05/07/2024
Did you know that if you bought land today, it’ll be yours for only 99yrs?
Did you also know that you can go back and claim ownership of your great grandfathers’ lands which they sold to people 99yrs ago ?
Let me try and explain this in simple terms.
Assuming your father bought a land in the year 2000, and bequeathed it to you in 2024, it means you can own the land for 75yrs only.
If you also keep the land for 20yrs and resells it, then the new owner will be left with 55yrs to own the land, before it goes back to the original owner.
Will you be surprised to know that today, there are a lot of people who are ignorantly buying lands that have only 10-20yrs lease period remaining?
What will you do when you buy a property and in the next 20yrs, some unknown people come forward to renegotiate the lease terms with you?
Will you demolish your home or pay them another land money 😄?
Your ears will be hot basaaa…
What must you do if you want to buy a land?
ASK these simple questions
“What is the lease period”?
“How many lease years are remaining?”
The answers should significantly influence the buying price of the property.
If a land with 99yrs lease period is 100k, then it’s a total cheat to buy a 70yr lease property for the same amount.
That notwithstanding,
Per the recent land Act 2020, land owners are required to renew expired lease at a reasonable price - if the lessee (new owner) is still interested in the land.
If both parties can't come to terms on a reasonable price, then the court shall determine the price.
NB: you’ll still have to pay something (reasonable price) to legitimize your ownership of the same property you bought some years ago, else Law
