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28 Jun 2010

property with ex-boyfriend
What options to follow to get out of joint bond?
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Expert
Family law expert
family law expert

01 Jan 0001

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.
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