Lease extension.

[stoofur]

I am a freeholder of a block of two flats (I live in the ground floor). My neighbour (upstairs) came to me yesterday asking to extend her lease. She has 74 years remaining and would like to add 90 years to the lease. She has offered 2000 to 2500 pounds for the extension and she will pay all the legal fees.

I am happy about the extension but I have no idea if the money offered is right. I only recently bought the flat two months ago for 176000 pounds.

Any advise would be greatly received.

[stoofur]

I am going to give my solicitor a call tomorrow I think.

[buildersmate]

It's impossible for anyone on this site to advise you whether the money is right for this. As always, there is a negotiation to be done so the first offer made by the tenant is likely to be only a starting gambit.
There is general advice here about how this is worked out.
http://www.jonathanberney.co.uk/index.cfm?asse t_id=1419
though you are not entitled to a Marriage Value because your tenant has only 74 years left.