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Mortgage law in Homa Bay, Kenya, like the rest of the country, is governed by the Land Act 2012, which outlines provisions on mortgages such as the rights and obligations of the mortgagor and the mortgagee. The law also enforces compliance with contract terms and ensures protection for the borrower. Banks and financial institutions offer various types of mortgages, including conventional, adjustable-rate, and fixed-rate mortgages, to property buyers in Homa Bay.
It's important to engage a lawyer when getting a mortgage to ensure that your rights are protected throughout the process. You may need legal assistance when closing a mortgage, dealing with issues like foreclosure or modification of mortgage terms, disputing unjust mortgage practices, or resolving any conflicts that may arise with your lender. A lawyer can help interpret legal terminology, ensure all necessary documents are correctly filled, and guide you through the entire process.
In Kenya, mortgages are governed by the Land Act 2012. This act provides the legal framework for the creation and registration of mortgages, the rights of mortgagors and mortgagees, as well as procedures for foreclosure and sell-off of mortgaged property. It is essential to know that a mortgagor has the right to redeem their property, and a mortgagee can't sell the mortgaged property unless they have a court order or the mortgagor's consent.
As a mortgagor, you have the right to redeem your property, the right to inspect and make copies of mortgage-related statements and ledgers, and the right to receive any surplus if the mortgaged property is sold for more than the mortgage debt.
No, your lender cannot increase the mortgage rate arbitrarily. Any changes in the mortgage rate should be in line with the terms and conditions stipulated in the mortgage contract.
If you're unable to make your mortgage payments, it's important to communicate early with your lender about the possibility of loan restructuring or modifying the terms of the mortgage.
The mortgagee can only sell the mortgaged property if they have a court order or the mortgagor's consent, according to the Land Act 2012.
In most cases, you can transfer your mortgage to another person, but this usually requires approval from the mortgagee and may involve certain conditions or fees.
The following resources may be helpful for individuals seeking further information on mortgages in Kenya: Land Act 2012, Kenya Law Reports, Kenya Bankers Association, and Central Bank of Kenya. These organizations offer comprehensive details on mortgage laws and regulations in Kenya.
If you need legal assistance with your mortgage, begin by consulting a lawyer specialized in property law. They should be well-versed with the Land Act and other Kenyan laws relating to mortgages. Ensure you understand all terms before signing any legal documents and remember to keep all correspondence with your lender for future reference. You can also seek the services of legal aid clinics and pro-bono lawyers if you cannot afford private legal fees.
