How do you purchase a property at Vipingo Ridge?
Once a plot is chosen, the purchaser will receive a Letter of Offer and a 30% deposit will need to paid in order to reserve a plot. Vipingo Ridge will grant a long lease of an undeveloped property in the development. The sale structure also includes four shares in Vipingo Ridge Ltd.
Can a non-Kenyan citizen or company incorporated outside Kenya purchase property in Vipingo Ridge?
There are no restrictions to foreign nationals or foreign registered companies owning property at Vipingo Ridge. Certain formalities have to be completed prior to any agreement being reached by Vipingo Ridge with a foreign national or company.
Can the title documents be used as a security?
Most banks and financial institutions in Kenya accept long leases as security. Terms and conditions and requirements of institutions vary. If you are considering financing your purchase please establish the requirements from the financier directly.
Are there any taxes or duties payable on the acquisition of a plot in the Resort and share in Vipingo Ridge?
Stamp Duty is 2% of plot price and 1% of share price. In addition, incidental charges, costs for registration of the lease, plus any other related legal costs and disbursements will be payable by you. A full schedule of legal costs can be obtained from the Sales department.
Can one purchase a property in the development and not shares in Vipingo Ridge or vice versa?
The right to purchase a property is conditional upon the agreement to purchase shares. The sub-lease and share together constitute ownership and can only be bought or sold in conjunction with one another.
Are there any development restrictions on the property?
In order to maintain high standards, aesthetics and ambience within Vipingo Ridge, all building will be subject to planning restrictions. Construction of houses must be completed within two years from completion of the first 18 hole golf course.
When will the Baobab golf course be playable?
The Baobab course is now fully planted and all 18 holes of the Baobab course are scheduled to be playable by the end of March 2009. Nine holes are currently ready.
Are there any rules governing the use and occupation of the property?
In addition to the terms and conditions set out in the lease, owners are required to follow the Home Owners Association Rules.
Will one have the right of representation in the running of the affairs of Vipingo Ridge?
Owners will automatically become members of the Home Owners Association which will be entitled to appoint 25% of the members of Vipingo Ridge’s Board.
Will home owners be able to rent out their properties?
Predictions are that there will be a strong demand for rental of Vipingo Ridge properties on a holiday let basis. Arrangements are being made for the provision of a letting agent to assist home owners with this process where required.
When can we start building on our property?
Once the sales process is complete and the property designs approved, you can start building immediately.