Some years back the Lagos State Government published a notice reminding Applicants of the “New Procedure for obtaining Governor’s consent” to real estate transactions in Lagos State. That notice reminded us that to obtain Governors consent on land and real estate transactions, applicants must pay a sum of 15% for all subleases, assignments and power of attorney; The 15% you pay is on the market value of the asset as assessed by the Lands Bureau. The break-down of the 15% is as follows
(a) consent fee – 8% of assessment;
(b) capital gains tax – 2% of assessment;
(c) stamp duty – 2% of assessment;
(d) registration fee – 3% of assessment.
In addition, assignment of state land within ten years of the issuance of the right of occupancy attracts 16% as consent fee (as against 8% stated above). This means if you sell part of your land within ten years of obtaining a right of occupancy you’d pay 16% as consent fee before you get a registered deed of assignment. A deed of gift attracts 5% as consent fee. For further information, you can contact the Lands Bureau, Block 13, Room 54, Lagos State Government Secretariat, Alausa, Ikeja, Lagos.