Bournemouth Lease Extensions

Living in Bournemouth:

Until 1810, Bournemouth was a heathland. By 1812, efforts began to transform it into a health resort that could utilise the area’s natural beauty. Soon, it became a leading holiday destination for middle-class Victorians looking to escape the suffocating smog of the city.

The area possesses many remnants of the Victorian era, from magnificent shopping arcades to the iconic pier. There are also fragrant pine forests which were planted during this period.

While Bournemouth remains a popular holiday destination, it is also an area many call home. To find all the details about extending your lease in Bournemouth, consult this helpful guide.

• Population: Data from the Office for National Statistics shows that the inhabitants of Bournemouth hit 196,445 in 2021.
• Average House Price: According to Rightmove, properties in Bournemouth had an overall average price of £398,060 over the last year. Most of the sales at this time were flats, selling for an average cost of £254,947.
• Areas in Bournemouth: Boscombe, Kinson, Pokesdown, Southbourne, Springbourne, Throop, Westbourne, Winton.
• Local Authority: The local authority is Bournemouth, Christchurch and Poole Council (BCP Council). It became a unitary authority area in April 2019.

Lease Extension Regulations in Bournemouth:

If you own a flat in the Bournemouth area, you can extend your lease by an additional 90 years. This procedure can be carried out formally or informally. However, the statutory (formal) route will offer valuable legal protection if you have owned your property for at least two years.

BCP Council has a dedicated ‘Information For Leaseholders’ webpage but doesn’t state its preferred lease extension method. However, councils will typically opt for the statutory route because the procedure is clearly outlined in the Leasehold Reform, Housing and Urban Development Act 1993.

To achieve the best results from your lease extension, we recommend seeking advice from our expert surveyors and solicitors. Our team have tackled numerous lease extensions in this daunting area of property law. We’ll serve all necessary notices and negotiate your property’s cheapest premium and fairest lease terms.

To see the results we’ve achieved for our previous clients, please view our excellent record of case studies.

The Statutory Lease Extension Process

Below is a simple overview of the statutory lease extension process.

• Eligibility Check
• Valuation
• Serving the Section 42 Notice
• Receipt of the Section 45 Counter Offer
• Negotiation
• Agreement of Terms
• Registration of your new lease

Please find extra information in our helpful ‘How Long Will My Lease Take?’ article.

Serving the Section 42 Tenant’s Notice

Before your Section 42 notice is drafted, one of our specialist chartered surveyors will undertake the valuation of your property for the lease extension and identify the likely ‘premium’ (the price of your lease extension) you will pay to your freeholder.

Identifying Your Competent Landlord

Our specialist solicitors will also identify the ‘competent landlord’ whose interest in the property is long enough to grant your 90-year lease extension.

Sometimes, this will be the direct landlord or housing management to whom you pay your service charge or ground rent. However, the competent landlord is often the freeholder of the building.

The Leasehold Reform Housing and Urban Development Act 1993 requires leaseholders to serve a Tenant’s Notice (Section 42 notice) on the ‘competent landlord’.

The Section 42 notice commences the lease extension and must include specific legal information. This document is a technical legal notice, and it must be correctly drafted and validated to ensure your lease extension is deemed valid.

At The Lease Extension Company, we work with specialist legal firms in this niche area of law, ensuring that your notice is drafted and reviewed by leading experts in this field. This document will be sent to you for approval before it is forwarded to the solicitors who will serve the Section 42 notice to the Freeholder on your behalf.

For insight into freeholders in the Bournemouth region, see the information below.

Key Freeholders:

BCP Council is the freeholder and managing agent of over 500 leasehold properties in Bournemouth. The council may act as your competent landlord if you own one of their leasehold properties.

Several housing associations, such as Abri, Magna and Sovereign Housing, also function in the area. The complete list of providers is available on the council’s ‘Housing Associations webpage’; in some cases, they may be classed as your competent landlord.

Finding Your Freeholder:

When you purchased your property, you should have received a lease document containing important details, including information about your freeholder.

If you do not have a copy of your lease, you can request a duplicate from the HM Land Registry for a small fee, or as an LEC client, we can arrange this for you at the start of the process.

How Much Will Your Lease Extension Cost?

It’s only natural to want to know how much your lease extension will cost before you commit to the procedure. The cost varies from property to property because it depends on the following factors:

• The value of your property.
• The amount of ground rent you pay and how much it increases over time.
• The number of years remaining on your lease.

The cost can also depend on your route to acquire your lease extension.

• Informal Lease Extensions: Costs are determined and agreed upon directly with your freeholder.
• Statutory Lease Extensions: You are responsible for the valuation and legal costs of both you and your freeholder, plus the premium for the additional years on your lease.

To estimate your costs, use our online Lease Extension Calculator tool.

About The LEC’s Simple Fixed Fee Service

The Lease Extension Company is transforming the typical lease extension process by making it as straightforward as possible. Our approach involves devising a detailed plan covering all stages, legal requirements and expected costs.

For peace of mind, all your costs are consolidated into a simple fixed fee, giving you a clear understanding of what to expect from the onset.

You’ll also receive the professional guidance of an experienced surveyor and solicitor who will guide you through the process, ensuring you do not pay a penny more than necessary for your premium.

Get a Quote for Your Bournemouth Lease Extension.

Preserve your property’s current value and enhance its overall worth by extending your lease.

Obtain a quote or arrange a free consultation with The Lease Extension Company by completing our online form, calling us on 0800 098 2770 or emailing [email protected].