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A Fin24 reader writes:
My mortgage bond is fully paid up.
The bank charges me a monthly fee to maintain the bond
documents.
It wants me to pay between R13 000 and R15 000 to cancel the
bond, with attorneys designated by them.
Can I do it with my own attorney or follow some kind of
do-it-yourself process? Can the bank compel me to use their attorneys?
Roy Bregman of Bregman Attorneys in Johannesburg responds:
Yes, the bank is entitled to nominate its own attorneys and
there is a bond cancellation fee. Only a conveyancer can do the work - there is
no DIY option.
The Law Society of SA provides guidelines on the fees
charged for the cancellation of a bond.
- Fin24
