The problem with covenants

As if the process of buying a property wasn’t complex enough, many buyers can find their dream home scuppered by the presence of a covenant.  After you’ve arranged a mortgage with a reputable lender, you’ll start the second stage of the process. This means contacting a Conveyancing Stroud based company like www.montpellier.legal/. They can help you get through this process and deal with any issues that you may come across.

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All properties come with a specific history. Even new builds will have certain restrictions placed on them. For example, a Latin phrase is placed on all house purchases, which translates as “Let the buyer beware”. This simply means that if you are going to buy the place, you should know all of the issues associated with it before you go through with it.

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Covenants are stipulations based on the property. For the most part, they are a list of things that you can’t do at the place. This may have been brought in years ago or, in the case of a new build, they’ve been introduced to protect the estate. They can be simple things such as you cannot park a commercial Van on the road in front of the property or not be allowed to keep livestock. So, If you were hoping to keep Chickens or a goat to keep the lawn down, that home is a no-go. There are more serious ones. Some state you can’t build an extension or add a permanent structure.

 

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