u/fclovelly

I have a first floor flat property in Newport South Wales that has 61 years remaining on a leasehold and a fixed ground rent of 40GBP per annum. The freeholder quoted me 5950GBP inclusive of his legals for an extension in 2021, and has quoted me 12581GBP in 2025/2026 for the same extension. Property is valued at approx 110-130k, and I am wondering whether the increase is reasonable or opportunistic. I’m also wondering whether I should negotiate with him on an informal basis or commission a RICS survey and formal process. Any thoughts gratefully received.