On August 2nd, 2023, after deliberations, key organizations in Kenya, including the State Department for Lands and Physical Planning, the Law Society of Kenya, the Institution of Surveyors of Kenya, and the Kenya Bankers Association, reached an agreement to address challenges in registering long-term leases during property geo-referencing. The consensus stems from difficulties encountered during the two-year moratorium following the enactment of the Sectional Properties Act in 2020, where mandatory geo-referencing requirements led to delays and financial burdens for property owners. The proposed solutions entail transitional measures for projects with partially registered leases, involving an undertaking from registered proprietors and acknowledgment from licensed surveyors, and for fully registered projects lacking proper geo-referencing, including cost assessment and lien registration. The law firm's Real Estate, Banking, and Finance Business Unit will offer guidance to navigate these processes.
Joint Memorandum- Ministry of Lands and LSK
Published on Aug. 11, 2023, 8:24 p.m. | Category: Real Estate, Banking & Finance
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