Restrictive covenant discovered after buying but conveyancer never mentioned it.
Bought a residential property in 2022 and only recently found out there is a restrictive covenant in the title deeds preventing it from being rented out. my conveyancer never mentioned it at the time of purchase. I found out when I applied for a Selective Licence and the council flagged it in their response, which took a significant amount of time to come back to me, and by that point the property was already tenanted. Not sure what my options are. from what I can tell they include applying to the Upper Tribunal to discharge or modify the covenant, negotiating with the covenant holder, accepting a short term licence from the council, or selling the property. Has anyone been in a similar situation and what would you prioritise?
I know the more common cases regarding restrictive covenants are related to not being allowed to redevelop or do extensions, etc. However, this kind of restrictive covenant seems a bit rare, and I don't really have a lot of resources or similar cases to refer to.
UPDATE: the other parties are the developer, enforcer and the city council.