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Understanding the Differences: Leasehold vs. Full Ownership Apartments by Dennis Isong

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Understanding the Differences: Leasehold vs. Full Ownership Apartments by Dennis Isong 

Understanding the Differences: Leasehold vs. Full Ownership Apartments by Dennis Isong

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sahara Weekly Reports That When it comes to purchasing property, one of the fundamental decisions that prospective buyers must make is whether to opt for a leasehold or full ownership apartment. Each type of ownership has its own set of advantages and drawbacks, catering to different preferences, financial situations, and long-term goals.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Understanding the Differences: Leasehold vs. Full Ownership Apartments by Dennis Isong 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leasehold Apartments:

In the heart of Lagos, where the pulse of the city reverberates through its streets, people and businesses, the concept of leasehold unfolded in the neighborhood of Victoria Island. This vibrant area, known for its mix of commerce and culture, became the backdrop for a story that unfolded at the crossroads of tradition and urban development in real estate.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ade is a savvy entrepreneur with dreams of establishing a trendy cafe along the bustling waterfront. Eager to realize his vision, Ade explored the world of leasehold agreements, a path that offered him access to prime real estate without the hefty burden of outright ownership.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ade found a property owned by a longstanding family in Victoria Island. The family, hesitant to sell their ancestral land, opted for a leasehold arrangement that would allow Ade to operate his cafe while preserving the family’s connection to the place that held generations of memories. Ade transformed the space into a hub for creativity and conversation. Meanwhile, the family retained a sense of ownership, participating in the cafe’s success while maintaining the historical significance of their land.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The neighborhood, once accustomed to traditional ownership models, began to witness the harmonious coexistence of progress and heritage. The leasehold, in this corner of Lagos, became a bridge between entrepreneurial aspirations and the rich family history. Ade’s cafe, with its leasehold roots, became a symbol of innovation and collaboration. It stood as a testament to the adaptability of Lagos, where the spirit of entrepreneurship could flourish without severing ties to the past. The story of Ade’s cafe echoed through the vibrant streets, showcasing how leasehold arrangements could weave a story of continuity and change in the dynamic fabric of Lagos.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leasehold apartments involve the buyer acquiring the right to use the property for a specified period, typically ranging from 99 to 999 years. However, the land on which the property is built remains owned by a landlord or freeholder.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In a leasehold arrangement, the buyer essentially leases the property from the freeholder. This means that while they have the right to occupy and use the space, they do not own the land beneath it.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leaseholders are often required to pay ground rent and service charges to the freeholder. Also, there may be restrictions on making alterations to the property, and obtaining permission may involve additional costs.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The finite nature of the leasehold means that buyers should be aware of the remaining lease duration. As the lease term diminishes, the property’s value may decrease, potentially impacting resale value.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Full Ownership Apartments:

Sometimes ago in Ikoyi, Lagos, a story unfolded that captured the essence of full ownership in real estate. Ngozi is a successful businesswoman with a vision of creating a haven of comfort and elegance for her family. Drawn to the serenity of Ikoyi, she embarked on a journey for a residence that would reflect her aspirations. Ngozi came across a penthouse in Azure Heights. The process of acquiring the property involved careful legalities and paperwork, but as Ngozi received the keys to her penthouse, a profound sense of ownership and accomplishment washed over her. The expansive living room, adorned with floor-to-ceiling windows framing panoramic views of the Lagos skyline, became a canvas for her dreams. As Ngozi settled into her new home, she felt a deep connection to the Ikoyi neighborhood. Azure Heights, with its full ownership model, allowed her to not only enjoy the lavish amenities within the building but also embrace the exclusivity of belonging to one of Lagos’s most coveted addresses. Ngozi’s apartment became a symbol of personal achievement, a testament to the possibilities that awaited those who aspired to own a piece of Lagos’s dynamic real estate.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Full ownership, also known as freehold, grants the buyer complete ownership of both the property and the land it stands on. This type of ownership provides greater autonomy and fewer restrictions compared to leasehold.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Full ownership apartments mean that the buyer has control over the property in perpetuity. This includes the freedom to make alterations, additions, and decisions without seeking permission from a landlord.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unlike leasehold properties, full ownership does not typically involve paying ground rent to a landlord. However, owners are responsible for all maintenance and repair costs, which can be both a benefit and a challenge depending on the individual’s preferences and financial capacity.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Full ownership is often seen as a more secure investment in the long run. The absence of a lease term expiration provides stability, and the property is likely to appreciate over time.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conclusion

The decision between leasehold and full ownership often hinges on financial considerations. Leasehold properties may have a lower initial cost, but the long-term expenses, such as ground rent and service charges, should be factored in.

Individuals who value autonomy and control over their living space may find full ownership more appealing. On the other hand, leasehold may suit those who prefer a hands-off approach to property management.

Buyers should carefully assess the resale and investment potential of each type of ownership. Full ownership is often considered a safer bet in terms of long-term value, but leasehold properties can still be lucrative if managed wisely.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dennis Isong is a TOP REALTOR IN LAGOS.He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041

 

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WE HAVE NO ALLEGATION OF FRAUD AGAINST EX- COMMISSIONER, OTHERS, OGUN ASSEMBLY CLARIFIES INVITATION

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WE HAVE NO ALLEGATION OF FRAUD AGAINST EX- COMMISSIONER, OTHERS, OGUN ASSEMBLY CLARIFIES INVITATION

WE HAVE NO ALLEGATION OF FRAUD AGAINST EX- COMMISSIONER, OTHERS, OGUN ASSEMBLY CLARIFIES INVITATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sahara Weekly Reports That Ogun State House of Assembly Committee on Public Accounts and Anti-Corruption, led by Hon. Damilare Bello today continues with its sittings with a clarification that the invitation extended to the former Commissioner for Information and Strategy, Abdul-Waheed Odusile and the SSA to the Governor on Media, Emmanuel Ojo was not an indictment but rather to seek clarifications on the audit report of the Ministry.

 

 

 

 

 

 

 

 

WE HAVE NO ALLEGATION OF FRAUD AGAINST EX- COMMISSIONER, OTHERS, OGUN ASSEMBLY CLARIFIES INVITATION

 

 

 

 

 

 

 

 

 

 

 

Hon. Bello issued the clarification today during the Committee’s meeting with the officials of the State Hospitals Management Board at the Assembly Complex, Oke-Mosan, Abeokuta.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Committee Chairman in company of other members including Honourables Musefiu Lamidi, Dickson Awolaja, Wahab Haruna, Yusuf Amosun, Folawewo Salami, Lawal Samsideen and Waliu Owode noted that the sitting was not meant to witch- hunt but to put the various Ministries, Departments and Agencies of Government on their toes in the prudent management of government resources.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

He recalled that at the last sitting of the Committee, there was a misinformation in some sections of the media insinuating fraudulent practices, cautioning that the Committee had not indicted anyone but merely considering issues raised in the audit reports with a view to addressing them.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

He stated, “on Monday at our last sitting, there was a misinformation that this Honourable House has indicted the ex- Commissioner and the SSA (Media), we have not indicted anyone. We have only used the media to invite them for clarification on the Auditor General reports in line with our constitutional responsibilities.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

It is important to note that the this House has no reason to witch-hunt anyone. We are only making sure the people see our Governor working alongside with the legislators with the right procedure to achieve all the Government lofty policies and programmes”, he stated.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

He urged the public to disregard the scandal rumour, saying not everything found on the media space might be the right picture of things coming from the Assembly.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

He called on Heads of MDAs to work together with the Assembly in blocking all leakages and help promote accountability and transparency in the running of government in the State.

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YOU CAN NEVER REMOVE TINUBU FROM OFFICE, PROPHET IKURU COUNTERS 70 NIGERIAN PROPHETS

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One of the best prophets in Nigeria,prophet Godwin Ikuru of Jehovah Eye Salvation Ministry has reacted to the news that about 70 Nigerian prophets have unanimously agreed to pray for the removal of President Bola Ahmed Tinubu from Office.

Speaking to newsmen in Lagos today,the cleric enunciated that nobody can remove the president from Office because it was God that made him president not man,he said ‘as a prophet of God, I’m saying it with utmost confidence that nobody can remove president Bola Tinubu from Office because it was God that put him there,the 70 prophets that have converged to pray for his removal are Jokers that are craving for attention and recognition’

He maintained that Ahmed Tinubu became the president against all odds because God wanted it.He said “Nobody expected Tinubu to be the president but God made him president so that he can heal the nation because he loves Nigeria,no matter what we are going through in the nation at the moment, let’s be patient with him because he will fix the problems of Nigeria”

It can be recalled that prophet Godwin Ikuru is one of the few prophets that prophesied that he was going to be the president of Nigeria and it happened,he has equally told prophet Bisi Olujobi and his 70 prophets that they can’t remove the president from Office,it will be very interesting to see what happens within the next couple of weeks.

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Edo Varsity Students Visits BUA Cement, Modular Refinery

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Edo Varsity Students Visits BUA Cement, Modular Refiner

 

 

 

 

 

 

 

 

 

By Elvis Omoregie

 

 

 

 

 

 

 

 

 

 

 

Sahara Weekly Reports That Students of the Department of Chemical Engineering, Edo State University Uzairue have visited BUA Group-Obu Cement Plant, Okpella, and Modula refinery in Edo State with a view to have first hand knowledge of the facilities of the companies as well as production.

 

 

 

 

 

 

 

 

Edo Varsity Students Visits BUA Cement, Modular Refinery

 

 

 

 

 

 

 

 

The Acting Head, Department of Chemical Engineering, Dr. Francis Dayo, who led the tour, said the visit was to expose the students practically to most of the things they have learnt in the classroom.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

He said the tour which involved staff and students of the department was to give them the opportunity to ask practical questions during the tour.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BUA Tour guard, Engr. Nazir Baba, who led the students on the tour of the company, while highlighting safety of the environment, advised them to be safety conscious in the course of the tour.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Obu Cement Plant basically deals with raw materials to produce cements. The operation of the industry include, the quarry site where raw materials are harvested for processing and some of these materials include Limestone, aluminum, Iron ore, silicon, laterite among others”.

 

Baba said “The students also visit different sections of the factory where the raw materials are being refined to have a grasp of the facilities as crushing and grinding units, various milling units, blending and the mixing unit down to the kiln and clinical unit before the bagging or packaging section of the cement production”.

 

“Other areas in the power plant visited by the students include, crowd control room building that houses the physical laboratory, preparatory laboratory, control room, x-ray room for material analysis and quality control.

 

Also speaking, one of the students and Departmental Representative, Ogbeta Princess Omolayo, said the tour was an eye opener and encouraged other students of the faculty to always make use of such opportunity to enhance their knowledge.

 

Earlier, the acting departmental head of Chemical Engineering further disclosed that the student also paid a one-day visit to the Edo Modular Refinery, in Ologbo, for on the site learning.

 

“The students and Staff of the Department were shown round some of the plant facilities such as control room, quality assurance laboratory, and the physical unit used for distillation.

 

“Other facilities visited were the farm tanks for crude and refined products storage, the utility unit, the heat exchangers, distillation column, furnace, blowers, gas flaring unit, pipes, valves among others.

 

He said the plant which was developed by Edo Refinery and Petrochemical Company Limited (ERPC) with support from the State Government was designed to process Nigerian crude oils and contribute its quota to the national grid.

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