The covenant is called a restrictive covenant and will bind the land and your successors in title (ie. any buyer).
Whether it is an issue for the Buyer depends on whether they wish to build on the land. If there was a breach of this covenant then the usual ways of dealing with it would be to either take out a restrictive covenant indemnity policy which would cover for the loss suffered as a result of the person who imposed the covenant/their successors taking enforcement action in respect of the covenant OR contacting the person who imposed it/their successors and asking for a release or modification of the covenant OR applying to the lands tribunal for a release/modification (though this is fairly expensive).
Ultimately it only matters if the buyer is intending on building something on the land. If they are then it will be for them to decide which way they want to proceed.
If the covenant is very old then it is less likely that it will be enforced by the original person who imposed it and very often the Buyer tends to take a view on this and proceed. Alternatively, they can decide to carry out the work and obtain an indemnity policy.
It is unlikely to disrupt your sale save for in the case of the very most prudent buyers, but you should for the sake of not wasting time probably disclose the covenant when persons are viewing as it will be revealed in the conveyancing process in any event.
If this is useful please kindly click accept so that I may be rewarded for my time. You will be free to ask follow up questions. Kind regards,
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).