360. Individual acquisition of a long lease.

The tenant has the right to be granted a new lease at a peppercorn rent to expire 90 years after expiry of the existing lease, and a premium is payable for the grant1. This right is available irrespective of the rights to collective enfranchisement2. The right to a lease extension applies to a qualifying tenant3 who has had the lease vested in him for at least the previous two years4. Tenants who own three or more flats are not excluded from this right5. The landlord can only oppose the tenant's request on the grounds that:

  1.  

    (1)     the tenant's existing