May be a Lease Extension
The 1967 Act also allows the qualifying tenant of a house to take an extended lease of the house for a term of 50 years to expire after the term date of the existing lease at a modern ground rent throughout the extended term and without payment of a premium.
This right has been little exercised in recent years but following the 2002 Act all tenancies extended under the 1967 Act now have security of tenure.
Furthermore, the tenant under an extended lease now has the right to acquire the freehold, if he otherwise fulfils the qualifying conditions; in such cases, the purchase price will be determined in accordance with section 9(1C) but with modified assumptions.
In relation to the modern ground rent this will be a percentage of the site value. For example:
Building value: £1,000,000
Site value: £450,000
Modern ground rent: at 6% £27,000
The other advantage here is that the rent review does not occur until the end of 25th year.
However you will need cross-reference to the rateable value limits.