Define 'leasehold enfranchisement'.

Leasehold enfranchisement refers specifically to the legal process that allows leaseholders to collectively acquire the freehold title of their building from the existing freeholder. This process is significant because it empowers tenants who hold lease agreements, often with considerable time remaining on their leases, to take ownership of the property in which they reside or conduct business.

This option is correct because leasehold enfranchisement is designed to improve the rights and security of leaseholders, allowing them to escape the limitations and potential financial burdens imposed by the original terms of their lease. It is particularly relevant in the context of protecting tenants from rising ground rents and ensuring that they have a say in how their property is managed.

The other options do not capture the essence of leasehold enfranchisement. Renewing a lease period involves extending the duration of an existing lease, which does not relate to purchasing the freehold. A legal term for lease violation pertains to breaches of lease agreements, which is also unrelated to enfranchisement. Lastly, the method for leasing commercial properties focuses on the agreements and processes involved in leasing business real estate, distinctly separate from the legal right of tenants to acquire the freehold title of their residential or mixed-use properties through enfranchisement.