Thanks for your question.
It means that the person who is to be transferred the property is not permitted to do that specified in the covenants (ie. the alterations referred to).
Restrcitive covenants are promises made by the person buying the property to the person selling the property and are usually made to developers so that the developers can ensure continuity of surrounding houses and so make the remaining properties yet to be sold more marketable.
The developer can enforce the covenants against people who have bought properites.
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It means that you cannot do so for five years starting from the date of the transfer (ie the date you completed the purchase of the property. If you do the transferor (ie. the person who sold you the house - I assume developer) may apply to Court for order to compel you to take it down. You would have to do so and you would be liable for their costs for making the application.
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If they are subject to a five year time limit and there are no other covenants that could restrict it and that time limit has expired then they will not be able to enforce the covenant against you because there is no breach.
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