What does the "right of first refusal" allow leaseholders to do?

The "right of first refusal" is a provision that grants leaseholders the opportunity to purchase the freehold or property before the landlord can sell it to external parties. This right ensures that existing tenants have the chance to acquire ownership of the property, thereby giving them a sense of security and control over their living or business environment. By holding this right, leaseholders can potentially avoid the uncertainties that come with new ownership, such as changes in management or lease terms.

This differs from the other options, which relate to different rights and negotiations between leaseholders and landlords. For instance, negotiating rent reductions would typically require separate discussions and is not directly relevant to the right of first refusal. The ability to purchase the lease from the landlord pertains to a different context that does not focus on the right to acquire the freehold. Similarly, obtaining first priority in lease renewals speaks to leaseholder rights regarding extending their lease rather than purchasing the property itself. Each of these alternatives involves different aspects of leaseholder rights, but the specific focus of the right of first refusal is on purchasing the freehold before it is offered to others.