'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!

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.