Question:
O/T any property experts out there?
Sorry for such an OT thread but property is so quiet.
Does anyone know anything about covenants on properties? We're interested in a property which has a huge plot of land on the side - we were thinking of building a house on it and selling it as well as teh original hosue. We've been told that the vendor has a covenant in place that says that she is entitled to 50% of the profits from the sale of any new building on the land after she sells it?
Is this right? Seems a bit strange to me.... :confused:
Thanks :)
I'm not expert Toosh,but I watch alot of property programmes and there was this exact case on one of them!!!Yes it is true,they can and will claim the money at any point after you have bought it-only if you build though obviously!
Sorry I cant really give a proper answer as I'm no property expert but I think this can happen, Ive heard something similar on 'homes under the hammer' :uzzle:
We looked at buying a house with a huge garden with a view to building in the back garden. There was a similar clause on that, so any profits had to be split 50/50, even though we would have paid all the expenses.
I don't want to hold myself out as an "expert" but I do happen to practice in property law.
In a nutshell, if that's what the covenant says, then that's what it says and you have to abide by it. But I cannot give any proper advice without seeing the documents ;)
Sorry for such an OT thread but property is so quiet.
Does anyone know anything about covenants on properties? We're interested in a property which has a huge plot of land on the side - we were thinking of building a house on it and selling it as well as teh original hosue. We've been told that the vendor has a covenant in place that says that she is entitled to 50% of the profits from the sale of any new building on the land after she sells it?
Is this right? Seems a bit strange to me.... :confused:
Thanks :)
Answers:
I'm not expert Toosh,but I watch alot of property programmes and there was this exact case on one of them!!!Yes it is true,they can and will claim the money at any point after you have bought it-only if you build though obviously!
Answers:
Sorry I cant really give a proper answer as I'm no property expert but I think this can happen, Ive heard something similar on 'homes under the hammer' :uzzle:
Answers:
We looked at buying a house with a huge garden with a view to building in the back garden. There was a similar clause on that, so any profits had to be split 50/50, even though we would have paid all the expenses.
Answers:
I don't want to hold myself out as an "expert" but I do happen to practice in property law.
In a nutshell, if that's what the covenant says, then that's what it says and you have to abide by it. But I cannot give any proper advice without seeing the documents ;)
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