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It is unlikely to affect the assured shorthold tenancies (AST).
Clearly, whether the head-lease is presently protected under the Landlord and Tenant Act 1954 (LTA 1954) or not, the head-lease can be brought to an end by surrender (LTA 1954, s 24(2)). This will require an express surrender (ie by deed) or a surrender by operation of law (eg tenant vacating and handing back the keys). By contrast, where the head-lease has at some point in time been protected under the LTA 1954, an agreement to surrender will be rendered void by LTA 1954, s 38 unless the requirements of LTA 1954, s 38A have been complied with (Note: where the LTA 1954 has never applied to the head-lease, an agreement to surrender may be specifically enforceable).
Assuming that the head landlord and tenant effect a valid surrender, the surrender will
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