The Leasehold Reform Act 1967 is a UK law that allows tenants of residential properties on long leases to purchase the freehold of their homes or extend their leases. This legislation was introduced to address the issues faced by leaseholders, who often had limited rights and faced high costs when trying to secure ownership of their properties. Under this act, qualifying leaseholders can buy the freehold at a fair market price, which helps to protect them from excessive ground rents and provides greater security of tenure. The act was a significant step in reforming leasehold arrangements and improving the rights of tenants in the United Kingdom.