With a residential leasehold property in Usk, you are in fact renting it for a certain amount of time. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately more expensive notably when there are less than eighty years left. Residents in Usk with a lease drawing near to 81 years left should seriously think of extending it as soon as possible. Once a lease has below 80 years left, under the current Act the freeholder is entitled to calculate and charge a larger premium, based on a technical calculation, strangely termed as “marriage value” which is payable.
Leasehold premises in Usk with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Santander | |
| Skipton Building Society | |
| TSB | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Lease extensions in Usk can be a difficult process. We recommend you get professional help from a lawyer and valuer with experience in lease extensions.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Usk lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Blake owned a high value flat in Usk on the market with a lease of just over 72 years outstanding. Blake informally approached his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were Blake to exercise his statutory right. Blake obtained expert legal guidance and secured satisfactory deal without resorting to tribunal and readily saleable.
Last Christmas we were approach by Mr and Mrs. E James , who moved into a garden apartment in Usk in January 1999. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Comparative flats in Usk with 100 year plus lease were in the region of £285,000. The average amount of ground rent was £55 invoiced quarterly. The lease elapsed in 2106. Given that there were 80 years unexpired we estimated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of legals.
In 2014 we were called by Mr A Stewart who, having acquired a ground floor flat in Usk in July 2008. We are asked if we could approximate the premium would likely be to extend the lease by an additional years. Comparable premises in Usk with a long lease were valued about £200,800. The average amount of ground rent was £65 billed yearly. The lease elapsed on 15 September 2086. Given that there were 60 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £20,900 and £24,200 exclusive of professional charges.