Hello,
A friend called me now that a Neigbour needed to build a flat and saw an empty land belonging to him,my friend.
He brought a developer to my friend and requested to build a 3bedroom flat on friend's land.
The developer said that a yearly rent will be calculated and this will determine the number of years the neighbour will use the flat built for without any pay given my friend till the year the cost of building on the land completes and the flat will automaticaaly become my friend's property.
He said it could take 8,10 or 12years for the flat to become my friend's.
Does this mean friend will not be able to have access to his property for that long years?
Is this the proper step to be taken?
Are there other charges,agreement or commission or any fee to be paid to my friend that the developer is not telling him because I dont believe one can just take over someone's property for so long years without a dime paid to him.
It's an urgent occurrence, so I told my friend to hold for me to ask lawyers,developers,landlords,others with same experience on nairaland.
Thanks for your advice and contribution.

That's how it's done...but depending on your friend's bargaining power, the size of the land and the financial capacity of the developer.

Your friend could ask for an apartment to be built for him too, and he could either stay in that apartment for free or rent it out himself.

In clearer terms...if the developer is going to build 10 units of a room self contain apartments, your friend/the land owner could be given 1 or 2 units so he can also make a living/profits from the apartments pending when the lease will be over.

teebozz:
Hello,
A friend called me now that a Neigbour needed to build a flat and saw an empty land belonging to him,my friend.
He brought a developer to my friend and requested to build a 3bedroom flat on friend's land.
The developer said that a yearly rent will be calculated and this will determine the number of years the neighbour will use the flat built for without any pay given my friend till the year the cost of building on the land completes and the flat will automaticaaly become my friend's property.
He said it could take 8,10 or 12years for the flat to become my friend's.
Does this mean friend will not be able to have access to his property for that long years?
Is this the proper step to be taken?
Are there other charges,agreement or commission or any fee to be paid to my friend that the developer is not telling him because I dont believe one can just take over someone's property for so long years without a dime paid to him.
It's an urgent occurrence, so I told my friend to hold for me to ask lawyers,developers,landlords,others with same experience on nairaland.
Thanks for your advice and contribution.

please chat me on 08124890654.I am a lawyer vast in property transactions

Skyfornia:
That's how it's done...but depending on your friend's bargaining power, the size of the land and the financial capacity of the developer.

Your friend could ask for an apartment to be built for him too, and he could either stay in that apartment for free or rent it out himself.

In clearer terms...if the developer is going to build 10 units of a room self contain apartments, your friend/the land owner could be given 1 or 2 units so he can also make a living/profits from the apartments pending when the lease will be over.

Thanks alot bro.
But the developer is building only a 3bedroom flat,no other rooms or flats in which a unit or two could have been given my friend.
Is there any monetary provisions to give him to cover for this?

Canada2021:
please chat me on 08124890654.I am a lawyer vast in property transactions

Thanks bro.
Il give him ur number to chat you,better still I will too

teebozz:

Thanks bro.
Il give him ur number to chat you,better still I will too

okay bro

teebozz:


Thanks alot bro.
But the developer is building only a 3bedroom flat,no other rooms or flats in which a unit or two could have been given my friend.
Is there any monetary provisions to give him to cover for this?

I'm sorry there's not...maybe your friend should bargain for a shop/store to be attached. He could also rent the shop out and be making small small money until the lease is over. Please every agreement should be clearly documented and signed in the presence of lawyers.

Skyfornia:


I'm sorry there's not...maybe your friend should bargain for a shop/store to be attached. He could also rent the shop out and be making small small money until the lease is over. Please every agreement should be clearly documented and signed in the presence of lawyers.

Ok,no problem.
Alright bro
Thanks.
I appreciate all.

teebozz:

Thanks bro.
Il give him ur number to chat you,better still I will too

I appreciate all the info.
God bless.

teebozz:

Ok,no problem.
Alright bro
Thanks.
I appreciate all.

Also bear in mind the standard or quality of the house...cause some buildings will be dilapidated after 10years due to poor quality..so ensure he uses the best materials to avoid your friend going into costly/outrageous renovations after the lease.

Skyfornia:


Also bear in mind the standard or quality of the house...cause some buildings will be dilapidated after 10years due to poor quality..so ensure he uses the best materials to avoid your friend going into costly/outrageous renovations after the lease.

Exactly what I wanted to say or you advice your friend to build his house slowly. Buy cement and keep. Buy sand and keep. Do it small small

Skyfornia:


Also bear in mind the standard or quality of the house...cause some buildings will be dilapidated after 10years due to poor quality..so ensure he uses the best materials to avoid your friend going into costly/outrageous renovations after the lease.

Noted.
Thanks

Godson213:


Exactly what I wanted to say or you advice your friend to build his house slowly. Buy cement and keep. Buy sand and keep. Do it small small

Good Advice.
He will work on that along.