JANUARY 30, 2012 BY AGENCY REPORTER
The cost of moving house in the United Kingdom has risen at a faster rate than house prices over the past decade, according to new research by Lloyds TSB.
Propertywire.com reported that since 2001, the average cost associated with moving home for someone who already owns a home has increased by 69 per cent.
In 2011 it cost £8,922 compared with £5,290 in 2001. This is greater than the 64 per cent rise in house prices over the same period.
The expense of moving home is now at its highest level since the peak of the housing market in 2007 and is currently equivalent to 27 per cent of average UK gross full time earnings, up from 22 per cent in 2001.
The costs covered in the report included stamp duty, mortgage arrangement fees, estate agency fees, surveyors’ fees, conveyancing and removal costs. The costs of decorating and improvement prior to sale, local searches and land registration fees are excluded.
It says that the increase in the costs of moving home over the past decade has been driven by rises in the cost of all six of the house moving expenditure categories tracked.
In monetary terms, estate agency fees are up £1,318, mortgage fees up £770 and stamp duty up £732. The increases in these three components combined accounted for more than three-quarters of the overall rise in moving costs.
Estate agents’ fees remain the largest single component of the cost of moving home, accounting for 38 per cent of total costs, followed by stamp duty at 21 per cent.
CULLED FROM PUNCH NEWSPAPER, HOMES AND PROPERTY
Wednesday, February 8, 2012
Thursday, February 2, 2012
LAND AVAILABLE FOR SALE
29 PLOTS IN AWOLATE, VIA SIMAWA BEHIND REDEMPTION CAMP > N250k PER PLOT.
A PLOT OF LAND DIRECTLY BEHIND MAGODO GRA N4M
AN ACRE OF LAND IN BARIGA/AKOKA>8M PER PLOT
A 2000 sqm CORNER PIECE ON LAGOS ISLAND>SELLING PRICE N150M
nb: All direct instructions
Contact person: 'jide Somorin'
phone number: 08073213033
A PLOT OF LAND DIRECTLY BEHIND MAGODO GRA
AN ACRE OF LAND IN BARIGA/AKOKA>8M PER PLOT
A 2000 sqm CORNER PIECE ON LAGOS ISLAND>SELLING PRICE N150M
nb: All direct instructions
Contact person: 'jide Somorin'
phone number: 08073213033
Thursday, January 21, 2010
BEFORE YOU PURCHASE THAT LAGOS PROPERTY…..
Acquisition of land and its documentation involves a number of procedures that call for due diligence and caution on the part of the purchaser. Retaining the services of a good professional could help get through these procedures in the best interest of the Purchaser.
The Purchaser’s lawyer will usually carry out the investigations of title of the Vendor and all other processes prior to the purchase of the land (payment of the purchase sum).
The primary objective at this stage is to ascertain that the Vendor has a good root of title. A good root of title in this context means the following: that the Vendor is the rightful (beneficial) owner of the land. that the land is free from any encumbrance or pending litigation. that the land is not the subject of any Government acquisition.that the land is not subject to any of the overriding interests in land(e.g. short leases, easements, licenses, road or right of way).that the Vendors are acting in good faith (for instance where the land is family owned land)
Investigation of title is carried out at the Lands Registry or New Towns Development Authority (whichever is applicable) by the Purchaser’s Solicitor shortly after inspection and expression of interest in the land using copies of the key title documents, evidence of payment of levies investigations may include visiting the neighbours to the property andmaking direct enquiries in respect of the land n question.
The Purchaser’s lawyer will usually carry out the investigations of title of the Vendor and all other processes prior to the purchase of the land (payment of the purchase sum).
The primary objective at this stage is to ascertain that the Vendor has a good root of title. A good root of title in this context means the following: that the Vendor is the rightful (beneficial) owner of the land. that the land is free from any encumbrance or pending litigation. that the land is not the subject of any Government acquisition.that the land is not subject to any of the overriding interests in land(e.g. short leases, easements, licenses, road or right of way).that the Vendors are acting in good faith (for instance where the land is family owned land)
Investigation of title is carried out at the Lands Registry or New Towns Development Authority (whichever is applicable) by the Purchaser’s Solicitor shortly after inspection and expression of interest in the land using copies of the key title documents, evidence of payment of levies investigations may include visiting the neighbours to the property andmaking direct enquiries in respect of the land n question.
INVESTING IN REAL ESTATE IN NIGERIA LAND ACQUISITION PROCEDURES – THE LAGOS EXAMPLE
1.1. This write up shall attempt to address the current practices in the RealEstate sector of Nigeria and provide an insight into various aspects of interest for would be investors in the sector and shall be using as a focal point, Nigeria’s commercial capital – Lagos State. It should be noted however that save for minor differences the same practices apply in most other states of the Nigerian Federation.
2. LEGAL FRAMEWORK OF LAND ACQUISITION
2.1. The basic legal framework for the acquisition of land in Nigeria is the Land Use Act, Laws of the Federation of Nigeria 1990. This Act vests all land comprised in the territory of each state (except land vested in the Federal Government or its Agencies) solely in the Governor of the state, as trustee of the people.
2.2. The state is responsible for allocation of land in urban areas to individual’s resident in the state and to organizations for Residential, Agricultural, Commercial and other purpose. Similar powers with respect to non- urban areas are conferred on Local Governments.
2.3. By virtue of this Act, ownership vests in the Governor while only a statutory or customary right to occupy land is given to a person for a maximum of 99years. The control and management of land is administered through the Land Use and Allocation Committee acting as
an advisory committee in transactions affecting land.
2.4. It is therefore a requirement of law to obtain the consent of the Governor for any assignment of title to land in accordance with the Act. Section 22 which provides as follows:
“It shall not be lawful for the holder of a Statutory Right of Occupancy granted by the Governor to alienate his right of occupancy or any part thereof by Assignment, Mortgage, Transfer of possession, Sublease or otherwise howsoever without the consent of the Governor first had and
obtained.”[Boldness & Italics mine]
2. LEGAL FRAMEWORK OF LAND ACQUISITION
2.1. The basic legal framework for the acquisition of land in Nigeria is the Land Use Act, Laws of the Federation of Nigeria 1990. This Act vests all land comprised in the territory of each state (except land vested in the Federal Government or its Agencies) solely in the Governor of the state, as trustee of the people.
2.2. The state is responsible for allocation of land in urban areas to individual’s resident in the state and to organizations for Residential, Agricultural, Commercial and other purpose. Similar powers with respect to non- urban areas are conferred on Local Governments.
2.3. By virtue of this Act, ownership vests in the Governor while only a statutory or customary right to occupy land is given to a person for a maximum of 99years. The control and management of land is administered through the Land Use and Allocation Committee acting as
an advisory committee in transactions affecting land.
2.4. It is therefore a requirement of law to obtain the consent of the Governor for any assignment of title to land in accordance with the Act. Section 22 which provides as follows:
“It shall not be lawful for the holder of a Statutory Right of Occupancy granted by the Governor to alienate his right of occupancy or any part thereof by Assignment, Mortgage, Transfer of possession, Sublease or otherwise howsoever without the consent of the Governor first had and
obtained.”[Boldness & Italics mine]
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