2010 Budget Speech

New Finance minister Pravin Gordhan has delivered his maiden budget speech.

The 2010 budget speech has come and gone. Like most people, I would agree that it does not make the most interesting reading, but it does affect each and everyone of us.

We have saved all the pain of trying to see what is in store for the year ahead, and hi-lighted the most salient points in the Minister's speech.

From a property perspective, there is no change to current transfer duty rates nor any additional taxes or rebates on property.

Moderate relief on income tax has been granted as well as a small increase in the primary tax rebate to R10,260.00 per annum.

Those who enjoy smoking and drinking however will feel the heat as taxes on cigarettes and alcohol have been increased significantly. A further disappointing item in the budget speech is an increase of 22.5 cents per litre in the fuel tax, a large portion of this going to fill a seemingly bottomless pit that is the Road Accident Fund.

Overall, the budget showed no major reforms, and the additional taxes on fuel with electricity hikes enroute mean that it will be a tough year for South Africans. Wise investing and tight budgeting will be the order of the day.

Mc Naught and Company are fully equipped to advise you on the most tax efficient practices for the coming year as well as to ensure that you are fully protected in any business dealings you may get into.

Book your consultation here.

New Home owners - Check faults within 24 Hours

Against this backdrop of increasing new homeowners and the fast pace at which property is being built today, many consumers are not taking the time to inspect their new homes during the crucial period of moving in - often to the detriment of their properties long term value.

Many new homeowners often do not know what is expected of them and in turn do not inspect their house correctly during this crucial window period. After making a big financial contribution towards the building process, the last thing that you want is a property that is less than perfect. To ensure that new homeowners fully empower themselves during this process, follow the following tips:

Check all sanitary ware in your new home - particularly your bathrooms. Look for scratches, chipping or discolouration on the bath. A contractor cannot reasonably be held accountable for faults arising after 24hrs of use.

Inspect all glass for cracks and scratches.

Review all floor and wall tiles. Also check splashbacks which are designed to protect walls from grease and cooking splatters, as well as liquid or water splashes from the sink area.

Ensure that the extras you have ordered have been fitted.

Check that all services are operating properly.

Use the provided keys to ensure that all locks are working and ensure that duplicates are handed to you.
Test that all windows and doors operate correctly.

Electrics should also not be ignored. Check your electrical distribution board, test the earth leakage, and distinguish between water cylinders and main electrical switches.

When it comes to the exterior and garden area, keep in mind the following:

Check to make sure that the boundaries are correctly and visibly marked – and that the garden area is clear of all debris.
Verify that all garden soil, paths and driveways adjoining the house are at least 150mm below the damp proof course, which is normally situated at floor level.

If any of the above is not satisfactory you must inform your builder in writing. You may be asked to sign a form stating that you have inspected the work and that everything is in order. This is a reasonable request given that the time to report a crack in a pane of glass, or a chip in the bath, has to be on the date of entry.

Mc Naught and Company, as specialist property attorneys and conveyancers, are able to advise you fully of your rights and obligations in purchasing a new property.

Mc Naught and Co take Bluff agents to new heights

Thursday last week saw Mc Naught and Company joining Amanzimtoti estate agents in getting going for 2010 with a visit to the new Moses Mabhida Stadium.

Today saw estate agents from the Bluff as well mortage originators in the area taking a trip to new heights. We all see the infrastructure development in Durban as a boost to the property market going forward.

Mc Naught and Company are revved up to take hands with our partners in the industry and make 2010 a bigger success than any year before with previously unsees service excellence!

Thank you to Acutts Bluff, Chelin's Real Estate, Dormehl Properties Bluff, Re/Max Advance, Seeff Bluff and Bond Choice for joining us in this unique experience

Durban Stadium 2010 - here we come

It's a great start to 2010 and the buzz in South Africa is the Fifa 2010 World Cup Football which takes place during June and July this year.

Confidence in the economy and the property market is being lifted by the event and here to celebrate at the new Moses Mabhida Stadium in Durban are from top to bottom, Colin (Mc Naught and Co) with George Hardenberg (Huizemark Real Estate), Dave Mc Naught (on his way up in the Stadium Skycar) and Agents from the Amanzimototi area who see the Stadium as a boost to the economy and property industry in Durban.

Mc Naught's celebrate 21

Dave gets ready for daughter Kate-Lynn's 21st Birthday with a Rubic's Cube theme... everyone needs to dress in the 6 colours of the cube then swop clothing with other guests to end up all one colour. Should be loads of fun.

'Tis the Season to be Jolly

Better service delivery and tighter financial constraints, means that Mc Naught and Company will be open until the 24th December 2009 and then re-open on the 4th January 2010 with the Deeds Office, ensuring property registrations and bonds are not unduly delayed by the festive season.

We would like to thank all of our valued clients and associates for your support during a difficult year for everyone. With the upturn in the market and the 2010 World Cup Football event taking place in June and July we hope for and wish you all a very successful and prosperous 2010.

Top Marks in KZN for Tacey

It’s a time to celebrate with Mc Naught and Co staff coming out top in KwaZulu-Natal.

Our attorney and conveyancer Tracey received top marks in her Notary’s exam this year (only 4 of 40 candidates passed the exam and Tracey was top!! Excellent work Tracey.

Both Mark and Colin have also completed their Admission Exams, degrees and Articles qualifying them to be admitted as Attorneys and additionally as Conveyancers in the New Year joining Tracey who was admitted as a Conveyancer earlier in the year.

This is an awesome achievement by our dedicated staff in 2009 - well done and congratulations!!.

Cancel Sales and Leases with care

No one like to cancel a sale or lease but when a buyer or tenant defaults it is important to do it correctly. Court disputes this year confirm that in order to claim payment of any damages or commission from a buyer’s or tenant’s deposit, the seller must have followed the correct procedures to place the party in default and then cancel the sale or lease.

And if a sale or lease is cancelled by agreement it is imperative to deal with the consequences of the cancellation such as Agent’s commission claims, legal costs or damages as well as whether the deposit or any part is to be refunded… in writing!!

The wording of the original sale agreement needs to also be studied carefully as specific provisions dealing with default are set out in the document and need to be followed, failing which claims or retention of a buyer or tenant's deposit may be illegal.

So if you wish to sign a new lease or sale contract on the understanding that the old lease or sale has fallen through it would be wise and in the best interests of the client to first check exactly how the previous deal was cancelled or dealt with and what provisions were made for payment of funds or costs paid and making provision for this in the new set of documents being signed.

Bookings for 2010 World Cup in Durban

Mc Naught and Company are members of the webite BookNow.biz which allows members of the public to make online bookings for consultations and meetings.

Book Now.biz is growing and has a range of services as well as accommodation offerings for the 2010 World Cup Football which kicks off in Durban in June next year with a match between German and Australia.

Check out more information on the website and the blog.

Download Anc/Pre-Nuptial Registration form

Mc Naught and Company are registration attorneys for Ante-Nutial or Pre-Nuptial Agreements for couples (hetero-sexual or same-sex) who are getting married. All you need to do is print out the image above, complete the particulars and fax or email it back to us and we will prepare your Agreement for signature. After you have signed this - anywhere in South Africa - we will be able to arrange notarial execution and registration in the Deeds Registry closest to you.

Should you require any help, please do not hesitate to give us a ring on 031-4673810.

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!