What rights do leaseholders have under the Leasehold Reform Act?

The Leasehold Reform Act provides specific rights to leaseholders, and one of the most significant rights is the ability to extend their lease. This is particularly beneficial because it can increase the property's value and make it more marketable. Additionally, under certain conditions, leaseholders also have the right to purchase the freehold of their property. This can provide leaseholders with more control over their living situation and remove some of the limitations associated with leasehold ownership, such as ground rent or restrictive lease terms.

The ability to extend a lease or to purchase the freehold is a legal right that offers leaseholders more security and autonomy concerning their property. It's designed to protect leaseholders from being trapped in short leases which could render the property less desirable or mortgageable.

The other options, which suggest rights like demolishing the property, renting out the entire property without consent, or making alterations without approval, do not reflect the legal framework established by the Leasehold Reform Act. These actions typically require permissions and adherence to specific regulations to ensure compliance with property laws and the terms of the lease.