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

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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Lexar Launches World’s First Stainless Steel Memory Cards
Both cards feature a Video Speed Class 60 (V60), which allows users to seamlessly capture 6K footage without interruptions.

Digital photography is much more enduring than its predecessor, analogue photography, but, at least when you expose a roll of old film to the light, the worst you can do is lose a week’s worth of holiday photos or a day’s worth of wedding shots that can never be replaced.
When a plastic SD memory card is dropped, cracked, or bent, it is potentially much more devastating.
You could lose a year’s worth of memories. That’s why photographers across the world are welcoming the launch of the first-ever stainless steel SD memory cards.
Lexar has bought two new products to market, the ARMOR GOLD SDXC™ UHS-II Card and the ARMOR SILVER PRO SDXC™ UHS-II Card.
These two new SD memory cards are the first in the world to be crafted from stainless steel, and using this metal means that they are 37 times stronger than regular SD cards, drop-resistant up to 5m, and meet IP68 for dust and water resistance.
These new memory cards were designed following consultations with professional photographers who complained about the physical damage and wear they experienced with traditional plastic SD cards. Using stainless steel makes the SD cards much stronger and more resilient to bending, snaping and everyday wear and able to withstand the most challenging situations that photographers find themselves in.
Despite being made from stainless steel, the cards still meet the standard size requirements for SD cards so they fit easily into the SD slot in any camera without causing damage to the camera slot and they have undergone extensive testing in Lexar’s quality laboratory to ensure that they don’t overheat or have issues with static electricity.
The design of the cards has also been simplified to eliminate ribs and the write-protection switch, which enhances their strength.
The ARMOR GOLD SD card also has an incredibly fast write speed of up to 210MB/s, while the ARMOR SILVER PRO SD card offers a maximum write speed of 160MB/s (all speeds are based on internal testing, actual performance may vary).
Both cards feature a Video Speed Class 60 (V60), which allows users to seamlessly capture 6K footage without interruptions.
Although much more expensive than their plastic equivalents, starting at around €83, they are affordable and probably worth the extra investment for peace of mind.
Source: Worldsteel.org
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JUST IN: FG to seize retirees’ property over unpaid housing loans

The Federal Government Staff Housing Loans Board says it has begun the compilation of list of retired civil servants who have defaulted on the full repayment of housing loans obtained.
Head of Information and Public Relations, FGSHLB, Mrs Ngozi Obiechina, disclosed this in a statement on Thursday in Abuja.
Obiechina quoted the Executive Secretary of the Board, Mrs Salamatu Ahmed, as saying that the move was aimed at recovering mortgaged properties from retirees who failed to meet their loan obligations.
Ahmed noted that the decision followed a recent memo issued by Mrs Patience Oyekunle, Permanent Secretary, Career Management Office, Office of the Head of the Civil Service of the Federation.
According to her the memo reminded public servants of the mandatory requirement to obtain a Certificate of Non-Indebtedness to the FGSHLB and MDA Staff Multipurpose Cooperative Society as a precondition for retirement.
The executive secretary said that the board would take necessary legal steps to repossess properties where applicable, in line with the terms of the loan agreements.
She said this was in line with the provisions of the Public Service Rules 021002 (p), issued by the Office of the Head of the Civil Service of the Federation.
”I am directed to bring to your attention the provision of Public Service Rule (PSR) 021002 (p), which mandates all public servants to obtain a Certificate of Non-Indebtedness as a prerequisite for retirement.”
“The Federal Government will commence the seizure of mortgaged properties belonging to retiring federal public servants who have failed to fully repay housing loans obtained from the board,” she said.
Ahmed explained that the FGSHLB reserves the legal right to repossess any mortgaged property in cases where a public servant exits service without fully repaying the loan.
She reiterated that the directive also applied to already retired officers who were still indebted.
She urged all affected public servants to regularise their loan status and obtain the required clearance certificate without delay.
“The board is currently compiling a list of such retirees, which will be forwarded to relevant regulatory agencies for debt recovery.
“The FGSHLB remains committed to enforcing compliance and ensuring proper loan recovery procedures are followed, ” she added.
NAN
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Killings: Enough is enough – Tinubu issues marching order to NSA, Service Chiefs

President Bola Tinubu has issued marching order to security agencies to tackle insecurity within the country.
Tinubu, while ordering a complete overhaul of Nigeria’s security strategy, said “enough is enough.
”He issued the directive during a meeting with security chiefs on Wednesday at the Presidential Villa in Abuja and was contained in a statement signed by his spokesman, Bayo Onanuga.
There have been killings in Borno, Benue, Plateau and Kwara states.
However, the statement said the National Security Adviser, NSA, Nuhu Ribadu while addressing State House Correspondents after the meeting, said Tinubu directed a new approach to tackling insecurity across the country.
Ribadu said, “Mr President gave us the chance to come and brief him again. It lasted very long. We gave him an update on what was going on.
”He explained that while the President was on official visits to Paris and London, he remained actively involved and continued to issue instructions to security agencies.
“Today, we had the opportunity to come and brief him again, and it lasted hours. It was a very detailed briefing, and it was exhaustive.
“The issue of insecurity often is not just at the higher levels. It involves the subunits.
They are the ones who are directly with the people, especially when some of the challenges border on community problems.
“We need to work with the communities. We need to work with the local governments, and we need to work with the governors.
“The President directed that we work more with governors,” he said.
Ribadu noted that the President was “very worried and concerned” at the meeting.
“He said, ‘Enough is enough’. We are working to ensure that we restore peace and security.”
“We were all at the meeting with the President, armed forces, police, and intelligence community,” Ribadu added.
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