Currently I have a lease which has 47 years unexpired life. I wish to sell the property but need to extend the lease to a minimum of 90 years and a maximum of 125 years. I am currently paying £8.49 per annum ground rent.

The property is worth between £160,000 and £180,000.

The freeholders are asking us to increase the lease to 125 years for a cost of £35,850 plus £695.00 + vat legal/admin costs plus £550.00 valuation fee.

The revised ground rent is £200 per annum to increase every 20 years by the higher of the increase in RPI or twice the current ground rent

Could you please advise if their offer is reasonable or if there is a formula which will allow me to calculate what the correct increase should be

The property is worth between £160,000 and £180,000.

The freeholders are asking us to increase the lease to 125 years for a cost of £35,850 plus £695.00 + vat legal/admin costs plus £550.00 valuation fee.

The revised ground rent is £200 per annum to increase every 20 years by the higher of the increase in RPI or twice the current ground rent

Could you please advise if their offer is reasonable or if there is a formula which will allow me to calculate what the correct increase should be

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