Auction News

 

   Lolwe Auctioneers

             Class “B” Licenced Auctioneers, Debt Collectors, Repossessors, Court Brokers,
                 Private Investigators & Rent Collectors
Cargen Hse, Harambee Ave. 3rd Flr. Rm. 305.
P.O. Box 10511 – 00400, Nairobi. Tel/Fax: 020 – 2252015. Cell: 0722862727.

Website: www.lolweauctioneers.com Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

PUBLIC AUCTION

Under instructions received from our principals, we are hereby selling the below two adjacent parcels of land each measuring approximately 0.1631 acres ( 0.066HA) together with all improvements on them:

On Wednesday the 30th November 2016 we shall sell at our offices on 3rd floor Cargen House Suit 305, Starting at 11.00am all that parcel of land known as TITLE NO. KAJIADO/KAPUTEI NORTH /2443 AND 2444 LOCATED IN MACHOKA - PHASE - II ESTATE, KITENGELA AREA, Registered in the name of DR. JANE FRANCIS OKONG'0 of P.O.Box 76101 , Nairobi Kenya. The property is situated in Kitengela Area Machoka Estate-Phase - II in Kajiado County. The location is to the immediate south of EPZ premises: about 1.5 kilometres off Namanga Road.

Physical Features in the Vicinity.

This is a rectangular shaped, level, black cotton soil plots whose boundaries are defined either by barbed wire or chain link fence backed up with kei apple hedge. The plots are jointly fenced and accessed via a double leaf metal plate gate opening onto a parking lot laid in cabro blocks. There is a concrete slab paving to sidewalks, a well-kept lawn and a manicured garden in rear yard. Improvements on the land include: a palatial residential bungalow and a detached staff quarters jointly developed on the plots mentioned. Other ancillary semi-permanent structures include a car port and two dog Kennels. The main house is constructed in stone walls. Flooring is re-enforced concrete slabs laid in granite tiles to main areas and ceramic tiles to wet and service areas.

                    

Accommodation include:

Main House Entails:

Entrance lobby, spacious foyer, sunken lounge  with fire place and access to rear patio, Dining room with wash hand basin, Guest cloakroom with WC and wash hand basin, Spacious kitchen with double sink unit, granite work tops, low level cup boards, Cabinets and service hatch, Pantry with timber shelves, External Laundry area with two concrete sink units, Tv room, Passage with geyser closet, Common washroom with WC, wash hand basin, fixed shower head, bath tub and small wall cabinet, Two (2No.) bedrooms each with built in  wardrobes, Master bedroom ensuite with bedroom, spacious study room, walk in closet with built in wardrobes fitted with drawers and dressing tables having mirror, Wash room with dress lobby, WC, wash hand basin, bath tub and ceramic tiles worktops. The main house plinth area is approximately 3,300 square feet.

Servant Quarter Entails,

 This is a single storey structure situated to the rear of the main house and similarly constructed in all aspects save for the pvc floor finish to the main areas. Accommodation Access lobby, Two (2 NO.) Rooms, Cloakroom with WC, fixed shower head and wash hand basin. The Servant Quarter plinth area is approximately 300 square feet.

Mains Water and Electricity are connected to the property. Foul Drainage is into septic tank/soak pit.

 Conditions for Sale:

  1. All interested buyers are requested to view the property and verify the details as these are not warranted by the Auctioneers or the chargees. The Conditions of sale may be obtained from our offices during working hours.
  2. A Deposit of 25% must be paid to the Auctioneers in the form of a Banker’s cheque at the fall of the harmer and the balance to be paid to the chargees within the 90 days.
  3. The sale of the property is sold on ‘as – is ’and 'where-is basis subject to a reserve price and land control board consent (where applicable).

 

ALL ARE WELCOME

 

 

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Kenya Court stops Equity Bank from Auctioning Defaulter’s Land

 
Equity Bank has become the first financial institution to fall foul of the new land law after it was barred by the High Court from selling land belonging to a businessman to recover a loan.
 
The bank has been stopped from auctioning land valued at Sh43.2 million belonging to Mr David Gitome Kuhiguka to recover a loan of Sh6 million.
 
Mr Justice Jonathan Havelock stopped the public sale of the property by Antique Auctioneers saying the bank did not comply with Section 97(2) of the Land Act which came into force in May last year. The Act makes it mandatory for lenders to give loan defaulters at least 90 more days to redeem the outstanding amount after the expiry of a sale notice.
 
The Land Act 2012 also requires a financial institution to carry out a fresh valuation before it executes its mandate of sale to determine the current market price.
The judge said the intended sale was illegal since the value of the property had appreciated due to its location, and Equity bank had not carried out a fresh valuation.
 
According to court papers, the valuation of the property was carried out before the execution of the charge on March 15, 2012 when Mr Kuhiguka was advanced Sh5.5 million.
The bank moved to recover its money in April 2013 “which was a year out of date.”
Judge Havelock said, “With the property in and around Nairobi in the current property market boom it may be well that the suit property could have vastly increased in value even for forced sale purposes in the 14 months period.”
 
He ruled that “as a result I find that the defendant bank (Equity) has not complied with Section 97(2) of the Land Act in this connection.”
 
He said under the current land laws, it is the obligation of the chargee (bank) to ensure that a forced sale valuation is undertaken by a valuer before executing its mandate.
Justice Havelock said Section 97 of the Land Act, 2012 is headed “Duty of Chargee exercising power of sale” which he said is “ a mandatory obligation.”
 
BREACHED LAW
 
He added that the bank had also bypassed Section 90(2)(b) of the Land Act 2012 which requires that a chargee give a chargor a period of 90 days before executing a sale in addition to the initial 90 days given by a notice before auctioneers descend on the property of a defaulter.
 
The judge explained that the law also considers the matrimonial property law which saves family property from being sold without considering all the other overriding facts.
The judge said the plaintiff would suffer irreparable loss and damage if the illegal sale were carried out.
He said the property is valued at Sh43.2 million, and the plaintiff stood to lose a lot since the notification of sale did not meet the new additional 90 day requirement as provided for under Section 90(1) and 96(2) of the Land Act No.6 of 2012.
 
Justice Havelock said no details were furnished to the plaintiff as to the amount he should pay to rectify the default as required by Section 90(2)(b) which gives a defaulter time to redeem the loan outstanding facility.
“I find merit in the plaintiff’s case and hereby suspend the sale with costs,” ruled Justice Havelock.
Mr Kuhiguka was advanced the loan in March 14, 2012. He is a businessman who supplies water to residents of Ngong. He has sunk a giant borehole in the land he has mortgaged to Equity Bank.
 
 
In Summary
  • The Land Act makes it mandatory for lenders to give loan defaulters at least 90 more days to redeem the outstanding amount after the expiry of a sale notice
  • The judge said the intended sale was illegal since the value of the property had appreciated due to its location, and Equity bank had not carried out a fresh valuation

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