Rank: Elder Joined: 6/19/2008 Posts: 4,268
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mkosti wrote:Hello wise people,
Let us say that you have some land in Lamu. You got it from a family member who leased it for 50 years to do a project but never really got to do it. 40 years now remain on the lease. What happens when the lease is over? Does the land go back to the owner? Is it a lease agreement or the lease on the land? if it is lease agreement, then yes, it reverts to the owner. if it is on the title, then it reverts to the government but the current owner can renew the lease with the government for a maximum of another 99 years....I am in this situation and I want to sell this land What do you mean? you cant SELL the land. it is not yours given that your family member had leased it from someone else... you can only sell the "lease" and you have to be sure the agreement - lease agreement - allows that.... some people put a restriction on that such that you have to get approval from the owner. it 20 acres is on a virgin beach. Without being too specific, it is away gtom the port activities. I see that the owner is leasing adjacent land which is not at the beach front for 2-3 million an acre for 99 years. Would my selling price be much less given that there are only a "few" years remaining on the lease? It does not matter. it should go at the market rate. leases are renewable unless there is an expressed interest by the government to acquire the land in which case it wouldnt matter how many years are remaining in the lease the government will still take over the land.I am thinking of proposing to the owner to break the lease agreement and he gives me 1.5m per acre so that he can lease again for 2-3m or even more. Would this be a good idea? IMO, I dont think the number of years gives you an edge really given that it is renewable... but experts can tell you the factual position on this.I already have an offer for 1m an acre but I think I can get more.
Another question, foreigners cannot own freehold land anymore. What happens to those foreigners who already own freehold land?
Any help appreciated. I will of course contact a lawyer and other specialists when in Kenya but I just want to know what to expect. Circumstances have thrust me into this but I am total novice.
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