I'm buying a house and my solicitor has flagged it has a restrictive covenant! The sellers will know about it but failed to tell the EA. We faced stiff competition as it's a high value, fast moving market and secured a good price (due to our position).
Should we run a mile??!!
We're buying the original house = "land A". Garden is tiny and house has no real scope to extend (except possibly roof extension but there's no precedent on the street). There is no need to change the house externally. It is in keeping with all other properties and is lovely.
A few years ago a developer built another house in its garden = "land B" (which the developer rents out). There's a parcel of "retained land" = "land C" owned by said developer, at the back of the garden (beyond a path which A & B use for garden access).
Land C could be developed into studio flats or 1/2 small houses. It's tiny but given high value of land and pro-development council they will squeeze maximum properties on it!
The Covenant specifies.....
- We cannot carry out external alterations to the house without consent from developer who owns land B & C (other than construction of a conservatory).
- We cannot keep caravans, commercial vehicles, boats at property (don't know how they would fit in small drive!)
- We cannot object to any proposed development on land C to the council
Does anyone know if this is common? Should we worry about it? Will we find it difficult to sell? Should we run a mile?!