What is a Rentcharge?

A modest rent that levied on some freehold properties by the original landowner, for example a landowner who has sold land to a developer. Rentcharges are sometimes created simply to generate profit but may be used as a way to ensure requirements about the property are complied with. Rentcharges extinguish automatically on 21st July 2037 or 60 years from the date of which the Rentcharge first became payable, whichever is later. However, under the 1977 Rentcharge Act, property owners can buy out or redeem the Rentcharges attached to their property.