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Restrictive covenants to buy or not to buy
1) That no more than one dwelling house with the usual offices and outbuildings shall be erected on the property hereby conveyed
2) No dwelling house office outbuilding or other erection shall be placed on the property hereby conveyed without the plans therefore having been first been approved by the vendor or the owners for the time being of xxx(address of neighbour) aforesaid.
Our solicitor did not see the covenants as representing any serious issue and did not inform our lenders about them. She sent us the exchange documents and went on holiday for 2 weeks.
We are struggling with the decision. The house is already at the top of what we can afford and we are putting everything we have in it in addition to a huge mortgage from LBS.
We wanted to buy the house because of its potential. The plan was to renovate over few years. We are now worried that this might be a risky investment particularly if we had to sell in a couple of years.
What would you do? Are these covenants serious or is our solicitor right in suggesting to ignore these. Do they have implications for us in terms of resale value? What should we ask the sellers to do?
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