An Assured Shorthold Tenancy agreement is a residential tenancy agreement where the annual rent is less than £25,000 and the initial fixed term is for a period of not more than three years. It provides the Landlord with an assured tenancy in that the Landlord has a guaranteed right to repossess his property at the end of the term. The Housing Act 1988 as amended by the Housing Act 1996 provides requirements for AST agreements. Some of the more important requirements are that the Tenant must be an individual, the dwelling must be separate accommodation, and the dwelling must be the Tenant's main or principal home. The agreement cannot be an AST agreement where the Tenant is a company, where there is no rent, low rent or high rent (above £25,000). Other important exclusions include holiday lettings, tenancies granted by a resident Landlord (a Landlord who lives in the same property as the Tenant), tenancies let with property of more than 2 acres of agricultural land and tenancies entered into before 15 January 1989.