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You are a very fortunate person! You will have a protected tenancy under The Rent Act 1977, which was the main statutory code that governed tenancies created before 15 January 1989. No new protected tenancies have been created since then.
Protected tenants like you have much stronger rights than tenants under assured or assured shorthold tenancies.
- The right to apply for a ‘fair rent’ – which will then be the only rent which can be charged. Your fair rent will be set by a Valuation Office Agency Rent Officer. Your landlord will need to apply to the Rent Officer for rent to be increased, which can only be done every two years.
- You will have considerably greater security of tenure which will make it difficult (and in many cases, impossible) for your landlord to evict you through the courts, and
- Your tenancy will carry succession rights, which include the right for your spouse (if you are the original tenant) to succeed to a second Rent Act tenancy after your death.
Note however that if you move out of your rented property and stop living there you will lose your protected tenant status and will acquire a common law / unregulated tenancy. Meaning that your landlord will be able to evict you.