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@Hovis
The freeholder (management company) have guidance on lease extensions and have set out their procedure (preference for informal negotiation), and others in the block have done it, so in theory it feels like it would be a fair process.
Their wording is "If your valuation is undertaken by a RICS valuer, it's in line with estimates and they can send a copy of the valuation directly to us. We’re happy for you to go ahead at the cost they propose."