Buying our Rent Charge Interest

 

To receive a quote please email sales@comptongroup.com or telephone 01792 315500 (option 2)

Buying our rent charge interest – The benefits

There are a number of benefits in buying our rent charge interest:

  • Your home becomes more valuable
  • You are no longer bound by the covenants in the rent charge deed. These could include restrictions on whether you can alter your property or where you can place your buildings insurance.
  • You no longer have to pay the rent stipulated in the rent charge deed.
  • A future sale of your home should be more straightforward.

Buying our rent charge interest – Our quote

If you are interested in buying our rent charge interest in your property, please email us at sales@comptongroup.com or telephone 01792 315500 (option 2) asking for a quote: this is done without creating any obligation on either side. Our quote assumes that your current use of the property (usually as a single private dwelling house) will continue and that there are no existing breaches of the terms of the rent charge deed.

For properties in residential use, we will quote a purchase price which will be the higher of £100 and twenty times the rent. (There will be an additional sum of £100 payable where an insurance covenant applies. The quote will be exclusive of any unpaid rent (which will need to be paid), but inclusive of our costs. If your property is used for commercial purposes we will provide you with a separate quote.

If you wish to accept the quote, we will require a cheque for the full amount made payable to The Compton Group. At that point we will prepare the transfer deed to effect the sale of the rent charge interest to you. 

Alternatively once you have written back to us accepting the quote you can pay by credit or debit card on the buying the freehold, leasehold or rent charge interest payment page.

The vast majority of our rent charges are not registered at the Land Registry. If the rent charge interest you buy from us happens to be one of the very few registered rent charges in our portfolio, you will have to pay a fee to the Land Registry to extinguish the rent charge against the title of your property. We will complete the appropriate Land Registry form at our own expense for you to sign.
 

Buying our rent charge interest – Title documents

Having purchased our unregistered rent charge interest, the only thing you have to do is keep the signed transfer and the rent charge deed (either the original or a certified copy) safe as they are important documents: for example, you will need them for your solicitors if you are selling the property. There is no requirement to register the transfer to you at the Land Registry: registration of the transfers of unregistered rent charges is not compulsory.

However, in the future, there is a possibility that you could be dealing with a third party such as a potential purchaser who wants proof that you have bought the unregistered rent charge from the proper owners. This means that you will need us to dig out and copy old conveyances which will prove that we were entitled to sell to you. If this happens, we will require at that time a fee to carry out the search of our strong room and the copying of the appropriate conveyances. The fee will vary according to the number, size and age of the title documents to be copied: the fee is unlikely to be less than £25 (no VAT) or more than £100 (no VAT). This service for the same level of fee is also available at the time of your purchase of the unregistered rent charge interest, should it be required.

Contact us
E: sales@comptongroup.com P: 01792 315500 (option 2)
Post

Compton Group

PO Box 425

Swansea

SA6 8YH

Head Office

45-51 Wychtree St
Morriston
Swansea
SA6 8EX