1017. Meaning of 'low rent'.

A tenancy1 is 'at a low rent' if under the tenancy:

  1.  

    (1)     no rent is payable2; or

  2.  

    (2)     where the tenancy is entered into on or after 1 April 1990 (otherwise than, where the dwelling house3 had a rateable value4 on 31 March 1990, in pursuance of a contract made before 1 April 1990), the maximum rent payable at any time is payable at a rate of:

    1.  

      (a)     £1,000 or less a year if the dwelling house is in Greater London