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Showing posts from April, 2014

New property owners held liable for defaulters’ dues

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This is an Article from the Moneyweb website. The comments in the Comment Section appearing below the article on that website are extremely illuminating and there are two specific aspects that I would like to highlight. 1. Why would anyone invest in property in a municipality where the Clearance Certificate issued by the municipality is basically worthless as an indication of the status of the account? 2. Why are the relevant municipal officials not being held in Contempt of Court? If you are experiencing similar problems, remember that for all of your property questions, Shepperson Attorneys is the answer! Gareth Shepperson Commercial and Property Attorney New property owners held liable for defaulters’ dues Tshwane tries to make new owner pay the old owner’s municipal account. The City of Tshwane Metropolitan Municipality (CTMM) recently refused to supply basic municipal services, such as electricity and water to a wheelchair-bound Fredah Kekana, a Tshwane

Leatherman Visits the Shepperson Ranch

'The 4 main reasons why banks decline mortage applications'

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It is interesting that amongst the 4 " MAIN " reasons, Number 4 is that (in the Bank's view) the property is overpriced.  The article goes on to say that this is the case in less than 1% of declines.  Therefore I don't think it is a "main" reason and perhaps the article should have been titled: 'The 3 main reasons why banks decline mortage applications' ... just saying? Gareth Shepperson Commercial and Property Attorney 'The 4 main reasons why banks decline mortage applications' Almost 30% of all declines from the banks come about because the credit bureaux have data showing that applicants have, at some stage, had a court judgement against them. However, it is surprising how often clients are not aware that these matters are recorded, says Mike van Alphen, National Manager of Rawson Finance. Similarly, said van Alphen, the credit bureaux often have on their files in-depth records of arrears on credit accounts. These impaired or b

Credit amnesty's impact on the property market

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As the saying goes: "The proof is in the pudding!" We will see whether tighter lending criteria by the banks will offset any possible advantage to credit applicants. Gareth Shepperson Commercial and Property Attorney Credit amnesty's impact on the property market This month saw credit amnesty come into effect, which will essentially ensure that certain negative financial information is removed from consumer's credit records at credit bureaus. The aim of the amnesty is to reintroduce those consumers who have previously been unable to apply for credit due to negative listings, back into the market. While this is welcome news for those consumers as it provides them with the opportunity to once again access credit, it could come at a much higher cost. This is according to Adrian Goslett of RE/MAX of Southern Africa. 'Previously banks would base much of their credit rating models on a client's payment history, which will be far less detailed without th

Waterfall Estate property development to transform Midrand

Waterfall Estate property development to transform Midrand The Waterfall Estate in Midrand, which the developers claim is the largest property development in the country's history, will have an estimated positive economic impact valued at about R106 billion by the time it is completed in 2023. Willie Vos, the chief executive of the Waterfall Management and Operating Company, said yesterday this was the finding of a study done by Urban Studies.

Chinese group`s R84bn Modderfontein plan

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Chinese group`s R84bn Modderfontein plan Set to transform Modderfontein and benefit South Africans. The stereotype that Chinese businessmen exploit smaller countries through their investments in land, which has led to their integrity being tainted, needs to be dispelled. This was the stern warning sent out by Gauteng Premier Nomvula Mokonyane on the R84 billion Modderfontein infrastructure development of residential, industrial and commercial space by Chinese developer Shanghai Zendai. “Whatever has been said about the people of the Republic of China and their role in foreign countries has been done by those who always see the Chinese as competitors,” says Mokonyane. Gauteng Premier Nomvula Mokonyane, founder and chairman of Shanghai Zendai Dai Zhikang toast to the R84-billion development of Modderfontein into a commercial and residential node. This was said in light on a new development to the east of Johannesburg. Over the next fifteen years, the small town of Modderfo

The painful process of collecting outstanding levies

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Shepperson Attorneys represents both Home Owners Associations (HOA's) and Body Corporates throughout Gauteng.  We can take all your headaches away including the issue of arrear levies described below. We have a variety of options available depending on the size and nature of the Development/Complex, so contact us and we'll customize a solution for you. Gareth Shepperson Commercial and Property Attorney The painful process of collecting outstanding levies The process of collecting outstanding levies is so arduous and lengthy, it should be avoided at all costs says Michael Bauer of IHFM. On establishing that the levies in arrears (when it exceeds R3 000) are not going to be paid by the stipulated date, an attorney will be appointed.

Construction to start on 'new city to rival Sandton'

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Construction to start on 'new city to rival Sandton' The construction of a 'new city to rival Sandton' in northeastern Johannesburg kicks off early next year with Shanghai Zendai Property's R84 billion development of the Modderfontein property it bought from AECI. It will include the building of schools, a university and a contemporary African art gallery. An artist's impression of Shanghai Zendai Property's planned R84bn 'new city' in north-eastern Johannesburg. Dai Zhikang, the founder of Shanghai Zendai Investments, said the group planned to build a 'new city' over the next 15 years that would focus on the retail and residential sectors.

No permissions, no plans obtained before mall collapse

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No permissions, no plans obtained before mall collapse Developers of the Tongaat Mall outside Durban, which partially caved in last year, failed to obtain permission to demolish the existing building before construction began, a commission of inquiry heard on Friday. This was in addition to the failure to have the earthworks and building plans approved by the eThekwini metro municipality.

Mortgage bond defaulters cause banks to tighten loan criteria

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Mortgage bond defaulters cause banks to tighten loan criteria A recent National Credit Regulator report says that in the third quarter of 2013 approximately 70,000 South African home owners were 90 or more days behind in their mortgage repayments. The report added that defaulters owed the banks about R38 billion, which is just over 12 percent of the total home loans of R308,9 billion.

Ambitious property developments in pipeline for Tshwane

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One can only hope that the Vision translates into reality with an absolute minimum of collusion, corruption, nepotism and cronyism. Good ideas need to be applauded but "the proof is in the pudding" ... as they say.  I am a BIG proponent of densification (as any reader of this Blog will have realised) but the time and cost over-runs that seem to accompany all projects involving the State (National, Provincial & Local) due to self-interest and self-gratification in any way possible worries me a bit because we will untimately get stuck with the (inflated) bills. Please Tshwane - my city ... project manage these improvements and deliver projects that we can be proud of. Gareth Shepperson Commercial and Property Attorney Ambitious property developments in pipeline for Tshwane Within a few years, Tshwane's inner city could be unrecognisable with ambitious development plans that will transform its skyline and create a vibrant and efficiently-run city.

City trumps province on municipal zoning decisions

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The much debated Spatial Land Use and Management Act (previously called SPLUMB) was enacted fairly recently and once the various Regional Planning legislation (like the Western Cape Land Use Planning Act referred to in the Article) is adopted, I really hope that we will have greater legislative certainty.  The hodge-podge of legislation that has existed up until now has certainly caused much uncertainty. I wrote an article for Asset Magazine some time ago (July 2013 issue) on this topic.  You can view the Article HERE . Gareth Shepperson Commercial and Property Attorney City trumps province on municipal zoning decisions The Constitutional Court has curbed the power of provinces to overturn municipal land zoning decisions, declaring a loophole which had allowed developers to appeal to the province against municipal decisions to be 'unconstitutional and invalid'. This means municipalities - such as the City of Cape Town - have the final say on how land insi

Menlyn casino decision by end of July

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I have previously commented on this issue.  See my comments HERE . Nothing contained in the latest submissions by objectors serves to sway my thinking and I therefore remain of the opinion that the Pro's far outweigh the Con's. Your comments are welcome if you have a differing view. Gareth Shepperson Commercial and Property Attorney Menlyn casino decision by end of July Sun International, its rivals and Tshwane residents will know by end of July if the Menlyn Maine casino plan will go ahead. Parties could still be invited to make submissions at the board's office in Joburg north if more clarity was required. There were more questions than answers at the conclusion of the four-day public hearing into the application for amendment and transfer of Morula Sun licence from Mabopane to the new Menlyn Maine precinct in Pretoria East.

Property developer fights country estate's 'draconian' rules

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Maybe it's just me but I believe that when you CHOOSE to live in a security estate, you do so willingly with a clear concept of the fact that your security and chosen lifestyle comes with certain restrictions.  If you don't want to subject yourself to these Rules and Regulations ... don't buy there! It strikes me that the Plaintiff's daughter must be a "spoiled brat" (although I don't know her personally) based upon her actions.  In these estates, there are often children walking or riding their bicycles, elderly people out for a stroll and even golf carts crossing the "main" roads at various intersections.  The Plaintiff's daughter flagrantly chose to endager the lives of others on not one but three occassions.  No matter if you are a billionaire or just plain Joe Blogs, such arrogance is ugly.  The sense of entitlement and lack of consideration is unacceptable. Having said that, the rules pertaining to domestic workers do indeed seem to

Consumer Protection Act 'could be boon to dissatisfied customer'

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When the Consumer Protection Act was first promulgated there was a scare-mongering and sensationalism about the dire consequences that it would bring about.  The property industry was no different and Estate Agents were singled out as targets for such scare-mongering. A number of years ago, I addressed several groups of Estate Agents on the subject and highlighted the extremely limited circumstances that would lead to the Act impacting upon them. Since this series of presentations, I thought that the sensationalistic reporting on this subject had died away.  However, it appears as if Mr. Bill Rawson wants to resurrect this topic. If anyone would like me to dust off my old presentation and discuss this topic again at an appropriate forum, please let me know at gareth@prop-law.co.za Gareth Shepperson Commercial and Property Attorney Consumer Protection Act 'could be boon to dissatisfied customer' When the Consumer Protection Act was first promulgated many we

Denny Crane

Denny Crane
It's not me ... yet. Denny Crane from the TV series Boston Legal. Click on picture if you're not sure who he is!