Can I remove my name from a Mortgage Bond my partner and I signed?
Are you tired of being tied down to a mortgage bond that you’d rather not be a part of? Well, the good news is, it’s possible to cut the cord! You have two options to choose from: either cancel the bond completely or pass the torch to your partner and let them take on the responsibility of being the sole debtor.

First and foremost, you must notify your bank of your intentions. Just remember, they require a 90-day notice period before things can get rolling. After that, it’s time to settle up and pay off the remaining balance on the mortgage bond, including any interest and fees. You’ll also need to obtain a guarantee from the bank to make sure everything is official.
But what if you don’t have the funds to pay off the mortgage bond all at once? No problem! You can request a “substitution of the debtor” instead. This means your partner will step in and take over as the only debtor on the mortgage bond for the property. Just be aware that the bank will take a look at your partner’s credit score to make sure they’re up for the task.
Now, it’s time to make sure your name is off the property’s Title Deed as well. The Transferring Attorneys will handle the formal transfer, and in return, you’ll have to pay their fees along with the fees for obtaining a Rates Clearance Certificate and Home Owners Association Consent (if applicable). Additionally, depending on the value of the property, you may need to pay a transfer duty to the South African Revenue Service (SARS).
So, there you have it! A step-by-step guide to freeing yourself from a mortgage bond and making your dreams of financial independence a reality.