If you need a lease extension in Bournemouth, you are not alone - the town has a great deal of leasehold flats.
These include conversions of large existing properties into self-contained flats, but also units in the more modern blocks which have been built since the end of the second world war. In the late 1950s and early 1960s the townscape was changed by the addition of properties such as the Albany and Admiral’s Walk, and this development has continued during more recent history.
Our solicitors will help you claim your right to a 90-year extension and reduce the ground rent to £0, using the Leasehold Reform Housing and Urban Development Act 1993. Our in-house valuation team will ensure you pay a fair price.
Homehold also work in the towns surrounding Bournemouth, particularly Poole where there is also a high density of flats. For example, we’ve recently completed a lease extension on Hooke Close, which is a 1980s Barratt Development. So, wherever your property is in Dorset, in a retirement property in Christchurch to a Victorian conversion in Dorchester or Weymouth, we can almost certainly help.
Who can extend their lease in Dorset?
If you own a flat which was originally leased for more than 21 years, you will almost certainly be able to extend it. The two notable exceptions are leaseholders who have not yet owned their flat for two years, or those who own a flat using a “shared ownership” scheme, where they pay rent for the share they don’t own.
Certainly, if your freeholder is BCP Council – or listed as one of the previous borough councils – you will be able to extend your lease.
How much does a lease extension cost?
When you do a lease extension, the price for buying the extra years is dependent on three factors.
- The first is the value of your flat.
- The second is how much ground rent you pay, and how much it rises over time
- The third is the number of years you currently have remaining on your lease
Many of the flats leased by the borough councils before they became a unitary authority – Bournemouth, Poole or Christchurch – will have been for 125 years from the mid-1980s and on £10 a year ground rent. Because these leases are still quite long, the cost of extended these leases is still comparatively low.
If you own a property which has a private freeholder, then the case may be quite different. We have recently worked on a lease extension in a flat in a former hotel in Boscombe. The lease had reduced to 65 years and the premium payable to Chime Properties, the freeholder, was significant as a result.
What’s the process?
We will manage your lease extension from start to finish. Our lease extension and fixed fee includes the valuation and negotiation worked carried out by our own in-house team of valuers. It also includes the legal work which will be conducted by Leasehold Legal Services, which is our own subsidiary law firm. LLS are authorised and regulated by the Solicitors Regulation Authority.
Stage 1: Preparation and Valuation
Before getting stuck in with a lease extension the first thing that is needed is a legal review of the documents relating to your flat, which will be conducted by our solicitors at Leasehold Legal Services.
They will review a copy of your existing lease, your title register and title plan.
Once the solicitors have completed their initial review, they will brief our in-house team of surveyors to complete the valuation.
Stage 2: Notice Serving and Negotiation
Once the valuation is complete, the lease extension process is legally started by serving a notice (known as a “Section 42 Notice”) on your freeholder’.
This makes an initial offer of what you are prepared to pay for your lease extension and gives them two months to respond – almost certainly with a higher price!
It is the job of our valuation team to work with your freeholder’s valuer and negotiate a fair price for the lease extension, based on the evidence we collected in Stage 1.
Stage 3: Conveyancing and Completion
Following agreement of your lease extension price, the legal team will negotiate the legal terms of your lease extension.
Usually a short document called a “Deed” is prepared which essentially extends your existing lease and reduces the ground rent to £0, but otherwise keeps the terms much the same.
Our solicitors will review this document carefully to check it has been done correctly and doesn’t make any changes which are not desirable to you. Once the solicitors are happy with it, they will conclude the deal and organise for the lease extension to be registered at the Land Registry.
How much do Homehold charge?
We work on a fixed fee basis, which is £2,325+VAT. This includes the valuation and negotiation work, and it also includes the legal work which will be completed by Leasehold Legal Services, which are a specialist firm of solicitors that we own.
The fees are payable in three equal invoices of £775+VAT, which are payable in instalments throughout the lease extension process.
Why use Homehold for your lease extension?
We have done a wide variety of lease extensions in Bournemouth and across Dorset.
Leasehold Enfranchisement is a very specialist of law and there can be several pitfalls when negotiating the premium and lease terms – and making sure deadlines are not missed! Particularly if you live in one of the smaller towns such as Gillingham, Shaftesbury or Blandford Forum you may well find that it makes more sense to instruct a firm who specialises in this area of work, rather than a combination of a local general practice surveyor and solicitor.
Hear it from another flat owner in Bournemouth
Jaime managed my recent lease extension and thanks to her, it was a very stress-free experience. From my initial conversation with Linz, through every step of the process - professionally managed by Jaime - I only have positive things to say. Every stage was clearly explained and my expectations perfectly managed. I also received weekly updates so I knew exactly what was going on every step of the way. I would not hesitate to recommend this company!