Hello
I'd appreciate a bit of advice.
Buying a house and it has a restrictive covenant saying it shall be used for no other purpose than as a private dwellinghouse for single family occupation.
Has anyone got experience of this?
It is an ex-LA house in London although not on an estate, it is an infill of about 8 houses on a road of older properties.
Solicitor is being a bit useless and just saying I have to comply with this.
I'm trying to work out what the impact of this really is? To comply would limit my options in the future if I wanted to or needed to rent it out as I wouldn't be able to rent to e.g. 3 friends.
When I come to sell, this will limit the pool of potential buyers as no BTL investor would want to buy it?
I am guessing the covenant is rarely enforced unless you get complaints from neighbors that you've turned your house into a whacking great annoying HMO...
Does anyone know:
- Where I can find information out about the last time this restrictive covenant was enforced by the council in the borough;
- Any info on how likely it is to be enforced; and
- What kind of a value impact this would/should have given reduced pool or potential buyers?
Thanks for any advice.
YelloD