The friend that I have a joint bond with wants to be removed and is willing to go ASAP, but the bank lawyers are requesting a ridiculous fee of R40 000 for them to remove his name.

Please advise how I can be assisted without using greedy bank attorneys?

ooba home loans replies:

Great question!

So every situation is different when parties decide to separate their ways and deal with the property and the bond. Generally speaking, the fees associated with getting ‘out’ are for the person who is taking the property over, unless your friend has agreed to contribute towards the transfer and bond costs.

Your friend would be required to pay half of the bond cancellation costs and half of any current/arrear rates, electricity and water bills.

Let’s not forget that there may also be penalty interest due to the bank if your friend didn’t give the bank 90 days’ notice of her/his intention to sell the ½ share to the other party.

The best advice we would give, would be to call a conveyancing attorney and set out the specific facts and let them quote on the work – remember a quote costs nothing.

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Property 24 26 June 2019