Subject to subsection (3) below, it shall be an implied term of every assured tenancy which is a periodic tenancy that, except with the consent of the landlord, the tenant shall not—
assign the tenancy (in whole or in part); or
sub-let or part with possession of the whole or any part of the dwelling-house let on the tenancy.
Section 19 of the Landlord and Tenant Act 1927 (consents to assign not to be unreasonably withheld etc.) shall not apply to a term which is implied into an assured tenancy by subsection (1) above.
In the case of a periodic tenancy which is not a statutory periodic tenancy or an assured periodic tenancy arising under Schedule 10 to the Local Government and Housing Act 1989 subsection (1) above does not apply if—
there is a provision (whether contained in the tenancy or not) under which the tenant is prohibited (whether absolutely or conditionally) from assigning or sub-letting or parting with possession or is permitted (whether absolutely or conditionally) to assign, sub-let or part with possession; or
a premium is required to be paid on the grant or renewal of the tenancy.
In subsection (3)(b) above "premium" includes—
any fine or other like sum;
any other pecuniary consideration in addition to rent; and
any sum paid by way of deposit, other than one which does not exceed one-sixth of the annual rent payable under the tenancy immediately after the grant or renewal in question.