LAGOS PROPOSES A REGIONAL MASTER PLAN FOR IKORODU

The upgrade of Ikorodu township, a rapidly expanding settlement in Lagos State, to a contemporary eco-city development is in top gear as the government’s consultant has unveiled a new and ambitious programme to review the city’s spatial dynamics.

The coming master plan hopes to cover a period of 20 years from 2016 to 2036. So far, the State’s Ministry of Physical Planning and Urban Development has completed and published six model city plans of Alimosho, Apapa, Agege/Ifako, Mainland, Ikoyi-Victoria Island, Badagry and Lekki for the use of professionals in the built environment and the public.

PREVAILING SYSTEMS OF LAND TENURE

‎ At present, most of the land in the country is for leasehold and the governor of the state may grant statutory rights of occupancy for 99 years. Indigenous areas are governed by customary land tenure.

Rent is fixed at the governor’s discretion. Certificates apply to urban or rural land and must be approved by the governor.

Customary certificates of occupancy are administered by local government councils and apply solely to rural land. Any certificate may be revoked by the governor under compulsory acquisition. By holding a certificate, one is entitled to compensation for existing improvements on the acquired land. The law stipulates that land sales, mortgages and subleases can be transacted only with the approval of the governor.

WORD BANK : POISON FOR HUSBAND

Last month my neighbour went to complain to her

mother!

*Daughter:* Mom, I can not stand my husband. I want to kill him but I don't have the courage to do it, Can you help me?please!

*Mother:* Yes my daughter, I can. But there is a small problem . You will be forced to make peace with him first so that none will suspect you for his death. You are going to be so much good and kind to him, take care of him.

Be romantic, grateful, patient, loving, submissive to him. See him as your kid not your mate or subject... be less selfish, more just, more listening to him, take all the rubbish from him, don't nag or criticize him.

CUSTOMARY NORMS, RELIGIOUS BELIEFS AND SOCIAL PRACTICES THAT INFLUENCE GENDER - DIFFERENTIATED LAND RIGHTS

• There are as many customary laws in the country as there are communities. In most communities, women are not entitled to land in their own right under the customary law that operates in most of the indigenous areas.
• Three marriage types are recognized in the country: customary, religious and civil law marriages. In customary law marriages, the wife is often regarded as the man’s property and she is generally not expected to entertain any measure of equality in whatever form. She cannot avail herself of the benefits enjoyed by a woman married under the Marriage Act. Upon her husband’s death she is more likely to be dispossessed. This is not the case with a man who upon the death of his wife inherits all of her properties.

  

  Credit - newcenturyindialaw.blogspot.com 

  
  

INHERITANCE / SUCCESSION DE FACTO PRACTICES

Almost all ethnic groups practise patrilineal inheritance. Upon a man’s death, land may be divided among his male heirs or passed down solely to the eldest son, depending on the community practice. If a man has multiple wives, his land is divided equally among the wives and passed down to their sons. Women rarely inherit land, usually only if there are no male heirs. Inheritance is by far the most common mode of land acquisition among rural people.

A case study in the Enugu area reported that the most common channel through which women household heads acquired property was through inheritance from their spouses. When there was no will, women’s inheritance rights were governed by the type of marriage, customary or statutory, that was contracted between spouses. Very often it happened that the properties of the deceased were distributed among his dependants in accordance with the customary law applicable to him before he died. In most cases, these customs were unfavourable to women.

INHERITANCE LEGAL MECHANISMS

Under the Marriage Act of 1990, in the event of the death of her husband intestate, a woman is entitled to a certain percentage, at least one-third, of the deceased’s estate.

Credit - womenshistory.about.com 

- The Administration and Succession [Estate of Deceased Persons] Law of 1990 Cap. 4, Revised Laws of Anambra State Volume 1 provides that in no case shall a wife or the daughters of a deceased not get what they are entitled to receive merely because they are women.

WOMEN'S PROPERTY AND USE RIGHTS IN PERSONAL LAWS

‎The system of marriage laws, which includes customary, Islamic and statutory marriage, has resulted in a plurality of legal provisions and precedents regarding property rights and inheritance.

Married Women’s Property Act of 1882:
- Under statutory marriage, the Act gives women the right to acquire, hold or dispose of property acquired before or after marriage. Upon divorce, women’s rights may be enforced through the court processes.

List of PMI

List of Financial Institutions

Primary Mortgage Institutions

1	ABBEY BUILDING SOCIETY LIMITED
2	ACCORD SAVINGS & LOANS LTD
3	AG HOMES SAVINGS & LOANS LIMITED
4	AKWA SAVINGS & LOANS LIMITED
5	ASO SAVING & LOANS PLC
6	Brent Mortgage Bank
7	CENTAGE SAVINGS & LOANS LIMITED
8	CITY CODE SAVINGS & LOANS LIMITED
9	COOP SAVING & LOANS LIMITED
10	DELTA BUILDING SOCIETY LTD Credit - cnbwaco.com

PRIMARY MORTGAGE INSTITUTIONS

A Primary Mortgage Institution [PMI] shall be construed as any company that is licensed to carry out mortgage business in Nigeria.

Mortgage business shall include the following:

granting of loans or advances to any person for the building, improvement or extension of a dwelling/commercial house;

granting loans and advances to any person for the purchase or construction of a dwelling/commercial house;

Acceptance of savings and deposits from the public and payment of interest thereon;

management of pension funds/schemes;

FEDERAL HOUSING AUTHORITY (FHA)

‎Background

The Federal Housing Authority (FHA), a wholly owned agency of the Federal Government of Nigeria, was established vide Decree 40 of 1973 now cited as Act CAP F-14 Laws of the Federation of Nigeria 2004. The Authority is supervised by the Federal Ministry of Lands, Housing and Urban Development. The Authority which became partially commercialized in accordance with Decree No 25 of 1988 is charged with:

• The preparation and submission from time to time, to the Government of proposals for National Housing Programmes;
• The making of recommendations to the Government on such aspects of urban and regional planning, transportation, communication, electric power, sewage and water supply development as may be relevant to the successful execution of housing programmes approved by the Government; and
• The execution of such housing programmes as may be approved by the Government.

PROVISIONS OF THE LAGOS STATE PROPERTIES PROTECTION LAW 2016

Though not restricted to the commercial city of Nigeria, Land grabbing has always been a big issue in Lagos state. Property investors were not protected under the law and were being taking advantage of by the popularly called “Omo Onile”, meaning in loose terms “Children of the land” and their sponsors, or privileged individuals who used force, threats and sometimes violence to unscrupulously take possession of land or property belonging to other persons. It is common to see or hear of a crowd of young men gather at the sites of undergoing private construction demanding for unaccountable levies and fines.

To say, these unlawful actions have plagued the real estate industry in Lagos and other parts of Nigeria, is to put it mildly. Sometimes, law enforcement agencies are also powerless to aid or act in certain situations. The property divisions of the law courts are filled with claims bothering on forceful and unlawful possession of land or property and have been in court for quite some time.

DRAW RULES WITH LAGOS HOMS MORTGAGE (Part 2)

THE DRAW RULES

There shall be in respect of Lagos HOMS a periodic Draw of such number of homes as may be from time to time available for pre-qualified applicants under the Scheme.

There shall be a pre-qualification exercise prior to every Draw and only pre-qualified applicants shall be eligible to participate in the Draw. Pre-qualification for the Draw shall be based on certain conditions including proof of being a first-time buyer (“FTB”); age; proof of income; evidence of payment of tax for five (5) years preceding the date of the application and such other requirement(s) as may be set from time to time by the Lagos State Mortgage Board.

Only pre-qualified applicants shall be eligible to participate in the Draw.

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 Rent: N4.5M

 Service Charge: N2M per annum

Swimming Pool 

DRAW RULES WITH LAGOS HOMS MORTGAGE (Part 1)

In its quest to make affordable housing available for LAGOS State residents, the Lagos State Government established the Lagos Home Ownership Mortgage Scheme (“Lagos HOMS”) to provide access to home ownership through affordable mortgage financing.

Under this Scheme, which will be managed by the Lagos State Mortgage Board (“LMB”) in collaboration with the Lagos Building and Investment Company Plc. (“LBIC”) the Lagos State Government, through its agencies, will provide housing stock that will be released at periodic intervals to the public for sale.

Owing to the fact that there may sometimes be more applicants than available homes and that it is the State Government’s desire to give all applicants an equal opportunity to own a home, allocation of homes to successful applicants shall be by Draws held at periodic intervals.

ELIGIBILITY CRITERIA FOR LAGOS HOMS MORTGAGE

Applicants must be primarily resident in Lagos State and will be required to provide proof or submit a copy of their Lagos State Residents Registration Card where applicable.

Applicants must be a First Time Buyer.

Applicants must be 21 years old and above.

Only tax compliant applicants will be eligible under the Lagos Home Ownership Mortgage Scheme and must provide proof of tax payment for the last 5 years.

REQUIRED DOCUMENTS FOR SUBMISSION WITH YOUR APPLICATION FOR LAGOS HOMS MORTGAGE

IF YOU ARE CURRENTLY EMPLOYED (FULL OR PART-TIME)

Two (2) passport-sized photos (with name and signature behind)

Evidence of yearly payment of income tax for the last five years

Certified Personal Bank Statement for the last six months

Pay slips for the last six months

Last pay slip of previous employer (if applicant has changed jobs within the last year)

Letter of Reference from current employer confirming job title, status, annual salary & allowances and existing loans and/or obligations if any

Any evidence of additional income to service the mortgage

Proof of identity (Drivers license, Birth certificate, Passport, National ID card or Lagos State Residents Card etc)

5 EASY STEPS TO OWNING YOUR OWN HOME WITH LAGOS HOMS APPLICATION AND SUBMISSION

You complete the Application Form in accordance with the instructions, pay the prescribed processing fee and collect a receipt after submitting copies of all necessary supporting documents. The form can be submitted in person or online. Originals of supporting documents will be required for sighting if you are successful at the Draw.

PRE-QUALIFICATION

The Lagos Mortgage Board [LMB] processes your form for pre-qualification and if you meet the requirements, you will be assigned a Draw reference number.

DRAW

LMB enters you for the draws which are conducted periodically on announced dates, through a transparent, fair and well publicised process.

LAGOS HOME OWNERSHIP MORTGAGE SCHEME (Lagos HOMS)

The Lagos Home Ownership Mortgage Scheme (Lagos HOMS) is a government initiative to encourage and support home ownership of First-Time Buyer (FTB) residents of Lagos State to purchase decent and affordable homes through the provision of accessible mortgage finance. Lagos HOMS is administered by the Lagos Mortgage Board (LMB)

In line with its promise to energise investment in home ownership by increasing the supply of homes and enabling wide access to home ownership through mortgage finance, the Lagos State Government under the able leadership of Mr. Babatunde Raji Fashola SAN introduced the Lagos Home Ownership Mortgage Scheme, (Lagos HOMS).

Lagos HOMS is a unique solution to the substantial supply gap in housing stock in Lagos State, inspired by the Governor’s resolve to bridge the housing deficit in Lagos State and ensure that the Lagos State Government lives up to its social obligation to provide affordable shelter to its citizens.

SIMILARITIES BETWEEN MORTGAGE DEBENTURE AND MORTGAGE

Mortgage implies a debt and a personal obligation by the mortgagor/borrower to pay it. If there is a covenant or bond for the repayment of this debt, then it is a speciality debt but if it is not, it is a simple debt. See SHIRU V. BARCLAYS BANK OF NIGERIA (1975) NMLR 148.    

One of the essential elements of mortgage is the equity of redemption. A mortgagor/borrower has the right to redeem his property that is in possession of the mortgagee by paying to the mortgagee the principal money and interest. The rate of interest to be charged by a mortgagee is now regulated in Nigeria by the Central Bank and no mortgagee can impose arbitrary rate of interest on the mortgagor.

It is not only a freehold property that can be mortgaged, a leasehold property can also be mortgaged but in some cases, the consent of the lessor must be obtained to the transaction and if there is any default on the part of the mortgagor his unexpired residue in the leasehold property with the consent of the lessor can be assigned by the mortgagee/lender to a third party. See TRANS ATLANTIC COMPANY V. BANK OF THE NORTH (UNREPORTED) SUIT NO 1/7/35/91.

DISCHARGE OF MORTGAGES

The discharge of a mortgage means that the loan plus interest has been redeemed. The mortgagee/lender is ready to release the property and return to the mortgagor documents deposited as security. The discharge of a mortgage terminates and releases the mortgagor from his obligations under the mortgage.The mode of discharge of a mortgage depends on the type of mortgage and how it was created.That is:

MORTGAGE BY COMPANIES

Section 166 of the Companies and Allied Matters Act provides that:

“a company may borrow money for the purpose of its business or objects and may mortgage or charge its undertaking, property and uncalled capital or any part thereof and issue debentures, debenture stock and other securities whether outright or as security for any debt, liability or obligation of the company or of any third party. This is done in the following ways:

COVENANTS BY THE MORTGAGOR

The mortgage should include all covenants on the mortgagor’s part as follows:

1.Punctual payment of interest

2.Insurance

3.Provisions for borrower not to redeem for certain term

4.Consolidation

5.Leasing by the mortgagor

6.Repair

TRANSFER OF MORTGAGES

Section 27 CA and 134 PC & L provide for the power of the mortgagee to transfer the mortgage or the benefit of the mortgage to a transferee by executing a Deed expressed to be made by way of statutory transfer. The consequences of such transfer are:

1)The transferee acquires the right to demand, sue for, recover, and give receipt for, the mortgage money or the unpaid part of it and interest thereon (if any) as may be due.

2)The transferee acquires the right to sue on all covenants with the mortgagee, and the right to exercise all powers of the mortgagee.

CREATING A LEGAL MORTGAGE: CONSENT

Section 22 of the Land Use Act, 1978 provides that where an equitable mortgage has been created in favour of a mortgagee and consent has been obtained, further consent is not required to a legal mortgage replacing the equitable mortgage. However, the Act does not require consent to a loan transaction nor does it make unlawful for a loan transaction to be effected without first obtaining the Governor’s consent. See OGUNDOLA V. NICON (SUPRA). But the prior consent of the Governor is required for the creation and registration of a legal mortgage or a charge by deed. See. SAVANNAH BANK OF NIGERIA LTD. V. AJILA(1989) 1 NWLR (pt 97) 305.

Apart from the legislative requirement of consent by the State Governor, consent of landlord or (sub lessor) may be required on the mortgage of a leasehold land or certificate of occupancy if there is a widely drawn covenant restricting a tenant/sub-lessee’s right to “assign, let, mortgage or otherwise part with possession of the demised property or any part thereof”.

GOVERNOR’S CONSENT

See Section 22 of the Land Use Act. A holder of a statutory right of occupancy cannot alienate his right by assignment, mortgage, transfer of possession, sublease or otherwise without the consent of the Governor. That is what Section 22 of LUA says.

Credit - olx.com.ng 

Section 26 of the same Act states that any transaction or any instrument which purports to confer on or vest in any person any interest or right over land other than in accordance with the provisions of this Act shall be null and void. See SAVANNAH V. AJILO (1989) 1 NWLR (PT. 77) 305. In this case, the Supreme Court held that the legal mortgage that was executed in favour of the bank by the respondents was declared null and void on the ground that consent of the Governor was not obtained. The Supreme Court stated in that case

GOVERNOR’S CONSENT

See Section 22 of the Land Use Act. A holder of a statutory right of occupancy cannot alienate his right by assignment, mortgage, transfer of possession, sublease or otherwise without the consent of the Governor. That is what Section 22 of LUA says.

Section 26 of the same Act states that any transaction or any instrument which purports to confer on or vest in any person any interest or right over land other than in accordance with the provisions of this Act shall be null and void. See SAVANNAH V. AJILO (1989) 1 NWLR (PT. 77) 305. In this case, the Supreme Court held that the legal mortgage that was executed in favour of the bank by the respondents was declared null and void on the ground that consent of the Governor was not obtained. The Supreme Court stated in that case that it was not canvassed before the court that the respondents, having enjoyed the overdraft from the appellant bank, cannot rely on their own failure to obtain consent to the transaction to defeat the right of the appellant bank to sell the mortgaged property. The case was never fought for the appellant bank on equitable grounds. The decision in SAVANNAH BANK OF NIGERIA LTD. V. AJILO should, therefore, not be regarded as a general principle of law and the principle of law therein should be confined to the peculiar facts of that case.

See also FEDERAL MORTGAGE BANK OF NIGERIA V. BABATUNDE (1999) 12 NWLR 632,particularly at page 683. Here, AJILO V. SAVANNAH BANK’s case was followed. It was held that a mortgagor was void for absence of the requisite consent. In UGOCHUKWU V. COOPERATIVE AND COMMERCE BANK NIGERIA LIMITED (CCB) (1996) 6 NWLR (PT. 456) 524, it was held that the holder of a right of occupancy is the one to seek the consent of the Governor. A mortgagor cannot be held to say that the transaction is void for lack of consent.

In the case of ADEDEJI V. NATIONAL BANK OF NIGERIA (1989) 1 NWLR 212,the court held that the transaction was inchoate.

In AWOJUGBAGBE LIGHT INDUSTRIES V. CHINUKWE AND ANOR (1995) 4 SCNJ 162, Section 22(a) of the Land Use Act states that consent of the Governor was not required to the creation of a legal mortgage over a statutory right of occupancy in favour of the person in whose favour an equitable mortgage over the right of occupancy had already been created with the consent of the Governor.

Section 22(b) of the Land Use Act provides that consent shall not be required to the reconveyance or release by a mortgagee to a holder or occupier of a statutory right of occupancy which that holder or occupier has mortgaged to that mortgagee with the consent of the Governor. 

to be continued with

CREATING A LEGAL MORTGAGE: CONSENT

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REVIEWS and CAVEAT : We hope you have found this information helpful. Please note that this information is provided for general informational purposes only and is not intended to be legal advice. No lawyer-client relationship is formed nor should any such relationship be implied. Any post, article, or comment or opinion expressed is not intended to substitute for the advice of a qualified lawyer, but that of the individual who made the contribution. If you require legal advice, please consult with a qualified lawyer. If you need assistance in contacting a lawyer, you may contact us via email emmanadebayo@gmail.com and we would be glad to match you with a lawyer who meets your requirements.  Send in all your property briefs: Request | Letting | Sale | Lease | Warehouse | Land We deliver at a swift pace! ‎ ‎ ‎

REGISTRATION OF TITLE DOCUMENT

   Under the provisions of the Land Registration Act, an instrument is a document affecting land in Nigeria whereby one party, that is, the grantor, confers, transfers, limits, charges or extinguishes in favour of another party, that is, the grantee, any right or interest in land in Nigeria, and it includes a certificate of purchase and a power of attorney under which any instrument may be exercised, but does not include a will. It should be noted that what is required to be registered is not an interest in land but merely an instrument affecting land.

STAMPING

STAMP DUTIES ACT

See the case of ILYA V. QUDUS. What is the effect or penalty of a document that is not stamped?

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‎

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Thank you for reading, If you find the post helpful, I’d love to hear your thoughts in the COMMENT box. Also, don't forget to LIKE and SHARE with your social media friends, family, colleagues, social members, neighbours and everyone in your world, who you think might find this information useful..Lastly SUBSCRIBE to our website via Email to get the latest updates directly in your mail box for FREE. Your email address is safe with us! SUBSCRIBE BELOW !!! ‎Send your Adverts/Listing/Press Release/Articles to emmanadebayo@gmail.com ‎

 ‎REVIEWS and CAVEAT : We hope you have found this information helpful. Please note that this information is provided for general informational purposes only and is not intended to be legal advice. No lawyer-client relationship is formed nor should any such relationship be implied. Any post, article, or comment or opinion expressed is not intended to substitute for the advice of a qualified lawyer, but that of the individual who made the contribution. If you require legal advice, please consult with a qualified lawyer. If you need assistance in contacting a lawyer, you may contact us via email emmanadebayo@gmail.com and we would be glad to match you with a lawyer who meets your requirements.  Send in all your property briefs: Request | Letting | Sale | Lease | Warehouse | Land We deliver at a swift pace! ‎ ‎ ‎

PROPER DOCUMENTATION AND EXECUTION

   There must be proper documentation and execution. When you execute, there would be attestation. As regards the issue of an illiterate, once one of the parties is an illiterate, Section 2(2) of the Illiterate Protection Law of Lagos State, for example, requires that the document should be read over and explained to the illiterate before his signature or mark is affixed.

PERSONS OF UNSOUND MIND

PERSONS OF UNSOUND MIND

The general rule is that persons of unsound mind cannot enter into contract except during his lucid period and provided that a receiver has not been appointed for him.

TRUSTEE

A trustee has no right to borrow money on the security of a mortgage or trust property. In other words, if you are a trustee, and you are managing buildings or property, the general rule is that even though you have legal estate, you cannot mortgage trust property. This is because it is not actually your own; it is for the beneficiaries. Equity will not allow a trustee to unduly subject the trust property to financial risk to the detriment of the beneficiaries.

CAPACITIES OF PARTIES TO A MORTGAGE

See the Infant Relief Act, 1874 that is applicable in the North, East and Lagos.It states:

“All contracts, whether by specialty or by simple contracts, entered into by infants for the repayment of money lent or to be lent is void absolutely.”

In the PCL States, a legal mortgage of land is not to be made or transferred to an infant. Such agreement shall operate as an agreement for valuable consideration to execute a proper conveyance when the infant attains full age. In the meantime, to hold any beneficial interest in the mortgage debt in trust for persons for whose benefits the conveyance was intended to be made. Where conveyance is made for persons who are of full age and also infants, it shall operate as if the infant had not been named therein.