Farmers critical of new conveyance regulations

Friday 30 November 2012 20.41
Farmers are worried about costs associated with new regulations
Farmers are worried about costs associated with new regulations

Farmers have described as unnecessary and hopelessly expensive new regulations on conveyance transactions, which are due to come into effect on 1 January.

The regulations, introduced by the Incorporated Law Society, prohibit one solicitor acting for a number of family parties in property and land transfers.

A minimum of two solicitors will have to act for the vendor and purchaser in conveyance transactions from 1 January.

The Law Society said the aim of the regulations is to prevent any conflict of interest, and to protect the interests in particular of elderly people, where abuse of them may arise in some land and property transfers.

However, the ICMSA said it will place enormous extra legal costs on families, and could lead to three or four firms of solicitors acting for the various parties to complete the land or property transfer.

Farmers have also called on the Government to have the matter debated in the Dáil.

They said it is wrong that a matter of this importance should be brought in by statutory instrument by the Law Society and was not brought before the Dáil or the Seanad, where its merits or otherwise could be debated.

ICMSA President John Comer said that in the case of a transfer of property which involved several members of a family, this could involve "busloads" of solicitors acting for the various parties, quadrupling the legal costs of such transactions.

Mr Comer was speaking at the ICMSA’s AGM in Co Limerick.