Multi-let ex-council property with Restriction of CovenantMake Text Bigger
I am in a process of purchasing an ex-council property with aim to rent it out as multi-let. The vendor purchased this property from Council about 14 years ago.
The TP1 document received from solicitor shows the following clause in the Third Schedule “Not carry out any trade business or profession in or upon the property or any part thereof but at all times to use the Property as a Private residence in single family occupation PROVIDED THAT this covenant shall not prohibit the use of the Property as the professional residence of a solicitor architect medical practitioner or dentist”
It also states that “The transferee to the intent that thus covenant may so far as possible bind all persons who are now or hereafter shall become entitled to any part of the property but not so as to bind the transferee or any such persons after he or they shall have parted with all estate and interest in the property hereby covenant with the transferor and its successor in title for the benefit and protection of the adjoining and neighboring land of the transferor that he the transferee and the person deriving title under him will henceforth duly perform and observe the covenant conditions and stipulations contained in the Third Schedule hereto”
The solicitor doesn’t point out any issue but she probably is not aware that I plan to rent it out as multi-let. I will ask for her advice but would like to know other Property118 members thoughts about this restriction and if there is any solution to remove this clause and at what cost?
Any advice is very welcome.
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