1204. New tenancy on terms approved by the court.

Where a tenant1 of a house2 is entitled3 to acquire the freehold or an extended lease, or is entitled to the benefit of a previous tenant's notice of his desire to have the freehold or an extended lease, there may with the approval of the court be granted to him in satisfaction of that right a new tenancy4 on such terms as may be approved by the court. A tenancy may be so granted5 by the landlord6 and is binding on persons entitled to any interest in or charge on the landlord's estate, notwithstanding that it would not otherwise