what is the meaning of a restrictive covenant?
Answers:
You will need to speak to a lawyer because they can be a bit tricky. They can prevent you from doing things hence "restirictive". It may be a charge over the property or something like that but it should show up in lease or searches.
Other answers:
Basically when you buy a house or land the previous owner (going back 100's of years) can put in a clause that you must abide by i.e. land can only be used for agricultural purposes.
However - this only comes into effect if the beneficiary has a problem with what you're doing & sues. you can buy insurance against any claims if you're worried.
Basically when you buy a house or land the previous owner (going back 100's of years) can put in a clause that you must abide by i.e. land can only be used for agricultural purposes.
However - this only comes into effect if the beneficiary has a problem with what you're doing & sues. you can buy insurance against any claims if you're worried.
Often used to limit what can be done with a property when it has, for expamle, been previously a Methodist Chapel, there would almost certainly be a clause to say it couldn't be turned into a pub, or anything else that sold alcohol. Also in some housing communities, where ownership is limited to the over 50's, and this amy also include a clause that people under the age of x can only stay a limited time, or that dog or cat ownership is limited. It will be in the deeds, and any solicitor will find it, and must make sure it is adhered to.