1 reviews | Active since Sept 2016
FNB Bond Cancellation delays registration
I purchased a house and a covering bond is mortgaged against the house by the Seller. FNB has however substantially delayed the registration process due to the cancellation of the bond. Firstly, FNB's relationship bankers stated that they can't send the cancellation instruction until they have received the guarantees, which I found strange. Guarantees were issued on 24 March 2021. Cancellation instruction was received on 30 March 2021. The Bond Cancellation attorneys then had to wait to receive the title deed and bond deed. The title deed and bond deed was only received on 12 April and it seems that it was only dispatched on 9 April after the Cancellation Attorneys requested the whereabouts. The authorization letter for bond cancellation was then send to FNB on the same day. After enquiring about the progress on 16 April 2021, FNB stated that the letter could not be signed as one person was not in the office and the other person could not come in due to car troubles. They stated that the letter would only be signed on 20 April with no idea when the original will arrive at the Bond Cancellation attorneys. It seems unlikely that lodgement will be able to occur by next week Friday. Thus the wait for registration due to FNB's bond cancellation will likely amount to 1 month. This is no apart from the wait caused by their insistence that the instruction can only be provided once guarantees are delivered.
