Business, Legal & Accounting Glossary
An obligation on the owner of a Freehold Estate in land to pay regular sums of money to another person. The payment might be, for example, to maintain a wall or building. A Rentcharge is a property right, and is capable of being binding on subsequent owners of the burdened land. The remedies available to the beneficiary of the payment in the event of default might be quite draconian. A rentcharge does not arise out of contract, so it is technically quite different from the rent associated with a lease – although the practical implications might be similar. Rentcharges are now quite unusual and, under The Rentcharges Act (1977), most will be extinguished automatically in 2037. In the meantime, it continues to be possible to protect the benefits of a rentcharge by application to the land registry for its own Registered Title.
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This glossary post was last updated: 7th April, 2020 | 0 Views.