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splinter_paul · Joined: 02 Sep 2007 Posts: 7 Location: Bristol

I pay £2.50 per half year rent charge but in my half yearly letter it states that I can redeem this rent charge for the all inclusive sum of £85. Is it worth doing this? Would I have to pay any additional costs.

Thanks in anticipation.

thescruff · Moderator Joined: 03 May 2003 Posts: 4500 Location: Bath

Haven't a clue what a rent charge is Embarassed

but it don't sound like a must have offer to me.

Works out at 17 years rent plus interest.

What is a rent charge I just have to know Rolling Eyes

splinter_paul · Joined: 02 Sep 2007 Posts: 7 Location: Bristol

Its also called ground rent or leasehold.

Even though I own my own house - I don't own the land its built on and if I decided to build a conservatory or side extension then I should really get permission (although alot of people tend not to). Its a very old fashioned system but you would be surprised how many people still pay a measly amount each year to cover it.

My solicitor at the time of buying my home (around 10 years ago) said it was not worth redeeming as extra charges would be incurred. I was wondering whether this had changed.