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Hammond Pole Blog

Hammond Pole Attorneys > Hammond Pole Blog (Page 7)
27 July
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Empowering yourself to thrive financially in the face of interest rate hikes

Posted by Hammond Pole
in Hammond Pole Blog

If you are a homeowner, whether you have a fixed or variable, market-related interest rate on your bond, sooner or later your mortgage repayments will increase. These repo rate increases, which are designed to reduce inflation, have resulted in many homeowners feeling the pinch, and wondering how they will make their payments at the end of the month.   So, what strategies can we use to mitigate the financial pain we are all currently in?   Don’t be an ostrich If you are struggling, it is important not to ignore the situation. No one is alone in feeling the effects of a tougher economic climate,...

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11 July
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Navigating the Sale of Business Assets & Agreements

Posted by Hammond Pole
in Commercial Law, Hammond Pole Blog, Know The Law, Legal Advice

Navigating the intricacies of selling or buying a business can be a complex undertaking, often revealing that what may appear as a straightforward transaction is anything but. As an experienced professional in this field, I frequently encounter clients seeking a "basic" precedent to guide them through the process. However, as our discussions unfold, it becomes evident that there are numerous crucial aspects to consider. Whether you find yourself in a position to sell or buy into a business, here are key factors that warrant careful thought and consideration.   Determine the Business Entity Type First and foremost, you must establish whether the...

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20 June
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Modern family: A guide to parental leave in South Africa

Posted by Hammond Pole
in Family Law, Hammond Pole Blog

In acknowledgement of the many different structures which make up today’s modern family, legislation was introduced in January 2020 that extends the definitions and period of leave permitted to parents on the birth – or adoption – of a child.   Maternity leave for a biological mother remains unaltered, comprising 4 months unpaid time at home, although a claim through the UIF scheme will grant 66% of the employee’s regular salary for the duration of the leave.   Under previous legislation, the three day leave allowance for the second parent was lumped together with other family responsibilities including bereavement or a sick child. Now,...

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08 June
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Demystifying VAT, Transfer Duty, and CGT in Property Transactions

Posted by Hammond Pole
in Hammond Pole Blog, Know The Law, Legal Advice, Property Law

A common question in real estate is whether Vat or Transfer duty is applicable to a transaction. Before answering the question, one must understand the terminology referred to in the property market.   TRANSFER DUTY Transfer Duty is a tax imposed on the purchase of immovable property when it is transferred from one person to another. The buyer is responsible for paying this tax, which is calculated based on a sliding scale according to the purchase price. The conveyancer handling the property transfer collects the transfer duty and pays it to the South African Revenue Service (SARS) before registering the property. If transfer...

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23 May
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Two types of terminations under debt review – and what it means for the consumer

Posted by Hammond Pole
in Hammond Pole Blog, Know The Law, Legal Advice

When you're in debt, it can be scary to think that your creditors could take legal action against you. But if you apply for debt review, you're protected from this, right? Well, not entirely. There are two types of terminations that can happen when you're under debt review. If you don't follow the rules or make your payments on time, your account can be terminated either under section 86(10) or section 88(3) of the National Credit Act. If your account is terminated under section 86(10) This means that you didn't file a debt review application within 60 days of applying for it. In...

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09 May
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The Gig Economy and Workers’ Rights: Striking the right balance

Posted by Hammond Pole
in Hammond Pole Blog

The gig economy refers to a type of job market characterised by temporary or freelance positions, as opposed to permanent jobs. Here, people work as independent contractors or freelancers, offering services on a project-by-project basis. Gig workers encompass various types of workers, such as independent contractors, online platform workers, contract firm workers, on-call workers, and temporary workers who work for digital economy firms like e-hailing and delivery apps. Although the gig economy offers workers a sense of flexibility and independence, it also comes with significant drawbacks, such as income instability, a lack of benefits, and difficulties in establishing a stable...

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20 April
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Municipal accounts – rates and refunds – before and after a property sale transfer registration

Posted by Hammond Pole
in Hammond Pole Blog, Property Law

Many first-time home buyers (and sellers) think that the final step in the process of selling or buying a property is the registration of the transfer of sale. Sadly, this is not the case; more paperwork and admin await. Once a property is sold, the buyer must open their own account with the municipality in their own name and the seller must have cleared and closed their account. Here’s what you need to know on both sides of the transfer.  What is required before a property transfer can take place?  To register a property transfer at the Deeds Office, a Rates Clearance...

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05 April
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Debt Review and how you can qualify for it to help ease your financial burden

Posted by Hammond Pole
in Hammond Pole Blog

What is Debt Review?  Debt review, also known as debt counselling, is a debt relief measure in South Africa that helps over-indebted consumers settle their debt within a prescribed period. In essence the process entails that a consumer’s debt is restructured by reducing the monthly payment and extending the term, so as to settle their debt. Most importantly, when under debt review, consumers are protected against any legal action.   How to qualify  Any South African can apply for Debt Review however there exists specific requirements as set up by the National Credit Act, 35 of 2005 in order to qualify for Debt Review....

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22 March
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Finance Linked Individual Subsidy Programme (FLISP) – What you need to know.

Posted by Hammond Pole
in Hammond Pole Blog, Property Law

The Finance Linked Individual Subsidy Programme (FLISP) was developed by the Department of Human Settlements to enable affordable home ownership opportunities for South Africans. What are the requirements to apply for a FLISP subsidy? 1. You must be a South African citizen with a valid ID; or permanent residents with a valid permit. 2. Applicants must be over 18 years of age and competent to enter a legal contract. 3. FLISP is open to individuals who have never benefited from a Government Housing Subsidy Scheme before. 4. Applicants must have an ‘Approval in Principle’ of a home loan from an accredited South African financial institution. 5....

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13 March
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Safeguarding your joint property purchase: A how-to guide for buyers

Posted by Hammond Pole
in Hammond Pole Blog

In today’s current economic climate, it can be advantageous for both young entrants into the property market, as well as more elderly house buyers to consider pooling resources to buy a property together. Buying a home is one of the biggest purchases you will ever make and so to ensure that your purchase, and your relationship, stand the test of time, it is advisable to draw up a legally binding contract between all parties. The agreement should set out the nature of the partnership and who is responsible for things like improvements, maintenance, and even Ts & Cs around its...

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