(1) As against a tenant in possession claiming under section 8 of the Leasehold Reform Act 1967, the price payable on a conveyance for giving effect to that section cannot be made less favourable by reference to a transaction since 15th February 1979 involving the creation or transfer of an interest superior to (whether or not preceding) his own, or an alteration since that date of the terms on which such an interest is held.
(2) References in this section to a tenant claiming are to his giving notice under section 8 of his desire to have the freehold.
(3) Subsection (1) applies to any claim made on or after the commencement date (which means the date of the passing of this Act), and also to a claim made before that date unless by then the price has been determined by agreement or otherwise.