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Property 24/10 - 210

19 June 2014

Impact of high municipal rates and taxes
Yearly increases in municipal rates and taxes have impacted the SA economy to the tune of 4 500 lost jobs as well as lost economic output of some R2.8 billion.

These findings were announced by the South African Property Owners’ Association (Sapoa) at the 46th Sapoa International Property Convention and Exhibition held in Cape Town last week.

It comes in the wake of Sapoa earlier this year appointing specialist consultants Rates Watch (Pty) Ltd, in partnership with the University of Pretoria, to investigate municipal budgets for the coming year.

The goal was to identify key municipal budget information on property-related costs like rates and taxes, electricity and water in SA’s 11 largest municipalities. And the findings have done just that,” says Sapoa chief executive officer, Neil Gopal.
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Minister suspends land evictions
Minister of Human Settlements, Lindiwe Sisulu, has made a call to all land owners, both state and private, to put on hold all planned evictions of illegal occupants.

“The Minister … today called on all owners of land within the state and the private sector to suspend all planned evictions until there is a clear understanding of the laws and basic human rights requirements that must be met before any eviction can take place,” said the minister in a statement on Thursday.

Minister Sisulu said she remained unhappy with evictions that were implemented in winter “when it is cold and while school-going children are writing exams”.

"As the Minister of Human Settlements I fail to understand why a property owner will receive a court order in summer and wait until winter to effect it. It is inhumane and bad timing, it is totally unacceptable,” she said.
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Free trustee workshop in Cape Town
A free workshop for trustees of bodies corporate and owners in sectional title schemes needing to learn more about sectional title has been organised by IHFM, the property management company, to be run on Thursday 26 June, from 6:30pm to 8:30pm.

The workshop is being held at the Institute of Estate Agents, Western Cape, training centre at Howard Studios in Sheldon Way, Pinelands. Mike Addison, who specialises in sectional title insurance matters, will be speaking, highlighting the important aspects of insurance in sectional title schemes.

This is according to Michael Bauer, general manager of IHFM, who says there will be a general question and answer session after the talk and this would be particularly beneficial for trustees who are new to their roles in managing a sectional title scheme.
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You must tell bank of financial stress
While the general economic climate and the property market is improving slowly, there are still those who are finding themselves in financial distress and cannot pay their bond repayments each month in full. If and when this happens, they must contact the bank that holds the mortgage immediately and not wait until letters of demand or legal notices arrive, as this may be too late.

This is according to Annette Evans, regional general manager for the Institute of Estate Agents, Western Cape, who says all bonds are granted on the basis of the financial conditions of the applicant at the time of applying, so if these circumstances should change, where the person is earning less or they have lost their job, they must let their bank know immediately.

Most banks are amenable to making payment arrangements and assisting those in financial difficulty, as long as they are contacted first and it is not the bank having to ‘chase’ payments from the bond payer.
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Self-employed home buyer tips
Self-employed individuals in South Africa are finding it increasingly difficult to obtain finance to secure transactions from traditional lenders, as they are viewed as high risk candidates with unpredictable earnings. As a result, the growth potential of many of South Africa’s self-employed individuals is being hindered.

This is according to Gary Palmer, CEO of Paragon Lending Solutions, who says that as a result of the strict regulatory environmenthe has witnessed an increase in the number of unsuccessful loan applications by business owners, regardless of the full business potential of the client.

“South Africa’s banking sector has tightened up its regulations around the lending criteria to self-employed individuals arguing that their earnings are volatile, despite the fact that some self-employed individuals earn more than those employed,and as such self-employed individuals are increasingly making use of alternative lending solutions by non-bank lenderswho are providing much-needed cash flow to take advantage of opportunities.”
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Second-time home buyer's guide
Self-employed individuals in South Africa are finding it increasingly difficult to obtain finance to secure transactions from traditional lenders, as they are viewed as high risk candidates with unpredictable earnings. As a result, the growth potential of many of South Africa’s self-employed individuals is being hindered.

This is according to Gary Palmer, CEO of Paragon Lending Solutions, who says that as a result of the strict regulatory environmenthe has witnessed an increase in the number of unsuccessful loan applications by business owners, regardless of the full business potential of the client.

“South Africa’s banking sector has tightened up its regulations around the lending criteria to self-employed individuals arguing that their earnings are volatile, despite the fact that some self-employed individuals earn more than those employed,and as such self-employed individuals are increasingly making use of alternative lending solutions by non-bank lenderswho are providing much-needed cash flow to take advantage of opportunities.”
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