Frequently asked questions relating to Caerwent Lease Extensions

  • We have seen a house for sale for £215k and we are very interested but we've just discovered that it is leasehold. There are 798 years left so a lease extension is not a worry. We didn't know what this meant but the internet suggests we wouldn't own the land or property, just the lease to live there. Is this true? We wouldn't want to pay a mortgage for twenty years without the house being ours. Any guidance would be much appreciated.
  • My neighbours and I are in a block consisting of three flats in Caerwent and have been offered to buy the freehold for 8k per flat rather than go for lease extensions. We are all in agreement that we want to do this but how do we get started and what is the likely cost?
  • I'm looking for a flat to purchase in Caerwent and I'm not really familiar with the leasehold concept. I've identified a 2 bed flat I like with a 82 years lease. My research reveals that I can get a lease extension having owned the property for a couple of years, but:- Is this a given?
  • I have a share of the freehold. There are four flats in the building. All the leaseholders are now requiring lease extensions. Are you willing to help us with this situation?
  • My brother and I have owned a leasehold flat for around eighteen years. It now has 70 years left on the lease. After a year of difficult negotiations through my and, mainly, surveyor I now have an offer from the freeholder. I now have to make a decision as to whether to accept it or go to a Tribunal and would appreciate some independent thoughts.
  • My friend is aware that others in the same block previously had a lease extension, and the landlord seemed amenable. It therefore appears worth taking risk of avoiding a formal valuation and calculate the initial offer on previous premiums paid . This would save on double valuation fees. Would you recommend this course of action?
  • I am currently in the process of remortgaging my 2 bed flat in Caerwent and the next lender that I am looking to switch to requires at least 80 years remaining on the lease in order for them to progress matters. We currently have around fivety seven years on the leasehold so looking for some help, guidance, and some quotes to start the lease extension process
  • We currently own a ground floor flat in Caerwent and are looking to sell it this year so we can carry out some improvements on our family home. I checked the lease and it has seventy years left. Not sure what to do, have read some bits on the web saying it will be 13k plus to get a lease extension. Can you offer some advice on this? Should I contact the landlord first and will they be able to give me a cost?
  • I have 63 years remaining on my lease of a ground floor flat in Caerwent, the Landlord requires a £25k premium for a statutory lease extension of 90yrs. I am looking for advice on whether this amount is reasonable
  • I am currently negotiating a lease extension for my flat in Caerwent as it is coming up to the 80 year mark. As I understood it, if you extend your lease by the 90 years available, you pay a premium (£thousands) but the ground rent is reduced to a peppercorn. I am now told that I have to continue paying ground rent. I thought the major cost of a lease extension was to compensate the freeholder as they wouldn't be collecting ground rent anymore?

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