What is the benefit of a covenant?
The benefit of a covenant is deemed to be annexed to the land, so that the benefit of all non-personal positive and restrictive covenants will run with the land.
This means that if A sells the green land to X, X will be able to enforce all of the covenants directly against B..
What are the four elements of a real covenant?
For the burden of a real covenant to run, the following elements, which will be defined below, must be found: (1) writing, (2) intent, (3) notice, (4) horizontal privity, (5) vertical privity, and (6) touch and concern. The privity elements are not required for the burden of an equitable servitude to run.
What does it mean Covenant?
noun. an agreement, usually formal, between two or more persons to do or not do something specified. Law. an incidental clause in such an agreement. … a solemn agreement between the members of a church to act together in harmony with the precepts of the gospel.
What is the difference between a real covenant and an equitable servitude?
Equitable servitudes differ from covenants in that: They are enforceable by injunction, while a real covenant is remedied by money damages. No horizontal or vertical privity is required for a servitude to run with the land. Servitudes are ownership interests in land, while real covenants are promises.
What happens if you ignore a covenant?
What happens if I breach a restrictive covenant? If you own a property and unknowingly (or otherwise) breach a restrictive covenant then you could be forced to undo any offending work (such as having to pull down an extension), pay a fee (often running into thousands of pounds) or even face legal action.
Should I buy a house with a restrictive covenant?
How could a restrictive covenant affect a mortgage? You may find that the choice of lenders is more limited when it comes to mortgages for homes with covenants as their restrictions can affect sale-ability. This presents a risk to the lender who may have to sell it in the future is they have to repossess.