Rentcharges Act 1977

10 Provisions supplemental to section 9. E+W

[F1 (1) For the purposes of section 9 above, the redemption price for a rentcharge is to be calculated in accordance with regulations made by the Secretary of State.]

(2) For the purposes of section 9(4)(b) above, the person to whom the redemption price should be paid is—

(a) in a case where the rentcharge was subject to a mortgage, the mortgagee or, if there is more than one mortgagee, the first mortgagee;

(b) in a case where the rentcharge was not subject to a mortgage but was settled land or was subject to a [F2 trust of land], the trustees;

(c) in any other case, the rent owner.

(3) Where a redemption certificate has been issued under section 9 above—

(a) it shall have the effect of releasing the applicant’s land from the rentcharge concerned, but

(b) it shall not affect the exercise by the rent owner of any right or remedy for the recovery of any rent which accrues before the date on which it was issued.

(4) Where a payment is made into court for the purposes of section 9 above, the sum concerned shall—

(a) if it does not exceed [F3 £5,000], be paid into the county court, and

F4 (4A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) in any other case, be paid into the High Court.

(5) Any person who, in notifying the Secretary of State under section 9(2) above, makes a statement which he knows to be false in a material particular, or recklessly makes any statement which is so false, shall be guilty of an offence punishable on summary conviction by a fine not exceeding £1,000.

Textual Amendments

F1 S. 10(1) substituted (12.5.2016) by Housing and Planning Act 2016 (c. 22), ss. 137(3), 216(1)(c) (with s. 137(5))

F2 Words in s. 10(2)(b) substituted (1.1.1997) by 1996 c. 47, s. 25(1), Sch. 3 para. 15(3) (with ss. 24, 25(4)); S.I. 1996/2974, art.2.

F3 Words in s. 10(4) substituted by S.I. 1991/724, art. 2(8), Schedule Part I

F4 S. 10(4A) omitted by S.I. 1991/724, art. 2(8), Schedule Part I

Modifications etc. (not altering text)

C1 S. 10(4) extended by S.I. 1991/724, art. 2(2).