695. Tenancies at a low rent and tenancies where no rent is payable.

A tenancy1 is not a protected tenancy2 if:

  1.  

    (1)     under the tenancy for the time being no rent3 is payable4; or

  2.  

    (2)     it is a tenancy at a low rent5, that is a tenancy which:

    1.  

      (a)     was entered into before 1 April 19906 or, where the dwelling house under the tenancy had a rateable value7 on 31 March 1990, is entered into on or after 1 April 1990 in pursuance of a contract made before that date; and

    2.  

      (b)     under which the rent payable is less than two-thirds of the rateable value which is or was the rateable value