Domain names aren't really "bought" - the domain you choose is only yours only for the length of time you pay the registrar for the right to license it. A domain name needs to be renewed on a regular basis. We offer the ability to renew for 1, 2, 5 and even 10 years. The cost can variy according to the domain extensions (ie .com, org, net...).
A domain name is "owned" by or licensed to the person or entity shown as the "registrant" on the "whois" database of the registrar. The registrar is the name given to an entity that is authorized by ICANN to issue domain names to the public. The first and most well known registrar is Network Solutions, Inc. A "whois" database is a database maintained by all registrars that lists pertinent information about all domain names issued by the registrar. Each registrar's Whois database may be searched online.
We will send you a reminder a few weeks before your domain will expire so that you can cancel if I want to or check that your credit card details are OK if you want to renew. We do this to ensure that you do not lose your domain name. Once your domain name becomes available for use it can be very difficult and/or expensive to retreive it.