[2007] EWHC 320 (Ch), 26 February 2007. In 1999 the defendant granted a lease of a retirement apartment in the grounds of a nursing home to an elderly couple (the lessees). The lease was for a term of 99 years and provided for the payment of a premium of £57,500. Clause 3(10)(b) provided that if the lessees wished to dispose of the lease, they should first serve a disposal notice upon the defendant, offering to dispose of it in the defendan't favour. After the lessees died in 2002 and 2003, their executors obtained a valuation at £165,000. They then purported to give notice to the defendant, under clause 3(10) of the lease, offering to sell it back for that amount. The defendant argued that it was entitled to purchase the lease back at the same amount as the premium paid by the lessees. The claimants applied to the court for a ruling on the proper construction of the right of pre-emption. "Held": The claim was allowed as nothing indicated that, when purchasing the 99 year lease, the lessees would or could have intended anything other than that they should acquire a capital asset that could potentially appreciate in value for their benefit and the benefit of their estate.