If you’re in the business of selling something, once the deal is done, that item pretty much becomes the new owner’s to do with as they wish. Even if it’s a cherished jacket or a watch that you’ve held onto for years, you can’t dictate what the new owner does with it after the sale is complete and you’ve let it go.
That being said, there are times when things can get a bit more complicated. Just because you’ve sold something doesn’t mean you can insist that the buyer keeps your wall colours or forbid them from making renovations. However, in certain situations, you may be able to set some terms that they should follow or at least consider as a polite request.
So, where do we draw the line? Let’s have a look at three examples that might help clarify things. Here’s some advice to ponder:
Restrictive covenants
Restrictive covenants are legal agreements that get attached to your property’s title deeds and they stick around indefinitely. So, when you sell your house, these rules automatically pass on to the new owner – whether they’re on board or not. You may need to go through a legal process to get these in place, but once you do, they become part of the deed. For example, it could mean keeping certain architectural features intact; like preserving a distinctive vernacular roof that’s maintained by roof thatchers every decade, maintaining gardens in specific ways or even having guidelines on what colours you’re allowed to paint your house.
While they may seem a bit controlling, they’re usually there for good reasons, like preserving the character of a historic neighbourhood or protecting everyone’s property values.
Recommendations & friendly advice
When it comes to passing on your home to the new owners, sharing some friendly advice can go a long way. Think about the little quirks or maintenance tips you learned along the way – like which plumber has experience in how to handle that old heating system or the trick to opening the back gate without a struggle. Framing this advice as helpful suggestions rather than demands makes it more likely to be appreciated. After all, who wouldn’t want a heads-up that could save them time and money? Since they’ve already invested in the property, it’s a win-win to mention those minor issues.
Local listed building obligations
Now, if your home is a listed building, there are some legal obligations that come with it. These responsibilities automatically transfer to the new owners, no matter what anyone thinks. The protections in place are meant to preserve historically significant buildings for future generations, and they take precedence over the new owners’ preferences. So, they’ll inherit the same duties you had in maintaining the building’s historic importance and charm. If you’ve been diligent about getting the right permissions for any changes and using suitable materials for repairs, they’ll need to follow suit. This information should definitely be shared before you finalise the sale.
Out of a sense of responsibility, it’s a good idea to ensure potential buyers fully understand what they’re getting into. Some folks may buy a listed building without realising the restrictions and costs that come with it. While you’re not obligated to do this, most people who care about the property will want to help the new owners succeed.
With this advice in hand, we hope you can seamlessly incorporate these obligations into your property sale, and do it in the right way.