Restrictive Covenant with a Private Company under Hermes Group

[ISB]

Hi,
I am buying a property, and as part of the searches it has come up that the house has restrictive covenants with a private company (METROPOLITAN RAILWAY SURPLUS LANDS COMPANY - Company number 00277350) which is not part of Hermes Investment Group. As per the covenant the owner needs to submit drawings and take permissions before any works can be carried out on the property. I have few questions:
1/ How difficult is to get such approvals?
2/ Can the restrictive covenants we removed?
2/ Has anyone dealt with this Met Rail company or Hermes Group for such a topic? If so, how expensive and lengthy was the process?

Please feel free to share any additional thoughts which might be critical for such a purchase.

Cheers!

I am surprised that the seller didn't say anything about it before. I viewed a property with a similar restrictive covenant. This feature was obviously not featured in the listing but the owner did bring it up during our viewing. The house sits above a tube line and any changes that would affect the foundation will need to be signed off by TfL. They said it would only mean more paperwork. But I would not take their words for it. The family is upsizing. There is loft extension and garage conversion possibility, in normal circumstances. But the fact that they have decided not to do any such work and sell out worries me.

The restrictive covenant is there for a reason. Don't think you can get it removed.

How long has the seller been living there? Did they manage to carry out any major renovation or structural changes in the property? If it's a yes maybe just more bureaucracy, cost and time, not an impossibility.

Or are you happy with the house as it is or the price you pay reflects extension potential?

If you like the house, negotiate a lower price and be content that you don't have to stress over any future work - as there's almost zero chance of getting it approved.

Also be prepared that many buyers would be put off when it comes to moving on. Honestly i think it's rather dishonest of the seller not to tell you about this earlier.

Thanks for your response and sharing your experience whatafineday!

In my case the TFL line is behind the garden. Although the land on which the property (and all nearby properties) is built was blocked for TFL several decades ago, which was eventually disposed off by this company. And as I understand, the covenant was to stop people making changes to the look of the properties, although as the property is in conservation area now, I guess the council already takes care of it.

The seller has been in the property for 63 years, and has not made any changes to the property, which is a red flag. Although the next door neighbour (having similar covenants with the same company) did an extension back in 1982.

As a next step I am trying to reach out to the company at their HQ in London and see any possible mitigation plans/processes.

And definitely a negotiation point!