advertisement
Question
Posted by: Roxy | 2010/06/28

property with ex-boyfriend

What options to follow to get out of joint bond?

Not what you were looking for? Try searching again, or ask your own question
Our expert says:
Expert ImageFamily law expert

You can apply for a Substitution of Debtor on a joint bond. Section 57 of the Deeds Registries Act 47 of 1937 makes provision for substituting one mortgagor with another. It costs about 50% less than having to register a completely new bond. However, most banks hesitate to entertain "substitution of debtors" transactions. The reason for this is that they may worry that their security will be compromised if the mortgage bond document is merely changed to reflect the new mortgagor. Best would be to approach the bank with such a request, necesarily your fiance must also accept that he will be substituted.

The information provided does not constitute a diagnosis of your condition. You should consult a medical practitioner or other appropriate health care professional for a physical exmanication, diagnosis and formal advice. Health24 and the expert accept no responsibility or liability for any damage or personal harm you may suffer resulting from making use of this content.

2
Our users say:
Posted by: jacqui | 2010/07/16

i lived with my unemployed ex boyfriend for 7years,he got the job,started cheating and he kicked me out of his house.i didnt have a place to stay but my friend offered me to stay with her untill i got a place of my own.the problem was now the place was small for all my things,he(ex)said i can live some of the things ill come take them as soon as i got a place of my own.i got myself a place asap and tried to collect the other sfuff i left,he didnt answer my call and even changed the doors locks.i went small claim court,they could not help me coz the amount of those things worth more than 7000.00 and they said i must open a civil case with a lawyer,i then applied for legal aid board but,they rejected my application.i approached a private lawyer last year December and paid him in full the begining of January but nothing so far he has done ecxept telling me to wait.please help its been a year now and im affraid hes gona run away with this things that im still paying for.please help its killing to think that i migth loose them.what can i do.

Reply to jacqui
Posted by: family law expert | 2010/06/28

You can apply for a Substitution of Debtor on a joint bond. Section 57 of the Deeds Registries Act 47 of 1937 makes provision for substituting one mortgagor with another. It costs about 50% less than having to register a completely new bond. However, most banks hesitate to entertain "substitution of debtors" transactions. The reason for this is that they may worry that their security will be compromised if the mortgage bond document is merely changed to reflect the new mortgagor. Best would be to approach the bank with such a request, necesarily your fiance must also accept that he will be substituted.

Reply to family law expert

Have your say

Thanks for commenting! Your comment will appear on the site shortly.
Thanks for commenting! Your comment will appear on the site shortly.
advertisement