Chapter II of the Leasehold Reform, Housing and Urban Development Act 1993 (LRHUDA 1993) gives the right to a qualifying tenant to acquire a new lease of the flat upon payment of a premium. By LRHUDA 1993, s 56, where notice in accordance with section 42 is given to the landlord, the landlord is bound to grant to the tenant, and the tenant is bound to accept, in substitution for the existing lease, and on payment of the premium, a new lease of the flat at a peppercorn rent for a term expiring 90 years after the term date of the existing lease. By LRHUDA 1993, s 57 the new lease shall be on the same terms as the existing lease, with such modification