So here's the lowdown - thanks to Lindy Ziyambe at financial advisers Globalfundi.
"If you are selling a property with a bond registered over the property, it must be cancelled on transfer and the seller is responsible for payment of the cancellation conveyance’s fees. ", she says.
" Take note, that a 90 days cancellation period is a prerequisite to FNB, Standard bank and Absa. Nedbank; the 90 days period only applies to loans less than 3 years old. If a new bond is to be registered with Nedbank then either: amended cancellation figures are issued or if bond is already cancelled, the penalty is refunded. The other 3 banks penalty cannot be waivered or refunded. Other circumstances when the 90-day notice period can be waived are deceased estates and sequestrated estates" cautions Ziyambe.
so whats the actually score here and this is what the banks say...
Well Ziyambe gives us some decent links so that we can get this information from some awesome resources:
also "Be wary of bank cancellations from the Property Tycoon"
and Property 24 who always have the best info available.
Cancelling your home loan
How do I cancel my home loan?
Your attorney is advised to attend to the cancellation of the outstanding capital amount and interest, plus any other costs that are required to settle the account.