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Van Deventer Newsletter - April 2022

Posted On: Saturday, April 30, 2022
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Van Deventer and Van Deventer


Dear Friends of Van Deventer & Van Deventer,

It’s been a while; I hope everyone had a great Easter and was able to spend some quality time with family and friends.

The last two months have been busy at Van Deventers, trying to ensure that as many of our supporting Property Practitioners as possible, are able to write their PDE 4 Exam this May. 

We will have a full training session for the PDE 4 Exam prep-class on the 10th of May and we look forward to celebrating with all of you once you have received your results. 

I would like to take this opportunity to thank those Property Practitioners who have made good on their promises by supporting us, it was an absolute pleasure hosting you in our logbook and NQF4 courses. 

Best of luck to those writing the PDE4 Exam, we look forward to seeing you for a celebration afterwards.

Regards, 
Cor van Deventer 
Cor van Deventer

Cor van Deventer - Director
Arno van Deventer

Arno van Deventer - Director
 
Phoenix Group

Flexi Bonds and Fixed Interest Rates: 


Dear Valued Clients & Friends, 
Two of the most common questions we have been getting asked recently are:
  1. What is an access/flexi bond and how do I apply?
  2. With the prime rate rising, can I fix my interest rate?
Both of these options are available to most purchasers, but they are only able to apply for them after the bond has registered.
 
All of the major banks will offer an access/flexi bond product that can be set up with your banker as soon as the bond registers. An access bond is basically a facility that allows a consumer to pay in, either monthly or ad-hoc, an additional amount above their monthly bond instalment. These additional funds paid in can reduce the interest payable on the loan, but also allow the consumer to access the funds in case of an emergency. This allows consumers to be aggressive in their bond repayments, yet have the flexibility to redraw the funds in an emergency. It is an option all consumers should consider.
Some banks will even have an option for the additional funds paid in to reduce the total loan term of the bond, however these funds will not be available again once paid in.

 
Consumers can also request a quote comparison for a fixed vs variable interest rate shortly after their bond registered. This rate cannot be fixed for the entirety of the loan (typically 20 years) – with a maximum period for a fixed rate of 5 years. Note that the longer the fixed rate period, the higher the uncertainty, which will likely result in higher rates for longer terms.
In order to offer you a fixed rate quote, the bank will make a projection of expected interest rate changes over the period (likely “rounding up”), take the average by incorporating the time value of money, then add some kind of contingency. The formula may be a little more complicated than this, but essentially the banks will work in the risk of rising interest rates. Historically speaking, fixed interest rates are more expensive for the consumer in the long run.
In saying this, there are reasons why a consumer might consider a fixed rate. Some consumers need the security of knowing exactly what their bond repayments will be each month, and others have a strict budget that could be very sensitive to fluctuations in monthly costs. We can conduct an affordability assessment and advise our clients accordingly.

 
We look forward to assisting property practitioners in educating their purchasers to have the confidence to make the decisions that are right for them.

Best Regards,
Hannah van Deventer 

Upcoming Training for Candidate Property Practitioners

 We have provisional dates for the following upcoming training sessions:
 
  • PDE4 Exam Prep – 10 May 2022
  • NQF4 Real Estate – 20 to 24 May 2022
  • Logbook – 1 to 2 June 2022
 
Please read all requirements to be able to attend the course and register via our website.

 
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Van Deventer & Van Deventer Inc. 
FROM TERMINATION OF THE NATIONAL STATE OF DISASTER TO THE STATE OF THE MATTER
 

The government of South Africa made a decision to terminate the national state of disaster as from 4 April 2022, in favor of further managing the Covid-19 pandemic under the National Health Act of 2003 (NHA). However, the regulations that were published by the Department of Health on 15 March 2022 brought more questions than answers in the ongoing national conversation regarding vaccine mandates. The government’s position and policies on Covid-19 vaccination and some of the NHA regulations, are conflicting.  

To bring the discussion to speed, Covid-19 vaccination in South Africa remains on voluntary basis, which position was reiterated by the Deputy President, DD Mabuza, earlier in April 2022. However, regulation 15A (1) (a) (b) (c) (ii) and (iii) under the NHA provides that a person who is suspected of having contracted Covid-19, has been in contact with a confirmed case, or has been confirmed as a case themselves, of a notifiable medical condition (NMC) listed in Annexure A, Table 1, 2 or 3, may NOT refuse mandatory prophylaxis, quarantine, treatment or isolation. Prophylaxis can be defined as ‘treatment given to prevent disease,’ which essentially refers to vaccination as the only prophylaxis available at the moment for Covid-19, is the vaccine. This provision is consequently at odds with the government’s public policy on Covid-19 vaccination and the question of the moment would definitely be, could this be telling of a possible change of policy towards voluntary vaccination in South Africa in the near future?

The period for submitting comments on the draft regulations lapsed on 14 April 2022 and we sincerely hope the above conflict was brought to the attention of the Department of Health for clarity and/or amendment. 
 

Van Deventer & Van Deventer Inc. - Time To Get Together Again Friends
 

It’s been a frantic start to the year and before we head into the winter months we thought it would be nice to get together with everyone, and have a good time. 

Please will you share the below invite with your team when you have a chance. 
 
We will be providing the catering, so please could I ask you to send me through the RSVP's as and when you get them, so that we can make the arrangements accordingly. On the invite it does say the 10th but the sooner we get them the more time it allows us to plan.
 
Please RSVP to [email protected] 

Van Deventer & Van Deventer Inc. - Cape Town 
 

After a productive Quarter 1 of 2022, Cape Town registrations slowed down considerably in April 2022.
 
This was mostly due to delays being experienced at the City of Cape Town regarding the issuing of Rates Clearance Certificates as well as re-issuing of the Rates Clearance Certificate extensions. Some re-issuing of applications were taking in excess of two weeks, instead of the normal two to three days. A number of registrations could not be handed in on time and had to be relodged.
 
A further challenge that was experienced was the increased incidences where SARS requested copies of the Offer to Purchase. Normally this caused a delay of about ten business days in the issuing of the Transfer Duty Receipts, but these delays have recently increased to around twenty-one business days. 
 
Both the above challenges have caused delays and complicated a transfer process that already relies on so many external stakeholders and variables.
 
On a positive note, nonetheless, from the week of 25 April 2022 there has been an improvement in the issuing of Rates Clearance Certificates, and we expect many lodgments to start taking place. 
 

Get to know: Roulton Ballack,
Associate - Litigation 

  1. How long have you been employed at Van Deventer’s Inc? Going on a year now.  
  2. What do you enjoy most about what you do daily at VDVD? Well, I’ve always had a passion for law, and what more can I ask for than to be able to do what I am passionate about, in an amazing environment with great colleagues. 
  3. If you could give your past self-advice, what would it be? Nothing bad can happen from a new opportunity taken, even if it seems bad at first, it’s probably still good. 
  4. How would you explain what you do daily to a 10-year-old child? I am an attorney, and attorneys help people, we are problem solvers, we go to court and help people do the right thing. 
  5. What is your favorite?
    1. Food - I’m naughty for a pizza and a glass of red wine 
    2. Drink - Nothing better than a cold beer (Stella Artois) on a hot summers day, whereas for winter, I support the grape growing industry 
    3. Car - BMW M4, why not? 
    4. Holiday Destination - Definitely Bali, tranquility at its best 
  6. Words to live by… “There is only one way, and that is forward.” 

 

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