Residential Tenancies Act 2004
Long occupation equity (ability to renounce entitlement to it).
191.—(1) In this section the “Act of 1980” means the Landlord and Tenant (Amendment) Act 1980 .
(2) On and from the relevant date, section 17(1)(a) of the Act of 1980 is amended by inserting the following subparagraph after subparagraph (iiia) (inserted by the Landlord and Tenant (Amendment) Act 1994 ):
“(iiib) if section 13(1)(b) applies to the tenement (and the tenement is a dwelling to which the Residential Tenancies Act 2004 applies), the tenant had completed and signed, whether for or without valuable consideration, a renunciation of his or her entitlement to a new tenancy in the tenement and had received independent legal advice in relation to such renunciation, or”.
(3) On and from the relevant date, section 85 of the Act of 1980 is amended by substituting the following subsection for subsection (2) (inserted by the Landlord and Tenant (Amendment) Act 1994 ):
“(2) Subsection (1) does not apply to a renunciation referred to in—
(b) subparagraph (iiib) (inserted by section 191 of the Residential Tenancies Act 2004),
of section 17(1)(a).”.