Covenant help - am I buying into a problem?

Morning,

I'm in the process of buying a house on a really good plot.

We've had the below returned from their estate agents advising us, before we go further down the line, of some restrictions.

I've a little input from some people (no real experts until my solicitor looks at it) which essentially sounds like I can build on this strip of land, as well as not objecting to any planning permission the neighbours try to gain. Being next to bigger plot of woodland the latter bothers me at the same level to be honest.

Any advice here?

Extract below if anyone is so kind to read over it

It is hereby agreed and declared that the

Transferees shall not become entitled to any right of light or air over the adjoining land retained by the Transferors

AND the Purchaser for himsef and his successors in title hereby covenants with the Vendor that no buidings other than dwellinghouses with suitable outbuidings costing to erect not less than Six hundred pounds excusive of the value of the and upon which the same shall be built shall be erected on the said piece of land and that no trade or business shall be carried on thereon"

The Transferees hereby jointly and severally covenant with the Transferors so as to benefit the land retained by the Transferors and to lend the land hereby transferred to their successors in title:-

1.                     That they shall not use the said land for any purpose other than as garden land to be used in conjunction with the existing garden of 3 School Lane.

2.                     That they shall not within 80 years submit or raise any objection to the Planning Authority or otherwise object to any Planning Application submitted by the Transferors or their successors in title in respect of the land and buildings retained by them.

3.                     To maintain the boundary between the points marked A, B & C on the Plan - good stockproof condition."