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23 Nov 2018

NEWSFLASH: Repo Rate Changes!

South African Reserve Bank Governor Lesetja Kganyago, has announced that the repo rate (the rate at which banks borrow money from the Reserve Bank) will increase by 25 basis points to 6.75% per annum. This means all our bond/car installments will also go up by 0.25%. In Rand terms, and on a 20 year home loan, this effectively means an increase of R16.50 pm, for every R100 000.00 So on a R2 mill bond, it means around R330 a month more.

What does this mean on a larger scale?

As we all know, we have had several fuel price increases recently and this has had a knock on effect on the general cost of living, thereby pushing up inflation in October from 4.9% to 5.1% (Still well within the Reserve Bank’s target of 3 – 6%)

The good news (we hope!) is that the Automobile association has however predicted a significant drop in the fuel price this December, which would be a wonderful relief just before so many of us hit the roads in search of clear skies; surf and sand! Furthermore, for those who like to import and travel, the rand has appreciated by 3.8% against the US dollar and by 6.6% against the euro, since September. The SA Rand also firmed against the dollar immediately, following the announcement by 1.14% and by 0.06% to the Pound.

And if the fuel price does drop as the AA predicts, this should possibly see us remain at the present inflation (if not reduced) and the repo rate will hopefully hang in there a bit longer or maybe even come down again. So it is certainly not all doom and gloom.

21 Nov 2018

MILTONS MATSEMELA INC DOES IT AGAIN!

We are very pleased to share with you the fact that Miltons Matsemela received recognition on 20 November 2018 as having been placed 2nd in overall position, in terms of performance, on ABSA’s home loan attorney registration panel, for the entire Western Cape!

In addition to this we have also been invited by ABSA bank to serve on a Pilot Project, whereby we will be one of a few select panel attorneys, who will also be allowed the privilege, to attend to the bond registration, along with the transfer.

The benefit of this is of course convenience for the buyer, who now only needs to visit one firm of attorneys – instead of 2. This should in turn also result in a faster registration turnaround time. This project will initially run for 3 months, with immediate effect.

This just once again confirms, that we are The Conveyancers.

20 Nov 2018

REGISTRATION OF SOLAR INSTALLATIONS IN THE CITY OF CAPE TOWN

Changes to the City of Cape Town Electricity Supply By-Laws of 2010 now make it compulsory to register certain solar installations with the City. This affects all properties that fall within the City of Cape Town municipal boundary.

Over the past few years, the City of Cape Town has seen a rapid uptake of rooftop solar photo voltaic (PV) installations and encourages all home and business owners with these installations to register both grid-tied and off-grid small-scale embedded generation (SSEG) systems by 28 February 2019.

  • People with properties that have SSEG systems are now required to register and obtain authorisation in accordance with the City’s Electricity Supply By-law. (This does not however apply to solar water heaters and emergency equipment such as standby generators, unless they are synchronised or connected to the City’s electrical distribution network.)

Connecting an SSEG system to the grid can pose a safety risk and, for this reason, the City must ensure that all generating equipment is approved and installed correctly.

  • Unauthorised systems that are grid-tied will be considered to be a form of tampering. Off-grid systems must also be registered so that they are not mistaken for grid-tied systems.

What is an SSEG?

SSEG systems (or small-scale embedded generation systems) are any devices, or machinery, that are designed to generate and supply electricity to an electrical installation, such as home or business. The most popular of these systems are Solar Photovoltaic systems.

Solar Photovoltaic (PV) technology uses the light energy from the sun to generate electricity that can be used in your home. They can be divided into four main categories:

Grid-tied feed in PV systems: They have PV panels that are connected directly to an inverter. The electricity it generates is used locally on the property or fed back into the electricity grid, when excess electricity is generated.

Grid-tied hybrid PV systems: They are able to disconnect the incoming supply and connect the load to the PV system or stored energy in batteries. These systems can operate in load-shedding scenarios.

Grid-tied PV systems with reverse power blocking: They provide electricity to the property when there is a demand for it, but blocks any excess electricity generated from feeding back onto the grid.

Standalone or off grid PV systems: They usually have batteries and a charge controller. The system feeds electrical circuits on the property that are wired completely electrically separate of the electricity service provider’s grid.

For more information and to register please visit http://www.capetown.gov.za/City-Connect. There is no registration fee.

Kind Regards

Robert Krautkrämer
Miltons Matsemela

07 Nov 2018

Fidelity Funding

Several changes have come about in the legal profession as a result of the full implementation of the Legal Practice Act, the new law that will govern the attorneys’ profession. One of these changes is that the Attorneys Fidelity Fund, which insures the public against the theft of trust money by attorneys, will now change its name to the Legal Practitioners Fidelity Fund. There is also a change in the way in which the Attorneys Fidelity Fund will receive its income, and it is now likely to get even more money.

Attorneys traditionally run 2 trust accounts into which a client’s money is paid. The first account acts as a current/transmission account and the funds that pass through this account are small or are not retained for any length of time. All the interest that accrues on this first trust account is paid to the Law Society and this money is paid into the Attorneys Fidelity Fund. This is the primary source of funding for the Fidelity Fund.

The second trust account that attorneys run is an investment account and if attorneys will be holding a client’s money for any length of time, or if the amount is substantial, the client’s money will be transferred into this second account. All the interest generated while the money is in this second account accrues to the client (less a small fee to cover the management of the account and bank charges).

From 1 March 2019, the new Legal Practice Act will now will now entitle the Fidelity Fund to take 5% of the interest that accrues on the second trust investment account, in addition to all the interest on the first current/transmission account. The additional 5% of the interest will be deducted by the banks and paid over directly to the Fidelity Fund on a monthly basis. This will no doubt boost the income of the fund but this will be at our clients’ expense.

Let’s hope the Attorneys Fidelity Fund continues to be managed wisely so that there is always money available to cover the losses suffered by the public when crooked attorneys steal their client’s money out of their trust accounts!

Miltons Matsemela Inc
Deon Welz & Storm Barry
October 2018

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