Dealing with rentcharges
Under section 8 of the RA 1977, the owner of any land affected by a rentcharge may, subject to payment of a redemption figure, apply for a redemption certificate to certify that the rentcharge has been redeemed. Redemption under section 8 does not apply to the rentcharges still permitted to be created by section 2(3) of the RA 1977 (e.g. estate rentcharges – see below) or to rentcharges charged on or otherwise payable in relation to land wholly or partly in lieu of tithes.
Indemnity insurance is often available to cover the risk of any claim for arrears of rentcharges being made in the future.
The RA 1977 provides for existing rentcharges to extinguish automatically on 21st July 2037 or 60 years from the date on which the rentcharge first became payable, whichever is later.