paulabdeel:
You are entitled to the unexpired term of the lease. If for instance the lease was granted in 1970, there is only 24 years left. The reversionary interest is with the original lessor. In fact, the person selling to you can only grant you a term less one day. That is your lease must terminate at most one day before his expires. I am assuming that this is not from the government. A C of O or R of O usually grants a number of years which are automatically renewed. This is not the case with individuals.
If the number of years left are enough for your need, go ahead. Otherwise, it is a bad buy.

sweatlana:
Op you are a sub lessee of the remainder of the 70 years! You are certainly NOT buying.

And yes, when the 70 years is up, the property will go back to those who leased it. ie the original lessor.

beesammy:
According to land use act of 1978, there is no freehold interest in land, which means all land belongs to the Government, buyers only have leasehold interest for 99 years. That's one of the reasons you pay ground rent annually. In essence, WE ARE ALL LESSEES, some third parties are SUB-LESSES. Government is the actual LESSOR/ OUTRIGHT OWNER.

whirlwind7:




Another one who just drove into the gutter. This isn't funny anymore.
Can't you guys read, or see?

I AM NOT THE OP!!!

whirlwind7:


And what makes you think I don't?

coolsalm:
Good day Nairalanders,

Please i need the help of experienced people and lawyers in the house for purchasing a property in Lagos.
So recently i decided to purchase a property in Lagos at Agbara area, after negotiating the price with the seller i asked for the land documents, the documents which were handed over to me were the Receipt from Original family owner of the land, Survey plan and the deed of assignment,
what i am worried about now is that in the deed of assignment, there is a clause that states that the original family leased the land for 70 years to the person who wants to sell the property to me now, though currently there are flats with tenants on the said land. attached is the image of the deed of assignment.

So please experienced Nairalanders, i need to know if that 70 years clause will affect me in the future before i can decide to proceed with the purchase.

Thanks

cutetopsey:
Please you need the help of a competent lawyer before you can go for the land.......

carboblanko:
Please always employ the services of a competent lawyer before purchasing any land or property.It could save you a lot of distreess in the future.

beesammy:
According to land use act of 1978, there is no freehold interest in land, which means all land belongs to the Government, buyers only have leasehold interest for 99 years. That's one of the reasons you pay ground rent annually. In essence, WE ARE ALL LESSEES, some third parties are SUB-LESSES. Government is the actual LESSOR/ OUTRIGHT OWNER.

jenigurl:

You sound arrogant!

Why then ask for opinions if you are soooooooo knowing ?

Uchihaitaci:

Hey relax bruv he was just offering you advise..

bodeface:
Just a digression here and extending it beyond this scope.

Most estates in Lekki areas are also giving "deed of sublease" and retiring the lease before the expiration of their C of O residue, though all land in Nigeria are vested in the hand of the governors and nobody owns the land, however retiring the lease before the expiration of the original lease (C of O) term puts the buyer at disadvantages in the future;

1. The buyer has no legal standing on the land by few days to the end of the C of O term and is not recognized any longer by the governor even with the "governor consent" to this lease, hence to extend the lease after 99years is solely vested in the original holder of the land (C of O), he is the only one recognized by the governor since the other party lease has expired just before the the c of O expired and the land reverted to the holder of the C of O.

2. Extending the lease now depends on the original C of O holder and he is the only one recognized by the governor to approach government for extension of the c of o, therefore the buyer is now at absolute mercy or conditions set out by the original owners and their heirs or benefactors. They may ask for exorbitant amount to renew the lease to the occupier of the land, just think about someone being told to move from their Ikoyi house as their fathers lease on the land has expired!

My little advice is shine your eyes before you leap, but into " sublease" at your own risk, if avoidable please look for land with title " Deed of Assignment" meaning the original owner of the C of O has assigned all his interest in the piece of land to you and you have become the owner of the residue of the C of O and by extension any future extension, you can approach the government to extend your lease, anyway its all about reserving an inheritance for ones ward, if the sellers are reserving some right for their wards what stops the buyer from doing so.

whirlwind7:


Jesus! As pretty as you are, you couldn't read too!
After I took the pains to correct everyone who quoted me on this thread that I'm not the OP, that I'm not the one seeking for advice or opinions, you lots keep falling into the same pit.

So, like the rest of them, you can't read, or you couldn't differentiate between the OP and a responder? Has everyone suddenly gone bonkers?
What's causing this confusion, anyway?

whirlwind7:


Jesus! As pretty as you are, you couldn't read too!
After I took the pains to correct everyone who quoted me on this thread that I'm not the OP, that I'm not the one seeking for advice or opinions, you lots keep falling into the same pit.

So, like the rest of them, you can't read, or you couldn't differentiate between the OP and a responder? Has everyone suddenly gone bonkers?
What's causing this confusion, anyway?

coolsalm:
Good day Nairalanders,

Please i need the help of experienced people and lawyers in the house for purchasing a property in Lagos.
So recently i decided to purchase a property in Lagos at Agbara area, after negotiating the price with the seller i asked for the land documents, the documents which were handed over to me were the Receipt from Original family owner of the land, Survey plan and the deed of assignment,
what i am worried about now is that in the deed of assignment, there is a clause that states that the original family leased the land for 70 years to the person who wants to sell the property to me now, though currently there are flats with tenants on the said land. attached is the image of the deed of assignment.

So please experienced Nairalanders, i need to know if that 70 years clause will affect me in the future before i can decide to proceed with the purchase.

Thanks

baqina:


Going by your "outright owner",why do governments pay compensation for relocation and demolition?

whirlwind7:


Jesus! As pretty as you are, you couldn't read too!
After I took the pains to correct everyone who quoted me on this thread that I'm not the OP, that I'm not the one seeking for advice or opinions, you lots keep falling into the same pit.

So, like the rest of them, you can't read, or you couldn't differentiate between the OP and a responder? Has everyone suddenly gone bonkers?
What's causing this confusion, anyway?

baqina:


Going by your "outright owner",why do governments pay compensation for relocation and demolition?