Legrande to Focus on Rent-Own Homes at Alexandra Courts 

Fadekemi Ajakaiye

Legrande Properties Development Company Limited, developers of the Alexandra Courts Coastal City, Ibeju Lekki, Lagos, are going to prioritise rent-to-own as part of their payment plans for their prospective home buyers.

Managing Director, Legrande Properties Development Company Limited, Deacon Babajide Durojaiye gave the insight during a tour of the Alexandra Courts Coastal City, last Thursday.

The Alexandra Courts Estate is being developed in partnership with the Lagos State Government. It is the New Town Development Hub of the Lekki Peninsula called “The New Lagos.” 

The estate has a Rent-to-own Scheme. “Rent-to-own homes are homes that include a clause in the rental agreement which either gives you the option to buy or an obligation to buy after a certain time period. You make rent payments each month and a portion of those payments can count toward your down payment. Should you decide to buy, the excess money can be applied to the home purchase. Renting to own can be an appealing concept for people who are interested in owning property but have thus far been shut out of the traditional   process. If you don’t have a sizable down payment, for instance,or your credit score is too low to qualify for a mortgage, renting a property with the intention to buy it can give you time to save and work on improving your credit rating. 12. Eligibility Criteria Applicant must have registered with National Housing Fund for a period of not less than 6 months with consistent NHF remittances. Applicants must be first time beneficiaries of the NHF loan. Applicants must have verifiable means of income. 

“How It Works. Pay down payment of 20% of the purchase price. 70% to be paid by FMBN on behalf of the off-taker. 10% of the purchase price to be paid at completion of the property but before handover. 20 Years repayment to FMBN depending on the purchaser’s current age. 14. Be informed that the unique selling point (USP) of this project entails: Rent-to-Own opportunity for contributors to the National Housing Fund (NHF) Comprises Smart Units (Smart Homes) Power is guaranteed for 24 hours. Affordable. 

The estate is a mixed development of 2-bedroom and 3- bedroom flats tastefully designed to provide utmost comfort to our end users. It is enriched with economic, residential and commercial value because of its closeness to the New Lekki Deep Seaport, the Dangote Refinery, the Lagos Free Trade Zone, the New Lekki Airport and the Alaro industrial City. 

The estate also comes with infrastructural facilities that include: 24 Hours Electricity (PHCN Power supply and Solar Inverter Systems); 24 Hours Security (Mobile Police & Civil Security); 24 Hours central internet connection Swimming Pool, Central Park and Playground Gym and other recreational sports area; Central sewage system, including sewage treatment plant and water treatment plant, Central Mall, Health Center, among others. 

The estate is equipped with over 5,000 quality housing units of 2- and 3-bedroom flats, including semi-detached and fully-detached duplexes, complete with requisite infrastructures. The Alexandra Courts Coastal City, Ibeju-Lekki Lagos is a Public Private Partnership (PPP) with the Lagos State Government and Federal Mortgage Bank of Nigeria (FMBN). Loans of up to N15 million are available to offtakers who are contributors to the National Housing Fund Scheme. 

The estate comes with a solar system that provides 24hrs lighting. Price Details Two-Bedroom Flat: N36 Million (Thirty-SixMillionNaira only) Three-Bedroom Flat: N46 Million (Forty-SixMillion Naira only) Land Per Plot: N22 Million(Twenty-Two MillionNaira only).

“Payment is broken down into milestones and we have different packages for different subscribers. Outright purchase, which includes payment of the entire purchase price at the beginning of the transaction. Milestone Payment without the usage of NHF, which includes: A. 30% of the purchase price to be paid within 7 days upon acceptance of the offer letter. B. 30%upon completion of the first-floor slab. C. 20% upon completion of the third-floor slab. D. 10% upon commencement of internal finishes. E. 10% upon completion but before handing over of the units. Note: The above payment milestone is for 12 months only. 

“With regards to the NHF payment plan, the following are the requisite milestone payment required: 30% of the purchase price to be paid within 7 days upon acceptance of the offer letter. 20% of the purchase price upon completion of the first-floor slab. FMBN would issue N15,000,000 when the purchaser is purchasing a three-bedroom flat to us on your behalf. N4,000,000 only to be paid upon completion of the third-floor slab. N4,000,000 to be paid upon completion but before handing over of the unit. If a subscriber is purchasing a two- b e d r o o m flat, which is N36,000,000 only, the following is the requisite milestone payment: 20% of the purchase price being N7,200,000 only to be paid within seven days from the acceptance of the offer letter. 20% of the offer price being N7,200,000 to be paid upon completion of the first-floor slab. N14,000,000 to be paid by FMBN to us on your behalf for the said unit. N3,800,000 only to be paid upon completion of the third floor slab N3,800,000 only to be paid upon completion of the unit but before handing over. Legrande will help the subscriber secure the said N15,000,000 or N14,000,000 loan from the Federal Mortgage Bank of Nigeria provided the subscriber is a contributor to the National Housing Fund Scheme, and the subscriber will only be expected to start repaying the loan sum to FMBN after the unit has been completed and handed over to the subscriber. However, the title document would be issued to FMBN in trust for the repayment of the loan and upon completion of the payment of the loan sum which takes 30 years depending on the subscriber’s current age, the title document will be handed over to the subscriber by FMBN. Kindly note that Legrande already has a primary mortgage bank that they are working with which is AG Mortgage Bank. It is through this bank that all subscribers’ documents would be submitted to FMBN on their (subscribers’) behalf for the processing of the loan.”