Buying Chief Rent & Covenants

john9159

I have had a reminder from the land owner that my chief rent is due.
They have also offered the chance for me to buy the chief rent and covenants (if any).
I would like to know whether this would be of any benefit to me and how.
They originally offered this at £500 when I bought the house in 1988 but now are asking £99.00

ormus

chief rent also known as rentcharge in the manchester area.
if you mean buying the freehold complete, then yes go ahead.

a price of 10 or 20 times the rent is pretty common.

National_Rentcharges_Unit

You can redeem chief rent or rentcharge directly with the rent owner or by applying to ourselves to redeem a chief rent or rentcharge under the Rentcharges Act 1977. Further information can be found on the Communities and Local Government Website and searching for rentcharges.

KateLiana27

The only advantage, as far as I'm aware, if not having to remember to send off those infernal cheques for £3.50 or whatever ever six months (as we have to do).

How much is your chief rent, and how often is it due? How long are you planning to stay in the property? I'd do a simple calculation and see if £99 is worth your while.

dempsey

My neighbour did this a year or two ago and this triggered an increase to her council tax band

I am not allowed to post the link from voa gov uk - corporate - councilTax - increases Following Improvements html

"When a property is improved (e.g. an extension is built), legislation prevents the VOA from increasing the existing band of that property until there is a relevant transaction"

"A freehold sale also covers the situation where a leasehold owner/occupier pays a ground rent to a landlord who owns the freehold of the property, and the freehold only is subsequently sold on or bought by the leasehold owner/occupier"