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New asset Wayne Miller.
Wayne Miller joined Bowman Law Limited earlier this year as a
Consultant Solicitor, previously having over 20 years experience in the Bournemouth area as a property lawyer. He complements Simon Bowman’s residential conveyancing practice by bringing to the company his expertise in commercial property and extensive knowledge of leasehold enfranchisement and lease extensions.
Simon Bowman feels that Wayne has quickly become an asset to his company. “Wayne has now acted for many clients, both old and new, in
commercial property transactions thereby bringing a strong presence to the company” says Simon. In addition to commercial property Wayne is a specialist in Leasehold Enfranchisement and Lease Extensions of residential flats. He has noticed that in the last few months, as the property market recovers, many flat owners are now finding that both the
value and saleability of their flats is falling if they have less than 70 years to run on their leases. Many more mortgage lenders are now requiring
more than 70 years to run on a lease before they will lend.
Wayne is now advising several flat owners on how to make their flats more saleable and to ensure a purchaser has a long enough term left on
their lease so that they can borrow on it now and to ensure that this will not be a problem for decades to come. If at least half of the flat owners
in a block find this is a problem, Wayne advises they should join together to buy their freehold. This means they will be able to sale their flat with
a “share of freehold”, making their flat more valuable and increase saleability, something that is most important in the current market.
If you would like to discuss these points further please phone Wayne Miller at Bowman Law on 01202 716171 or email him on wayne.miller@bowmanlaw.co.uk.