How to extend your lease
Most leases granted by The Dulwich Estate were originally for 99 years. If you have owned your property for two years, you have the legal right to extend your lease by 90 years. The only requirement is that you have owned your flat or house for 2 years.
What to do
- Instruct your solicitor to serve a notice to the Estate, under the Leasehold Reform, Housing and Urban Development Act 1993.
- Our surveyors will carry out a valuation of your flat or house and advise on the premium you will need to pay to extend the lease.
- The premium will then be negotiated either directly with you or your surveyor.
- Once agreed, both sets of solicitors will arrange the contract.
The process typically takes about four months from start to finish.
In addition to the lease costs, you will have to pay for our costs in dealing with the Notice, whether or not the extension is agreed. The standard costs are:
-
Surveyors' fees
£ 1,275 + VAT
-
Solicitors' fees - Price up to £750 000 Fee 0.5%
(subject to a minimum of £2,250 + VAT)
-
Solicitors' fees - Price over £750,000
Fee on application
-
Administration fee
£350
The Dulwich Estate is not able to provide any guidance on the leasehold value of your property. You will need to obtain professional advice on the valuation of your flat or house prior to serving the appropriate notice.