Restrictive covenants are rights over a piece of land (called the Servient Land) existing for the benefit of another piece of land (called the Dominant Land).

This Deed of Release - Restrictive Covenants shall be used where the owner of the land that has the benefit of the covenants agrees to release the restrictive covenants from the land that is burdened with the covenants.

This Deed of Release - Restrictive Covenants is comprehensive and balanced, it contains options to cater for different circumstances. It can be used where the parties are either individuals or companies and whether or not a payment is required for the release of the covenants.

It is for the owner of the Dominant Land to decide whether a payment is required by the owner of the Servient Land for the release of the restrictive covenants, as the owner of the Dominant Land does not have to agree to the release.

Please note - If the Dominant Land is subject to a mortgage or charge the lender will also have to agree to the release of the covenants. This Deed of Release - Restrictive Covenants contains provisions allowing for the lender to join in the deed of release.

The benefit of a restrictive covenant is a chargeable interest for the purposes of stamp duty land tax (SDLT). On the release of the covenants, the owner of the Servient Land makes an acquisition because its land benefits from the release. Therefore, the payment (if any) made by the owner of the Servient Land is within the scope of SDLT.

This Deed of Release - Restrictive Covenants is in Microsoft Word format, written in plain English easy to use and edit.