489. Introduction to rentcharges.

A rentcharge is an annual sum of money payable out of land by its owner, other than as a result of the relationship of landlord and tenant1. The creation of most new rentcharges is prohibited by the Rentcharges Act 19772. A rentcharge created in fee simple or for a fixed term of years is a legal interest which is binding on a subsequent buyer of the land charged irrespective of notice where the title to the land is unregistered. A rentcharge for life (for example, created under a settlement) is equitable only