Rentcharges
A rentcharge is generally an annual sum of money (other than rent) which is charged on and payable out of land. It can be created by deed, will or codicil, or by statute. Rentcharges were historically used for the purpose of making financial provision for family members or other dependants. However, since the Rentcharges Act 1977, no new income-supported rentcharges of the type mentioned above can be created, and any existing charges will be phased out by 2037.
	Failure to pay a rentcharge within 40 days of its due date means that under Section 121 of the Law of Property Act 1925, the recipient of the rentcharge (the rentcharge owner) may take possession of the subject premises until the arrears and all costs and expenses are paid, or the rentcharge owner may grant a lease of the subject premises to a trustee that the rentcharge owner may set up themselves. The measures in the Act seek to fulfil a public commitment made in December 2017 so that a rentcharge owner is not able to take possession or grant a lease on the property where the rentcharge remains unpaid for a short period of time.