Waterfall Estate 99 Year Lease explained, A #Thread

There are various forms of immovable property ownership types in South Africa,such as: Full Title, Sectional Title Ownership

Long Term Lease,which is what applies to waterfall Estate’s
A #Thread https://twitter.com/lawseed/status/1349659718583783426

First things first,who owns it?

The 2200 hectare land is owned by the Mia family. There are many stories on how they got it,I will stick to the official story: In 1934 it was sold Ismail Mia and his 4 sons by the Gibson brothers for approx R330k through and insolvent estate

Upon the death of Mr Mia,his four sons got equal shares of the land.
Although it was illegal in apartheid South African for Indians to own land,they found a creative way to do this(topic for another day)
Currently land is shown as being owned by Waterfall Islamic Institute

The birth of waterfall Estate,

Government began to expropriate land for development,which is where Megawatt park is and the suburb Bucclue,to avoid losing their land,they then decided to develop it,Birth of Waterfall estate

Commercial property at Waterfall

Attacq has been given the rights to the property through a 99 year lease to develop the land and run the commer Commercial property sector on 311 hectares of land

Residential Property at Waterfall

The rights to develop the residential property within Waterfall were secured by Century Property Development,the various estates at waterfall are: waterfall country- 1000m2, village-500m2,equestrian 8500m2, valley and hills mature estates

Now, how does the normal Joe get ownership of this land and build their house or buy an existing house?

Through a: Long term Lease.

When you buy at waterfall, you don't own that land, you lease it for 99 years and have limited real rights on it through the duration of the lease term

A long term lease is a limited real right form of ownership, it entitles you, the lessee, to a limited real right over a property for an agreed period of time, ranging from 10 to 99 years.

This form of ownership has reduced flexibility, what you do, and the term of your duration are based on terms agreed at the start of a lease.

A long term lease, along with agreement terms is registered and an endorsement is made against the property's title Deed in the Deeds Registry. This protects both the lessor and lessee.

Some it's monthly lease and in cases such as the Waterfall Estates, then you purchase the land and build your dream house, the 99 years starts when you buy. If you sell, they keep 5 % of your income and the mayors fees is 3%. The new owners starts their 99 year lease from scratch

For the residents,it affords a great lifestyle estate,you will be blown away at the lifestyles people afford,the rates and taxes plus levies cost in excess of R10 000 monthly,the two schools onsite also cost an arm and a leg but worth it!

Lastly,Initially banks were refusing to give out home-loans due to non Real right ownership of the land,and the exhorbitant home prices with little security,but they changed their stance and have started giving out home loans to waterfall residents,who in my opinion can buy cash

My view is that this is one of the most selfish means of property ownership, acquiring such great assets with no prospects of passing it on to the next generation.
The Mia Family still own Waterfall Estate Area,the rest of the people are renting