A tenancy1 which is entered into on or after 1 April 1990 (otherwise than, where the dwelling house2 had a rateable value3 on 31 March 1990, in pursuance of a contract made before 1 April 1990)4, and under which the rent5 payable for the time being is payable at a rate exceeding £100,000 a year6, cannot7 be an assured tenancy8.
There is no statutory restriction on the rent which the parties may agree; however a clause in a tenancy agreement which purported to be a rent review clause but which provided for the annual rent to rise from £4,680 to
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