What is a Lease? 

A lease is defined under Section 2 of the Land Act, 2012 as “a grant, with or without consideration by the proprietor of the land, of the right to exclusive possession of his or her land, and includes the right so granted and the instrument granting it and also includes a sublease but does not include an agreement to lease.”

In simple terms, this means that a lessor (owner of the property/landlord) grants permission to a lessee (tenant) to exclusively use a particular property (whether for residential, commercial, agricultural or industrial use) for a specific period at a certain fee (rent). 

During this period, the tenant has the right to use the property as if it was their own.

The constitution of Kenya 2010 changed the leasehold duration of land ownership between Kenyan citizens and non citizens, allowing citizens to hold land for longer durations, unlike before.

This was done because non-residents were allowed to acquire land from the government of Kenya on a leasehold tenure of 999 years.
Which was a major disadvantage to local residents who didn’t have such opportunities. 

The 2010 Constitution of Kenya brought with it radical land reforms which saw the consolidation and harmonisation of all laws pertaining to Land in Kenya.

Therefore, the current lease tenure for foreign nationals is determined by the Land Control Act and the Land Registration Act.

The Constitution grants the right of ownership of land in Kenya by any person although like many rights it is not absolute.

In Kenya, leasehold properties also exist in urban areas and cities. The good thing is that as a Kenyan citizen you can own this kind of property for 999 years and the lease is renewable.

Advantages of Leasehold Properties Such As Thika Grove Chania;

1. Prime Location: With its proximity to urban centres, and cities, leasehold properties offer the perfect convenience to clients who reside there and get to experience capital appreciation over time.
   
   

2. Orderly growth, within its residences, leasehold properties are legally controlled zones, this prevents unplanned construction from taking place and ruining the aesthetics of the development.
   
   

3. Ownership protection: With approved documentation of all your details, the lease contains your period of ownership and it is also renewable.
   
   

4. Home ownership; A homeowner residing in a leasehold property can be able to construct their own property, rent it, and can be inherited.
   
   

5. Financing: Nowadays financial institutions offer lending opportunities to investors looking to invest in real estate, including leasehold properties. Investors get flexible repayment options, and since most leasehold properties are located near urban centres, they're highly valued.
   
   

6. Modern Social Amenities and value additions: From nearby amenities such as hospitals, churches, malls, entertainment, schools and police stations, residents get to enjoy  living in a well planned community that allows their families to be nurtured.
   
   Also the value additions in the residence promote convenient living, with tarmacked roads in the estate, solar street lighting, water, electricity, manned gates and a perimeter wall.
   
   This assures our residents how their families and investments will be protected.
   

Conclusion

Leasehold properties have come a long way to be recognized as a modern way of investing in real estate, and owning your dream property. They come in various forms such as mixed - use developments that promote a perfect blend between residential and commercial investing. 

We urge you to take the first step today and own your piece of Thika Grove Chania, where serenity meets luxury.

Contact us today via:
☎️ 0709 677 377

Send us an email on: sales@finscoafrica.com