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Sunset Boulevard vs Everest Park
Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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hardwood wrote:maka wrote:Mastermind wrote:Angelica _ann wrote:The units on auction had not been sold before? Reserve price per unit? Nope. Auction is on 31st July unless otherwise. “We have noted that, despite the status quo order made by Justice Maureen Odero, your clients have proceeded to advertise the 204 apartments again in today’s (Monday) Daily Nation. We demand the immediate publication in tomorrow’s (Tuesday) daily, an advert cancelling the said contemptuous advertisement, failing which we will be moving to court immediately to cite your clients for contempt of court,” a letter from Ogola Okello & Company LLP to I&M lawyers Walker Kontos Advocates states. https://www.nation.co.ke...7422-rwiksdz/index.html There is an injunction the alleged sale is contemptuous. They (developers) will be milked by lawyers via numerous court cases and injunctions but ultimately deni lazima walipe. They should focus on working out a deal with the bankers. True thats the sad bit...Things are thick. possunt quia posse videntur
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Rank: Elder Joined: 2/22/2009 Posts: 2,449 Location: Africa
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hardwood wrote:deadpoet wrote:So, if I'm reading this story correctly, the homeowners didn't receive their title deeds for four years? How did they let that happen? How could they receive title deeds (they are actually sub leases) while their homes were already mortgaged to the bank by the developer? The developer had to clear the 1.6B loan owed to the bank first before the property could be discharged so that he could then start the transfer process. So what's the point of a partial discharge of charge? I thought it should free the apartment owner from the developer's loan obligations to the financier.
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Rank: Veteran Joined: 11/13/2015 Posts: 1,568
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maka wrote:hardwood wrote:maka wrote:Mastermind wrote:Angelica _ann wrote:The units on auction had not been sold before? Reserve price per unit? Nope. Auction is on 31st July unless otherwise. “We have noted that, despite the status quo order made by Justice Maureen Odero, your clients have proceeded to advertise the 204 apartments again in today’s (Monday) Daily Nation. We demand the immediate publication in tomorrow’s (Tuesday) daily, an advert cancelling the said contemptuous advertisement, failing which we will be moving to court immediately to cite your clients for contempt of court,” a letter from Ogola Okello & Company LLP to I&M lawyers Walker Kontos Advocates states. https://www.nation.co.ke...7422-rwiksdz/index.html There is an injunction the alleged sale is contemptuous. They (developers) will be milked by lawyers via numerous court cases and injunctions but ultimately deni lazima walipe. They should focus on working out a deal with the bankers. True thats the sad bit...Things are thick. But the interbank rate is at low of 1-2.5%. Banks are liquid...  mlisema interest rate caps
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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wukan wrote:maka wrote:hardwood wrote:maka wrote:Mastermind wrote:Angelica _ann wrote:The units on auction had not been sold before? Reserve price per unit? Nope. Auction is on 31st July unless otherwise. “We have noted that, despite the status quo order made by Justice Maureen Odero, your clients have proceeded to advertise the 204 apartments again in today’s (Monday) Daily Nation. We demand the immediate publication in tomorrow’s (Tuesday) daily, an advert cancelling the said contemptuous advertisement, failing which we will be moving to court immediately to cite your clients for contempt of court,” a letter from Ogola Okello & Company LLP to I&M lawyers Walker Kontos Advocates states. https://www.nation.co.ke...7422-rwiksdz/index.html There is an injunction the alleged sale is contemptuous. They (developers) will be milked by lawyers via numerous court cases and injunctions but ultimately deni lazima walipe. They should focus on working out a deal with the bankers. True thats the sad bit...Things are thick. But the interbank rate is at low of 1-2.5%. Banks are liquid... mlisema interest rate caps Let NIC and CBA finish merging then they remove the rate cap.... Lets work with proper credit references for customers...Maisha imekuwa ngumu sana... possunt quia posse videntur
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Rank: Elder Joined: 2/22/2009 Posts: 2,449 Location: Africa
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Apparently the affected units are for those who bought in cash. Mortgage buyers are not affected
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Rank: Member Joined: 12/1/2007 Posts: 537 Location: Nakuru
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Shak wrote:Apparently the affected units are for those who bought in cash. Mortgage buyers are not affected Wait a minute, is this by design, or simply because mortgage buyers are using OPM? For investors as a whole, returns decrease as motion increases ~ WB
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Rank: User Joined: 8/15/2013 Posts: 13,236 Location: Vacuum
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winmak wrote:Shak wrote:Apparently the affected units are for those who bought in cash. Mortgage buyers are not affected Wait a minute, is this by design, or simply because mortgage buyers are using OPM? My guess is that cash buyers money was eaten but for mortgage buyers, their monthly payment goes to a joint account with I&M. If Obiero did it, Who Am I?
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Rank: Member Joined: 12/1/2007 Posts: 537 Location: Nakuru
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Swenani wrote:winmak wrote:Shak wrote:Apparently the affected units are for those who bought in cash. Mortgage buyers are not affected Wait a minute, is this by design, or simply because mortgage buyers are using OPM? My guess is that cash buyers money was eaten but for mortgage buyers, their monthly payment goes to a joint account with I&M. Wololo, this is tough, and to think that I almost bought one in cash with those attractive "pay cash get 30% discount"!!! I am not touching any offplan, not even with a loooong stick.... For investors as a whole, returns decrease as motion increases ~ WB
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Rank: Chief Joined: 1/3/2007 Posts: 18,054 Location: Nairobi
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winmak wrote:Swenani wrote:winmak wrote:Shak wrote:Apparently the affected units are for those who bought in cash. Mortgage buyers are not affected Wait a minute, is this by design, or simply because mortgage buyers are using OPM? My guess is that cash buyers money was eaten but for mortgage buyers, their monthly payment goes to a joint account with I&M. Wololo, this is tough, and to think that I almost bought one in cash with those attractive "pay cash get 30% discount"!!! I am not touching any offplan, not even with a loooong stick.... Whoa! This was a plan to kukula tu by the developer. I wonder if they have even accounted for the money! It explains the 30% off given those funds were not going to I&M. So it actually makes sense to take a small mortgage to try to get the bank, etc involved. A mortgage triggers filing paperwork which might highlight discrepancies. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Chief Joined: 1/3/2007 Posts: 18,054 Location: Nairobi
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I&M, developer halt sale of Sh2bn Athi River Estate https://www.businessdail...200036-6782wy/index.htmlGreedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Sunset Boulevard vs Everest Park
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