755. Exclusion of certain long tenancies.

In order to ensure that long residential leases can be granted and sold, where a tenancy1 is both a long tenancy2 and a protected tenancy3, and where the conditions in heads (1) and (2) below are satisfied, the provisions as to the prohibition of premiums and similar transactions4 do not apply, and are deemed never to have applied, to the tenancy5. If the premium is received or required to be paid, or the loan is required to be made, after 15 January 19896, the conditions which must be satisfied are that:


    (1)     the landlord7 has no power to determine