Tips for Trevor – a response

Simon Stockley's plea to abolish the legal profession's monopoly and for agents and other to be allowed to join the conveyancing gravy train is nothing new. Voices like his have been heard for years. But as much as one realises the value of competition, realism must not be forgotten - estate agents ("realtors" nowadays), even experienced ones, continue to battle to complete a pre-printed offer to purchase that will result in a sensible workable fixed property sale agreement. Often the resultant agreement is impractical or even unenforceable and it is left to the property lawyer to patch up the problems and pick up the pieces while the agent waits in the wings for the commission cheque to land in his bank account. All he does is to phone the conveyancer from time to time to hear when the cheque can be expected.

Property law has become increasingly complex over the last couple of years, with the enactment of countless pieces of legislation, numerous court rulings, new approaches to old issues, and many other things that "realtors", accountants and the like have not even heard of. Agents should rather keep on trying to improve filling out pre-printed offer to purchase forms, and accountants should stick to what they do best (whatever that is), and leave it to qualified conveyancers to do the conveyancing which requires more skill today than ever before.

Hugo Fyfer

And Marcia du Pont

I have read the notes from Simon Stockley to Trevor (Trevor Manuel, Minister of Finance).

Whow, how gratefull I am that I am in a position to know Mr Trevor Manuel personally.

I also know him as the Minister of Financeand has great confidence in his knowledge regarding finances.

First I note that Simon Stockley is the CEO on Integer Home Loans. He must also have great knowledge for such a position.

Even if exemption on transfer duty is granted for the first ONE MILLION RAND, it will be great but what about South Africa's ENOCOMICS which is falling apart at present. A Great part of money which is not coming from the pocket of each tax payer, comes from TRANSFER DUTY. For income tax must be gathered at this moment than to give money away.

TRANSFER DUTY is a great relieve for every taxpayer as he will have to pay less tax at the end of the day taking TRANSFER DUTY in mind.

ANYWAY, THE PRESENT BOND AMOUNT PAYBLE ON A MORTGAGE BOND FOR ONE MILLION RAND IS MORE OR LESS : R12 440,00 PER MONTH.
WHICH FIRST HOME OWNER CAN EASILY PAY THIS MONTHLY AMOUNT ???
SORRY, I DO NOT THINK THIS WILL BE A GREAT HELP.
THE REASONABLE MAN CAN NOW HARDLY PAY HIS MONTHLY INSTALMENTS AND OTHER DEBT, AND WILL NOT BUY EASILY FOR ONE MILLION RAND WITH THE PRESENT BOND RATES.

If someone wants to buys a EXPENSIVE PROPERTY for ONE MILLION RAND AND MORE, he must be able to pay the taxman his REASONABLE part, it is not negotiable. NOR IS THE FEES FOR NEGOTIABLE FOR OBTAINING A LOAN FOR A CLIENT BY A BOND ORIGINATOR (SIMON STOCKLEY'S BUSINESS) AND THE BANK WHEN A LOAN A GRANTED.

THE BOND ORIGINATOR GETS HIS PRICE ON REGISTRATION DATE WHICH AT THE END, THE BANK'S CLIENT STILL PAY (NOT KNOWING IT).

EXEMPTION OF TRANSFER DUTY UP TO FIVE HUNDRED THOUSAND RAND, IS MORE THAN REASONABLE

AS THE PRICES OF PROPERTIES WILL HAVE TO COME DOWN DUE TO INFLATION AND INTEREST RATES. ALL THE PEOPLE CANNOT BUY THE MORE EXPENSIVE PROPERTIES ANYMORE AND CANNOT PAY THE MONTHLY INSTALLMENTS THEREON.

PEOPLE ARE FORCED TO BUY LESS EXPENSIVE PROPERTIES (FOR LESS THAN ONE MILLION RAND).

THEN : "ABOLISHING THE ATTORNEY'S CONVEYANCING MONOPOLY".

ATTORNEYS ASK CONVEYANCING FEES AS ANY OTHER BUSINESS WILL DO. DOCTOR, DENTIST, BOND ORIGINATOR, HAS A STANDARD FEE.

NO BUSINESS IS FOR FREE.

WHOEVER IS GOING TO DO THE "CONVEYANCING" WORK, IS GOING TO ASK THE SAME PRICE OR MAYBE MORE,

AND CERTAINLY THE JOB WILL NOT BE DONE WITH THE SAME CONFIDENCE OR FOR FREE- ATTORNEYS HAS A GUARANTEED AND COMPULSORY "FIDELITY FUND" (LIKE INSURANCE) AS FOR ESTATE AGENTS - WILL ANY OTHER BUSINESS HAVE THE SAME COVER FOR A CLIENT FOR "IN CASE" SOMETHING GOES WRONG WITH THE PROPERTY SALE AND THE MONEY "MAYBE MAYBE " GETS STOLEN OR DISAPPEAR ?.

BUT FIRST LET US ASK AND GET VOTES, WILL WILL DO CONVEYANCING FOR FREE ???

THEN "GRANTING TAX RELIEF FOR MORTGAGE PAYMENTS" :

THE GOVERNMENT DO NOT EARN ANY MONEY ON MORTGAGE PAYMENTS (MORTGAGE BONDS IS USUALLY NOT ONLY DEBT FOR A HOUSE, BUT SOMETIMES AND MOST OF THE TIMES FOR MORE THAN ONE HOUSE AND ALSO FOR PERSONAL STUFF LIKE VEHICLES, MOTORBIKES, BOATS, SWIMMING POOLS, PAVING, TAKEOVER OF PERSONAL DEBT, ETC ETC). WHY MUST THE GOVERNMENT SPONSOR THESE ARTICLES, MOST OF THEM LUXURIES, BY GRANTING TAX RELIEVE ?

THE ONLY TIP I CAN GIVE TO HIS HONOURABLE MR TREVOR MANUEL, IS THAT ONLY THE FIRST HOUSE WITH A VALUATION OF NOT MORE THAN SAY R800 000,00, CAN RECEIVE TAX RELIEF (AS A PROPERTY, RENTED OR BOUGHT, IS A NECESSITY). HOUSES WITH A HIGHER VALUE MUST RECEIVE "NO" TAX RELIEF AT ALL.

I WOULD APPRECIATE IT IF THIS LETTER CAN BE PUBLISHED AND ALSO SEND TO MR SIMON STOCKLEY AND MR TREVOR MANUEL.

SOUTH AFRICA IS ONE COUNTRY - EVERY PERSON HAS THE RIGHT TO SPEAK FOR HIMSELF: LIKE ME, LIKE MR STOCKLEY, LIKE OUR NATION, YES, EVERYONE.

REGARDS

MARCIA DU PONT