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The covenant would be binding upon you. That is to say that the person/company who imposed the covenant would retain the right to enforce the covenant against you in the event of a breach (ie. you converted)The usual way of dealing with a historic covenant would be to obtain indemnity insurance to cover the cost of any enforcement action being taken by the person. However, this is probably not appropriate in this case because the covenant is fairly recent and therefore enforcement action is more likely to be taken than in the case of a historic covenant.
You may have to contact the person who imposed the covenant to see if they would be prepared to modify or release you from the covenant. They would usually require a fee to be paid for this and you will have to negotiate with them. Obviously you should investigate this possibility before exchange of contracts so you know what you are getting in to.
You can apply to the Lands Tribunal to have it modified or released by them, but his is protracted expensive and with no guarantee of success. THe persona would also be free to defend this. Speak to your conveyancer about this and get their specific advice and ask if they can contact the person who imposed the covenant.
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