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Sunday 11 October 2015

Requirements for Perfection of Governor's Consent

Please follow every requirements and payment carefully to avoid your file being Queried. It's better to avoid these queries and prevent the loss of money by inadequate processing because money isn't easy to come by, thus put your house in order before you venture into it.

They include the following:



1. 4 copies of the Deed of Assignment

2. 4 copies of the Survey Plan.

(The survey plan must be attached to each of the deed of Assignment)

The deed of Assignment must be duly signed by each party i.e the assignor and assignee and the deed of assignment must state the history how the property devolved or has been transferred from the original owners to you the new owner, which is the root of title.

3. Purchase and Sign Form 1c = N10,000

4. Obtain Certified True Copy of the Certificate of Occupancy from the land registry in Alausa =N15,000

5. Picture of the Property

6. Application letter written by your lawyer stating that you want to perfect the title

7. Administrative Charges=N5,000

8. Charting and Endorsing=N10,500

9. Tax Clearance of the Assignor i.e the person who sold it to you must have his tax clearance to show

10. Tax Clearance of the Assignee i.e, You the owner of the property or land must have your tax clearance to show

11. Development Levy Receipts= N100 each

(If you dont have your tax clearance, it costs N60,000 as a tax clearance to Alausa land registry which only covers the tax for the purchasing that land and cannot be used else where as a valid tax clearance, so if the Person or assignor who sold it to you doesnt have his own tax clearance, you have to pay N120,000 to cover both of you)

12. Evidence of payment of Ground rent/Land use charge? (Unknown Yet)

13. If your land is in or within the Lekki Pennisular, there must be an Original Letter of Confirmation of Payment of Capital Contribution from NTDA in respect of the Lekki Pennisular scheme

14. Copy of Building plan

15. Payment of Assesment fees which includes:

a. Capital Gain Tax. . . . 2% of the Assesment

b. Stamp Duty. . . . . . . 2% of the Assesment

c. Registration Fees. . . .3% of the Assesment

d. Consent Fees. . . . . . 8%of the Assesment

(If your property or land you bought is direct state land Allocation and the right of occupancy has run for less than 10 years, instead of 8% consent fees, you pay 16%)

( If your property is a mortgage or loan, the consent fee is fixed at 2% of the loan ie, if the loan is N20,000,000 (Twenty Million Naira) you pay 2% of the loan which comes to N20,000 as the consent fees)


e. Neighbourhood Improvement Fees. . .N100,000 Flat.


Generally, I have been asked how the Assessment fees are being calculated and how to determine it your self. It is simple and it goes like this;


1. Every plot of land is being calculated at 700 square metres in Alausa and if your property is less than that, it is still being calculated at the minimum 700 square meters. Now every area in Lagos state has being divided into zones and the type of fees/rates that should be paid per area. Some areas have low rates while some areas have very high rates, depending on the level of development of the place.

For example, i will mention just 12 areas to make you understand it:


a. Ajao Estate; N3,000 per square meters

b. Badore/ langbasa/Ado and its environs: N1,500 PER Square metres

c.Gbagada Phase 1: N6,000 PER Square metres

d. Ibeju Lekki beyond Abijo Gra: N500 PER Square metres

e. Ikorodu Central/ Lagso Road: N750 per square metres

f. Ikotun/ Egbe/ Ijegun/ Isheri Oshun/ Igando/ Iba/ Igbo Elerin: N1,000 per Square metres

g. Ogba Residential: N10,000

h. Oko Oba 1,2,3,4: N1,500

I.Surulere: N6,000

J. Ajiran/Igbo-Efon/ Ikota: N2,500

k. Oniru/ Dideolu Court: N10,000

L. Park View/ OSBORNE1: N40,000
 


Now lets take the first one Ajao estate as our mathematical guide to get the assessment of Ajao Estate:


700 square metres(The size of one regular plot)X N3000 = N2100000

soN2,100,000 is the General Assessment feebut that doesn't mean its this amount your paying.

Now you divide 8% of N2,100,000 = N168,000 to get the consent fee Assessment for Ajao Estate

Now you divide 3% of N2,100,000 = N63,000 to get the Registration fee Assessment for Ajao Estate

Now you divide 2% of N2,100,000 = N42,000 to get the Capital Gain Tax Assessment fee for Ajao Estate

Now you divide 2% of N2,100,000 = N42,000 to get the Stamp Duty Tax Assessment fee for Ajao Estate

Which equals =N315,000 for the Assesment fee of Ajao Estate alone.

When you calculate all the other fees listed above including the minor ones like development levy etc, it is easier for you to know how much you are to pay for the governor's consent of your area.


Generally the larger your plot or square meters of your land, the more you pay. The above illustration is just for 700 Square meters, so all of you that have over 1000 square metres or 2 plots or 3 plots or 50 plots, just calculate the sqaure metres on the survey plan X the applicable rate.

Finally Solicitors fees: This is subjective and open for negotiation per lawyer but putting into consideration the whole wahala of running around to get those receipts and bureaucracy abeg please be lenient with my fellow legal brothers!!!

To get the consent minus the bureaucracy takes at least 4 months .


Last but not the least be advised that these fees and Assesments example are subject to change and ratification at the land registry at anytime and they could just unilaterally review it and their own calculation could be slightly higher.


For more Info mail me emmanadebayo@gmail.com or call 08075142528 .( I don't know the assessment fees of the whole of lagos o! so if you ask me, its what i know from Alausa i will tell you. I am not a magician or working in Alausa ! This is just a free consultation)

3 comments:

  1. Thank you for some other informative website. The place else may just I get that kind of information written in such a perfect method? I have a venture that I am simply now running on, and I’ve been at the glance out for such info. short term property finance

    ReplyDelete
  2. This is really helpful. Thank you

    ReplyDelete

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