2-year Rent Banned In Lagos - Properties - Nairaland
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3 And 2 Bedroom Clean Flats To Let At Kosofe Ketu 1 Year Rent Only! See Pictures / 2-year Rent Banned In Lagos, Assembly Passes Tenancy Law / Advanced Rents Banned In Lagos: (2) (3) (4)
| 2-year Rent Banned In Lagos by wrexs: 8:07pm On Aug 05, 2011 |
2-Year Rent Banned In Lagos, Assembly Passes Tenancy Law: Any landlord in Lagos State who collects rent in excess of one year in advance from a new tenant would be prosecuted by the state government and upon conviction face three years in jail. This is contained in the new tenancy bill that was passed into law by the State House of Assembly today. The law, which is expected to receive the assent of Governor Babatunde Fashola any moment from now, also stipulates that it is unlawful and criminal for a landlord or his agent to demand or receive from a sitting tenant, rent in excess of six months in respect of any premises without prejudice to the nature of tenancy. This means that those who are already tenants are not expected to pay more than six months in advance to their landlord. Hitherto, tenants were compelled to pay for even more than two years in some , http://247nigerianewsupdate.com/?p=2101 |
| Re: 2-year Rent Banned In Lagos by Fhemmmy: 8:37pm On Aug 05, 2011 |
Talk is cheap . . . when i see some of the politicians that owns most of the apartment buildings in jail cos they charged so much rent, i will blv that they are ready to clean up the act . . . . |
| Re: 2-year Rent Banned In Lagos by rastaman20(m): 8:43pm On Aug 05, 2011 |
The same people that make the law will turn back and break them. |
| Re: 2-year Rent Banned In Lagos by spyder880(m): 8:48pm On Aug 05, 2011 |
I love this bill, it will make the landlords kings in the end, just watch. |
| Re: 2-year Rent Banned In Lagos by Fhemmmy: 9:01pm On Aug 05, 2011 |
I can see the law to be as useless as the toilet papers used at the court of law in Nigeria . . . or is it the leaf that they used in the bush to clean the back side |
| Re: 2-year Rent Banned In Lagos by microvine: 9:06pm On Aug 05, 2011 |
I am currently trying to get a place in Lekki and these sharks are still trying to bleed me dry. Even today I was refused a place coz I do not have 2 years to pay. In my ignorance I was even offering to pay next year at end of month and they refused. I’m not sure if it is the estate middle guys or landlords that are it, maybe both. The agents were even trying to get me to pay 2 years commission for a place. Imagine !!!  |
| Re: 2-year Rent Banned In Lagos by rastaman20(m): 9:11pm On Aug 05, 2011 |
microvine: Then God have answered your prayer, just print out this law and take it along with you. Please inform this forum your outcome. We want to know if this law will be enforced or not. Please dont forgate to threat them of going to court or police station if a year lent is not recived from you. Waiting for your outcome. |
| Re: 2-year Rent Banned In Lagos by Fhemmmy: 9:15pm On Aug 05, 2011 |
microvine: If i were you, i would quickly go and pay the 2 years rent, cos this law/bill is just as useless as the toilet papers in the court house in Lagos, that is if they have any anyways |
| Re: 2-year Rent Banned In Lagos by spyder880(m): 9:37pm On Aug 05, 2011 |
@ microvine, please explain what you mean by the agents making you pay for 2 years commission. I have been an agent and we only collect a particular percentage of the rent you paid as commission, not by number of years you paid. Waiting for your answer. |
| Re: 2-year Rent Banned In Lagos by Fhemmmy: 9:50pm On Aug 05, 2011 |
^^^ I am sure it is a mistake and does not mean to say 2 years commission |
| Re: 2-year Rent Banned In Lagos by microvine: 8:46am On Aug 06, 2011 |
[tr]@ microvine, please explain what you mean by the agents making you pay for 2 years commission. I have been an agent and we only collect a particular percentage of the rent you paid as commission, not by number of years you paid. Waiting for your answer.[/tr] @spyder880 - Landlord wants 2 years, I was negotiating to pay 1 year now and 1 year at end of month. Agents wanted their percentage of rent for 2 years upfront |
| Re: 2-year Rent Banned In Lagos by microvine: 8:56am On Aug 06, 2011 |
If i were you, i would quickly go and pay the 2 years rent, cos this law/bill is just as useless as the toilet papers in the court house in Lagos, that is if they have any anyways @Fhemmy Why is it that once a client views property being sold or for rent, the agents always come up with some sort of story that pressurises the person to pay up quickly? |
| Re: 2-year Rent Banned In Lagos by microvine: 9:07am On Aug 06, 2011 |
Then God have answered your prayer, just print out this law and take it along with you. @Rastaman20 My guess is even if this law can be enforced, the 2 year will have to have been paid and evidence of receipt obtained. People can't be prosecuted just because someone says "they attempted to get 2 years rent of me" I'm not sure threats will go far either as the agents can always turn back and say "Sorry, the property is taken" Someone seemed to indicate that both the receiver and the payer of 2 year will be liable for prosecution - I think that does not make much sense to me as the payer is the victim in this scenario  |
| Re: 2-year Rent Banned In Lagos by spyder880(m): 9:38am On Aug 06, 2011 |
@ microvine, I think the agents are right to demand fo the whole package since you have agreed to pay everything at month end. It may be stressful to you and them to chase you around after you have moved into the house. You can give them a post dated check if they refuse. I think any law that is against investors will backfire at the end. If I want to invest my hard earned cash to provide materials, pay labour, obtain permits and settle community youths, build a road, provide water, electricity, security and pay builder to supervise everything and at the end of the day, a govt lawmaker will sit in the comfort of his office and dictate to me how to collect my payment, then I better rethink. If it favours me I will invest and if not I will shift my cash to more profitable use. If other investors see what I saw and pull out their funds, selling their houses because it is no longer profitable to hold the investment, then their could be a serious scarcity of houses. Demand will outstrip supply and a huge imbalance will ensue. This imbalance will make people go to the backyard and beg to pay for 4 years just to get a house, but since many people are not building, it will be tough to even see where to rent. I hope the govt have plans to provide houses fo people if things go wrong due to thair legislation. Always pamper the goose that lays the golden egg! |
| Re: 2-year Rent Banned In Lagos by microvine: 12:25pm On Aug 06, 2011 |
@spyder880 The fact that a law has been passed against the practice of demanding/collecting 2 years rent is enough to indicate that this is wrong. Don't encourage it. The truth of the matter is that real estate in Nigeria especially Lagos State has is far from practical or even fair, and is a breeding ground for criminal and fraudulent activities. For clarity sake I have not agreed to anything. I simply want to get a place to stay and have to deal with these people imposing conditions on me. Yes, I am negotiating to get what is suitable but that does not amount to me agreeing to be ripped off. The problem is people want to make money fast. What are the agents doing that should amount to the potential tenant having to pay 10% of rent of 2 years? To an extent I feel for the estate agents, as they make contact and take the clients for viewing. Yes they should get renummeration for that. But the very act of adding spin to magnify the cost to the potential tenant is just like taking advantage of the situation. And to make matters worst, the legal coming in as a middle layer just takes the meeky of the whole process. I simply do not see why a tenant should have to pay legal fees up to 10% all in the name of a tenancy agreement that is just a template document to ensure fair practice on both sides In my world-wide experience, it is only a matter of time before the bubble will burst. These practices are just symptoms of a failed system. It's only a matter of time before something will have to give way. This is applicable to the whole real estate in general. The rate at which cost of property is going up, the unsustainable interest on mortgages, Basically, all these just leave the real estate environ accessible mostly to the privileged ie those who have access to funding beyond honest incomes. |
| Re: 2-year Rent Banned In Lagos by rastaman20(m): 12:14am On Aug 09, 2011 |
microvine: Then we are back to square 1. |
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