Q. What will be the security arrangement after partial handover of some units (if all the houses will not be completed together?

Because the housing units will be handed over at different times (see completion programme above), the client (KCB Staff Pension Fund) will put in place a security arrangement which will be taken over by the Management Company, which will have the full mandate to run all the affairs of the development after all units are taken up by the buyers.   

Q. Will the development be under a management company?

A Management Company has already been incorporated; the Management Company is a party to the Sub-Lease. Please note the following:

• The subscription for shares in the Management Company by the buyer is a condition precedent to the sale. It is mandatory for each owner to be a shareholder of the management company and the sale of each of the units must be accompanied with the simultaneous sale of the share(s) in the Management Company.
• The reversion to the land on which the housing units are erected is transferred to the Management Company after all the units are sold;
• The rights of lateral and horizontal support for each of the units’ owners are provided for.
•  Payment of Service Charge; Common parts of the Block on which the units are erected and maintenance thereof; Provisions on nuisance; Insurances; Management of the Estate; etc are all provided for.
• The sub-leases are registered in the Lands Titles Registry in Nairobi and for each sub-lease a new file is created thus allowing the sub-lease to be look at independently.

Q. Will the development be controlled?

The Sales Agreement and the stipulations laid down by the management company are very clear. Under circumstances will anybody develop any extensions to their property.

Q. Can one get a reduced price if they pay in cash?

As shown on the completion programme above, the housing units are being constructed in phases. The selling prices for the three phases are different. The Sales & Marketing Agent MAY offer you a price for an earlier phase based on your payment(s) and how fast you make the payment(s).

Q. What are the mortgage interest rates?

Savings & Loans have developed a Special Mortgage Product for this development where the interest rate is Fourteen (14%) percent.

Q. What repayment term is being offered for the mortgages?

As mentioned above, Savings & Loans have developed a Mortgage Product with Special Mortgage Terms whereby a buyer is only required to pay 15% deposit and then move in.

Legal Fees and Stamp Duty are financed by Savings & Loans. The buyers are expected to repay the 85% Mortgage Loans over 25 years at 14% interest rate on reducing balance.    

Q. What are the financing options available to buyers and from whom?

Financing options are as discussed in the last two responses.