Deed of Covanent

eddddy

Explorer87 said:

I wondered if the deed is something that can be bought out of, can we pay a higher fee and have it written off?

Is having a deed of covenanted something that might at actually put off future buyers?

The deed of covenant will be a 'list of rules' for living in the house. Have you seen 'the list'?

It might include things like:

• You must pay a share of service charges for maintaining the communal areas.
• You can't park a truck on your drive
• You can't repair cars in the street
• You must maintain your garden fences
• You mustn't dump rubbish in your front garden

You wouldn't be able to pay a fee to get that 'written off'.

Would you even want that to be possible? i.e. Would you want your neighbours to be able to pay a 'write off' fee, so they're allowed to let their fences fall down, leave rubbish in their front gardens etc. Wouldn't that make the development a nastier place to live, and reduce property values?

And if there are communal areas to be maintained - maybe like grass cutting, litter picking, leaf sweeping - if you didn't pay your share, who would pay it? You might also have to pay a share of repair costs to the road, pavement, lighting etc.

If the service charges are high (e.g. because there's lots of stuff to maintain), that might put some buyers off. But buyers might like the other 'rules' because they make the development a nice place to live.