POSSIBLE NEGATIVE IMPACTS OF CONSENT FEE ON THE MORTGAGE AND PROPERTY LAW, 2010-A NEED TO STREAMLINE THE REGULATORY & FISCAL POLICIES
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Date
2010
Authors
SANNI, A.O
Journal Title
Journal ISSN
Volume Title
Publisher
The Department of Private & Property Law, Faculty of Law, University of Lagos, Akoka, Lagos Nigeria.
Abstract
This paper seeks to examine the extent to which the drafters of MPL envisaged the possible deleterious effect of the consent provisions on the attainment of the objectives of the Law. The paper discusses the inconsistent treatment of various levels of transfer of interests in the various transaction involved and advocate a clear exemption of transaction up to a particular threshold in order to further boost the objectives of the MPL. Elsewhere, I have forcefully argued that the structure of consent fee stands the risk of being successfully challenged and urged people to test the validity in the court of law.
The remainder of the paper is divided into 6 parts. Part two discusses the theoretical basis and evolution of consent requirement in Nigeria while part three examines the current structure of consent fee in Lagos State. Parts four and five briefly examine the objective of the MPL and the structuring of asset-backed finance to effectuate the objective of the law. Part six highlights a number of major policy, legal and administrative issues arising from the divergence between the operation of the consent provisions of the LUA and the attainment of the objectives of the MPL. The paper is concluded in part seven.
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Keywords
POSSIBLE NEGATIVE IMPACTS OF CONSENT FEE ON THE MORTGAGE AND PROPERTY LAW , NEED TO STREAMLINE THE REGULATORY & FISCAL POLICIES , LAGOS STATE MORTGAGE AND PROPERTY LAW 2010
Citation
Sanni, A.O. (2010) "POSSIBLE NEGATIVE IMPACTS OF CONSENT FEE ON THE MORTGAGE AND PROPERTY LAW, 2010-A NEED TO STREAMLINE THE REGULATORY & FISCAL POLICIES" Chapter 5, 83-102. The Department of Private & Property Law, Faculty of Law, University of Lagos, Akoka, Lagos Nigeria.