This document is a draft deed of covenant - containing provisions for the imposition of positive and restrictive covenants. Most new covenants are imposed at the time of a sale of part of a title - in which case, the draftsperson will make use of provisions in the form TP1 to impose fresh covenants - see Property PSL Form TP1 clauses. However, if a free-standing deed is required, this document can be used.
Whilst most titles are registered at the Land Registry, this deed can be used whether title to the benefiting or burdened land is registered or unregistered.
There is no prescribed Land Registry form for use where entering into new covenants affecting registered land. Whilst it will be necessary to use the prescribed Form AP1 for the registration of the burden of any restrictive covenants against burdened registered titles, there is no form prescribed for the deed itself. Remember (a) that the Land Registry does not register the benefit of restrictive (or indeed positive) covenants; and that (b) if the title to the burdened land is unregistered, a D(ii) land charge should be registered to protect any restrictive covenants.
As from April 2010, following the commencement of the Perpetuities and Accumulations Act 2009, which limits the operation of the rule against perpetuities in instruments made from commencement of the Act to a limited number of trust cases set out in section 1 of that Act, all references to perpetuity periods have been removed from this precedent.