SA Mortgage - Refinancing Time Limit?

Discussion in 'Property Law Forum' started by Adamg, 16 April 2019.

  1. Adamg

    Adamg Active Member

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    Good morning all.

    My ex partner and I split up about a year ago now. We owned a home in which I put all the deposit totalling 40k.

    Long story short, not only did I pay for all of the deposit. I purchased a 10k car and also paid for our puppy.

    We recently came to an agreement through our lawyers as a property settlement agreement that I was to refinance the mortgage and keep the house for myself. While her payout is keeping the car I had purchased and our puppy.

    All well and good. However, I'm currently unable to refinance the entire amount at this time. Banks are giving me a max borrowing power of just shy the amount needed to refinance.

    I'm hoping to do this as soon as possible. But until then I'd like to know how this will affect me when the time comes to refinance. How long will the settlement agreement uphold? I'm slowly working towards saving enough to cover the gap. But this could be weeks/months away.

    Thanks for your time.
     
  2. Rod

    Rod Lawyer
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    This is a question for your lawyer.
     
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  3. Adamg

    Adamg Active Member

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    I didn't get a definitive answer from my lawyer and our contact concluded after the settlement agreement was completed.

    Was hoping to get insight from others. Thanks
     
  4. Rod

    Rod Lawyer
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    There is no hard and fast rule. Basically the time limit is whatever the other side is willing to tolerate. IE Be nice to your ex.
     
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