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

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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.

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.

Leasehold apartments involve the buyer acquiring the right to use the property for a specified period, typically ranging from 99 to 999 years

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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Something has to be done, Our electricity bills now more than house rent – Band A customers cry out

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Minister of Power Adebayo Adelabu proudly highlighted the accomplishments of his ministry during his tenure.

Adelabu celebrated the ministry’s successes since taking charge a few years ago.

Minister Adelabu announced that the ministry achieved an additional N200 billion in revenue in 2024, as reported by Saturday Tribune.

But many Lagos residents, especially consumers in the power sector, do not share in the minister’s excitement.

Of late, it has been a litany of woes from the consumers, who insist that the reforms introduced by the minister since assuming office have left them worse off.

They can no longer use their freezers, pressing irons and other energy-sapping appliances.

Unfortunately, they believe the minister has abandoned them to the whims and caprices of the distribution companies (DisCos) in the state.

The DisCos, they claim, have continued to rip them off under the noses of the minister and other relevant regulatory authorities in the sector.

Some of them argue that despite being placed on Band A, they have been contending with epileptic power supply in their localities.

Recently, residents of Aguda and Ayetoro CDA in Surulere expressed their displeasure over exorbitant electricity bills despite poor power supply to the supposedly Band A consumers.

They allege that they receive less than 10 hours of electricity daily, instead of the over 20 hours meant for Band A consumers. Besides, they claim that N10,000 worth of electricity units last less than two hours.

They are therefore calling on the Eko Electricity Distribution Company (EKEDC) to return them to Band C, where they believe they truly belong based on the hours of electricity their community receives.

“What they are giving us is even more than our house rent. If you load N10,000 now, it won’t last two hours. Despite the high tariff, we are not getting electricity adequately,” Mr. Jimoh Ajala, the Aguda CDA leader, lamented in a video.

Ajala said, “I am here because of EKEDC. This is a residential area, not commercial. Like yesterday, they took the light four times for four hours each. We are requesting that the DisCo should return us to Band B or C. The tariff is for commercial users and we are not; we are residential.”

Another resident, Adeyanju from Ayetoro CDA, corroborated Ajala’s claims, saying that what they pay for electricity is more than their house rent.

“We are paying more than our house rent for light. This is killing us. They should return us to Band D,” he said.

Jimoh Ajala and other Aguda CDA residents in Surulere protested at the Ikoyi Federal High Court, demanding government action against their exorbitant electricity bills.Interestingly, they are not alone.

Many Lagos residents are finding it increasingly difficult to pay their electricity bills due to several factors, including the harsh economy, rising inflation, high transportation costs and rent, among others.

Source: Saturday Tribune

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JUST IN: Governor Alia Names Top Politicians, NASS Members Sponsoring Attacks In Benue

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…..Alia made the allegation during Friday’s Politics Today program on Channels Television, describing the situation as very unsettling and extremely unacceptable.

Benue State Governor, Hyacinth Alia, has accused top serving politicians in Abuja and the National Assembly of instigating killings, harbouring and feeding those responsible for the crisis in the state.

Alia made the allegation during Friday’s Politics Today program on Channels Television, describing the situation as very unsettling and extremely unacceptable. The Governor said that while the politicians were interested in fighting for their positions, it was his right to protect and serve the interests of the masses.

Although Alia declined to disclose the names of the politicians allegedly involved in the killings, he stated that a judicial panel had been set up to investigate the reasons behind the attacks, adding that the report indicted many big names and vowed to take up the matter when he receives the full report.

He said, “It is very, very unsettling because top politicians who are very functional and are in the National Assembly and are in Abuja, are the architects and arrowheads of not just instigating, but harbouring and keeping these people and feeding them in the bushes, and taking care of all their needs and buying all the other gadgets for them.

“This is extremely unacceptable. If they do not love the lives of the people and they’re only fighting for their own position, I think I am serving the interest of the common masses and it is a concern to me, and it is my right to protect it.

“We set up a judicial panel to sort out for us why we kept having attacks from within and from without, and we have received an interim report. Between Tuesday and Wednesday next week, I am going to get a full report from the panel.

“So once we receive this report that is coming, we are going to take it up and take it up very seriously. There are quite a lot of big names that are mentioned here, so this is where we are.”

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International

Republic of Ireland deports 35 Nigerians without cogent reason

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The Republic of Ireland has deported no fewer than 35 Nigerians, including five children, to Nigeria in a chartered flight that departed from Dublin Airport on Wednesday night.

According to the Irish Mirror, the returnees, comprising 21 men, nine women, and five children, landed in Nigeria on Thursday.

Irish Minister for Justice, Jim O’Callaghan, said he was “happy to say” that all of them returned to Nigeria despite an unscheduled stopover due to a medical incident on board.

While the Irish government did not give a specific reason for the deportation of the Nigerian nationals, O’Callaghan only said, “Ireland has a rules-based immigration system. It is important that those rules are robust and enforced.

”However, the Nigerians in Diaspora Commission said it was not aware of the deportation of the Nigerians by Ireland on Thursday.

The NiDCOM spokesperson, Abdur-Rahman Balogun, made this known on Thursday.

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