to a sale contract. If the seller makes any changes to a buyer’s offer and these changes are not initialed (ie accepted in writing by the signature of the buyer) even if his conduct afterwards appears to show acceptance, the contract was effectively a counter-offer by the seller and is void.

This week’s case endorsed a claim for cancellation of the sale by a buyer with the prospect of voiding the Agent’s commission claim and allowing the buyer a full refund of the purchase price paid. BE WARNED!

Images for the Bluff Office

Tired of looking for some suitable artwork to fit in with the new office decor, Dave has decided to make up his own art. Here are some of the images that he will be using to print onto glass.. you will see the finished product on the walls soon....

Out with the old, in with the new

While times are still tough, we're renovating at Mc Naught and Company Bluff to give you a fresh look, new styles and mod design.. ready to take on the world as the property market improves.

In the photos, from top, the new carpet being fitted, middle photo Mark leathers gives painter Moses instruction on the stair area and below our reception counter prepares to make way for the new dark beech furniture which arrives tomorrow.

What this space for the transformation.

Relief for sellers in meeting requirements for electrical compliance

New rulings regarding the issuing of electrical compliance certificates for residential properties effective from May 1 will simplify the demands made on sellers and buyers of residential property.

Sellers previously had to call in a registered electrician to inspect the electrical network and issue a current certificate and this had to be done prior to the transfer.

Now, however, any certificate issued in the last two years will be deemed valid, provided that no work has been done on the installation in the interim. Furthermore, the buyer does not have the right to demand a new certificate. If he wants such a certificate he must pay for it himself.

The electricians issuing such certificates now have to re-register annually, whereas before a once-off registration was acceptable. Under the new rulings it is now permissible for the owner or lessor to sign an agreement with the purchaser or lessee whereby the latter accepts the responsibility for the safety and maintenance of the electrical system. In addition, the electrician no longer has to guarantee the system is in full working order. He has only to certify that it is, in fact, completely safe.

This is a welcome clause because in the past electricians found themselves hauled over the coals time and again on account of minor malfunctions that they had not spotted, some of which may well have cropped after the transfer. An important provision in the new rulings, is that the test certificate has to accompany any new electrical compliance certificate issued. Such a certificate, would cover the entire electrical network.

What to do with the interest rate cuts??? INVEST!!

Good news! The Reserve Bank has again cut interest rates by a further 1%!!! This equates to a considerable saving on your monthly mortgage bond repayment.

Just this 1% drop will save a home owner with a bond of R1 million a total of R600,000.00 in interest over 20 years, and a drop of 3% in the interest rate will make a difference of more than 1 million rand in interest repaid!

Accordingly, investing in property is getting more and more attractive and we say, bring on the interest rate cuts!!!

It's our 26th Birthday

Wow, it's our 26th Birthday today.

On the 1st March 1983 Mc Naught and Company was founded by principal Dave Mc Naught with offices in Suite 1205, 320 West Street.

We are now in our 27th year and still going strong with the practice having decentralised to the Bluff in 1985 and with another office opening in Amanzimtoti in 2006. The Bluff office is situated at 555 Bluff Road and the Amanzimtoti office at 313 Kingsway, both offices having been built and owned by Dave.. always confident in the property market.

Dave now has two candidate attorneys who are due to be admitted as Attorneys later this year and has been joined by Professional Assistant Tracey-Lee.

Is Rental property still a good investment?

Tenants all around the country are defaulting on rentals, with 18% of KZN tenants not paying their dues.

Statistics show however that tenants in the R3,000.00 to R7,000.00 per month income bracket are the most loyal regarding payments with 61% of these tenants making payment in full and on time.

A good credit check and sound lease agreement can however help landlords keep a good return on their investment in rental property, and Mc Naught and Company are ideally positioned to assist in both these aspects.

Year-end Function 2008

We almost cannot believe we have nearly got to the end of the year and Christmas is around the corner. Seen in the photos at our Year-End function are the girls from Seeff (above), and Gail, Leon and Karen from Seeff (below) with Val (in blue) from our office.

Enjoying lunch with the bunch from Mc Naught and Company are Hettie, Hein and Jaco from Re/Max Bluff. Thank you guys for all of your support during 2008.

Instalment Sale Seminars

It's been a busy time at Mc Naught and Company running Instalment Sale Seminars for those in the property industry.

In the photos are from top.. Mark Leathers from our Bluff Office helps out with the running of the Seminars, Pravashni (Bluff) and Colin (Toti office) give a hand with the lunch after the Seminar, agents from Eagle Estates, Huizmark, Re/Max and Pam Golding Properties share a lighter moment, Wendy of Colliers Toti enjoys her lunch, Agents from Sotheby's, Eagle Estates, Re/Max, Acutts and Pam Golding attend, and bottom Dave Mc Naught gives the Seminar presentation.

Registration as a Registered Credit Provider

The National Credit Regulator has prescribed forms to register as a credit provider in terms of the National Credit Act.

Please see the link to the forms and the registration fees.

Mc Naught and Company are there to assist in all aspects of the registration process and our expert service is only a phone call away.

Many owners with properties near the sea or perched on hill sides, have suffered in recent months with storms and washaways. Collapsing front boundaries, walls and driveways as well as structural cracking are problems.

Lack of landslip insurance or inadequate storm water drainage are main causes of the hardship. Up to R80000,00 per owner are some of the costs we have heard about.

To prospective property purchasers, we would recommend that all properties on slopes or with visible cracks be inspected carefully and owners be questioned about building and boundary stability to save costs and later fights with sellers.

These are two of the developments Mc Naught and Company have recently transferred properties in that are now faced with large unforeseen repair bills.



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