The post How Cooperative Societies Started In Nigeria appeared first on 9japroperty.

The bank, in a statement on Tuesday, said the partnership would enable middle-class Nigerians and interested individuals to own houses in housing estates located in Abuja, Ibadan and Lagos.

According to the bank, about 500 housing units are expected to be delivered before the end of the second quarter of this year, adding that mortgage facilities will be available for individuals that are unable to make cash purchase.

The statement read, “With this move, our bank, which is noted for its huge investment in real estate developments in Ofada, Ogun State; Karu Area Council, Abuja; Lekki, Lagos State; and a host of other places in Nigeria, will increase the number of beneficiaries of its facilities.”

The Head, Business Development, RSL, Mr. Yemi Popoola, stated that the bank had invested over N3bn in real estate, and had created mortgage in excess of N5bn over the past 36 months.

This, according to him, has helped in reducing the housing deficit in Nigeria.

He added, “The housing estates will be tastefully furnished in prime locations within Abuja and Lagos. A typical unit will go for between N9m and N20m, and it includes a large living room attached with toilet, fully-fitted kitchen and other rooms, which are en-suite with shower.”

The post Resort Savings, estate developers offer mortgage finance appeared first on 9japroperty.

Njikonye had in August 2014 made a payment of N5,822,000 as 30 percent mortgage payment for the purchase of three bedrooms flat at Abesan Estate, Lagos.
Federal-Housing

Federal-Housing-Authority-Homes

This followed an advertorial placed by the FHA Homes also in August 2014 announcing the intention to sell some flats in Abesan Estate in Lagos.

With the down payment of N5.8 million as 30 per cent of the total sum, the subscriber was entitled to have access to the property with a grace of 10 years period to complete the balance of N9.5 million.

In a petition by his legal counsel, Ifeanyi Ilukwe, and made available to Vanguard, the subscriber is demanding a refund of his deposit following the failure of the FHA Homes to grant him access to the property in Lagos State.

According to the petition, the FHA Homes, since the date of the payment, failed to provide the subscriber with keys to the said flat to enable him move in.

“Take note that after the receipt of this letter, you failed to make immediate total repayment of the said monies, we shall have no option but to explore every legal means towards recovering our client’s funds together with interests and damages without further recourse to you.”

“The aspect of fraud committed against our client will also be petitioned to appropriate enforcement agencies for prosecution should you delay in remitting all our client’s monies paid to you,” said the legal counsel.

In an interview with Vanguard, the subscriber, Njikonye said he had suffered untold hardship as a result of what he called outright deceit and misrepresentations of fact’ to him by FHA Homes, saying that the psychological effects and the emotional trauma he had been made to undergo by FHA Homes cannot be quantified, hence his demand for immediate repayment of 30 percent initial down payment.

“After I expressed interest to buy the block of flat from the FHA Homes, the manager authoritatively informed me that if I am able to make a 30 per cent initial payment of N4, 500.000 being the total price value N15 Million of the purchase property I will be entitled to be given an allocation letter and a key to move into the said flat immediately, while I continue to make payments for the remaining monies duly spread for 10 years on installment basis.

“I remember that at that time I informed the manager of  the Lagos branch office that my rent was about to expire and was assured that if I made the payment of the said 30 percent I would be given key to move into the said flat. As result of this, I made the down payment through an account opened for him at the FHA Homes Mortgage Bank.”

The post Subscriber threatens to sue FHA over N5.8m mortgage payment appeared first on 9japroperty.

Safe Court is a tastefully finished 47 units residential apartments, built on land measuring 6255.517 square metres, originally owned by a developer, Primewaterview, but was offered as off-plan by the developer to Imperial Home, formerly known as GTHomes Limited.

Court record has it that Primewaterview was indebted to Cornerstone Asset Management Limited, created a Deed of Legal Mortgage (DLM) in favor of Cornerstone.

While this lasted, Primewaterview executed another deed of assignment in favour of GTHomes, which also had accepted an offer of off-plan purchase of Safe Court Estate, paid for an initial 30 units of the development with a “gentlemanly understanding reached between Primewaterview and GTHomes would purchase the remaining 17 units on completion of the estate and in the event that the developer elected to sell the remaining units, Imperial Homes would be offered the option of first refusal.

Following the payment for the said 30 units, curiously, the developer also executed a deed of Sublease (DoS) in Imperial Homes’ favour over the same landed it had earlier created DLM with Cornerstone. To effect to the transaction, Imperial Homes registered the DoS with the Lagos State Government.

But, as the developer failed to meet up with its financial obligation to Cornerstone Asset Management Limited, the latter, armed with a court order, appointed a receiver-manager, in the person of Chief Ajibola Aribisala to take over the entire development. the which after the failure of the former to meet up with its obligation appointed a receiver-manager, who immediately moved to take over the property.

Worried by the development, Imperial Homes initiated the process by appointing Messrs. FreshBrook, a firm of solicitors to protect its interest particularly as the bank had sold the 30 units to its customers it bought in Safe Court and its staff was already marketing the remaining 17 units.

Thereafter, negotiations to settle the matter amicably ensued and that led to a Terms of Settlement, which was entered as a consent judgment of the Federal High Court.  Consequently, Cornerstone executed a Deed of Release in favour Imperial Homes.

According to the DoR made on 11tgh June 2013, “Witness that in consideration of the sum of N25m being the consent judgment sum in Suit No. FHC/L/CS/1085/2012 now paid by GTHomes Limited (in subrogation for Primewaterview Limited, the Mortgagor) to the Mortgagee as the mortgage money and interest owed in respect of the said mortgage… the Mortgagee hereby conveys and transfers to GTHomes Limited (in subrogation for Primewaterview Limited, the Mortgagor) the mortgaged property measuring 6255.517 square metres situate, lying and being at Lekki Pennisula Scheme, Ikate Ancient City, Eti-Osa Local Government Area of Lagos State…”. Also, with the settlement, Imperial Homes’ title to Safe Court was affirmed in two separate actions both at the Federal and Lagos State High Courts.

Throughout the negotiation that culminated into the settlement, the developer was said to have sold a unit of the remaining 17 units, and asked that the sale be recognised by the bank. After the option opened for Primewaterview under the ToS to repurchase the 17 units was said to have elapsed, Imperial Homes went on to sell off 14 units to Northcourt, Block H, penthouse 700 and Block H, Flat 601, which it did not sell because they are currently under litigation. The bank added that as at when it was selling the 14 units it was not aware of anybody’s interest, as Primewaterview was said to have denied any other sale other a unit.   The bank is now asking the court to dismiss the actions with substantial cost, claiming it is frivolous and vexatious. Meanwhile, Justice Iyabo Kasali, had ordered parties, including the Akintolas and Falade against Primewaterview, Imperial Homes Mortgage Bank Plc and Registrar of Titles, Lagos State to maintain status quo pending the determination of a suit filed by a customer of Primewaterview claiming ownership of the apartments, equally directed lawyers in the suit to educate their clients on the consequences of disobedience of court order.

The customer, Olanrewaju Falade, had dragged GT Homes and Primewaterview to court, alleging fraudulent conspiracy to deny him ownership of two apartments in the estate, which he had duly paid for.

He also filed a motion for interlocutory injunction restraining the first and second defendants (Primewaterview and GT Homes) from preventing him from gaining access to the apartments pending the determination of the suit.
Besides, the claimant (Falade), in the motion, also seeks an interlocutory injunction restraining the Registrar of Titles of Lagos State Lands Registry from accepting any document of title registration for the said two apartments described as Block H, P/H 700 and Block H, Flat 601 pending the determination of the suit.
The claimant, in an affidavit in support of the suit, recalled that sometime in June 2010, he received an offer letter from Primewaterview, which was the joint developer of the Safecourt Estate with Safetrust Limited, for subscription for sale of one unit three-bedroom serviced apartment.

The terms of the agreement in the offer letter was that upon acceptance of offer, a down payment of 50 per cent was required while the balance 50 per cent would be due upon completion and delivery of the apartment in the conditions stated in the offer.

The post Mortgage firm, subscribers quarrel over Safe Court Estate in Lagos appeared first on 9japroperty.