694. Tenancies at a high rent entered into on or after 1 April 1990.

A tenancy1 is not a protected tenancy2 if:

  1.  

    (1)     it is entered into on or after 1 April 19903, otherwise than, where the dwelling house had a rateable value4 on 31 March 1990, in pursuance of a contract made before 1 April 1990; and

  2.  

    (2)     under it the rent5 payable for the time being is payable at a rate exceeding £25,000 a year