The Leasehold Reform Act 2002 is a UK law that allows leaseholders of residential properties to extend their leases or buy the freehold of their homes. This act aims to improve the rights of leaseholders, making it easier and more affordable for them to secure long-term ownership of their properties. Under this act, leaseholders can extend their leases by 90 years without having to pay ground rent. It also provides a clearer process for leaseholders to follow when seeking to purchase the freehold, ensuring they have more control over their living situations and reducing the potential for exploitation by landlords.