The Gazette 1980

GAZETTE

DECEMBER1980

CONVEYANCING NOTES

Act 1964 the position changed radically in that it then became obligatory to open new leasehold Folios for ány leasehold interests for more than 21 years. In view of the fact that there was some confusion as to the correct position the Conveyancing committee felt it might be helpful to publish this note clarifying the position. COUNCIL RECOMMENDATION — 'Interest on Client Accounts'. The Society recommends that when a Solicitor holds or receives for or on account of a client money on which, having regard to all the circumstances (including the amount and the length of time for which the money is likely to be held) interest ought in fairness to the client be earned for him, the Solicitor shall either: (a) Deposit such money in a separate designated account and account to the client for any interest earned thereon or (b) Pay to the client a sum equivalent to the interest which would have accrued for the benefit of the client if the money had been deposited in a separate designated account. The Solicitor is entitled to charge fees for any work in relation to the placing of the monies on deposit or accounting to the Revenue Commissioners for interest earned.

Due to a printing error the following note appeared incorrectly in the October Gazette. It is reprinted here in full.

Section 46(i) Local Registration of Title (Ireland* Act, 1891 At the Conveyancing Seminar in Blackhall Place held on Saturday the 27th September a Solicitor asked as to whether there was an obligation to register a Lease in the Registry of Deeds in the following circumstances. The freehold title was registered in the Land Registry on a freehold Folio and a Lease for more than twenty-one years had been granted of part of the lands in the Folio prior to the 1st January 1967 (the date of the coming into force of the Registration of Title Act 1964). No leasehold folio had been opened in respect of the leasehold interest and the Lease had not been registered in the Registry of Deeds. The Solicitor concerned had then been asked to have the Lease registered in the Registry of Deeds but felt that it was unnecessary to do so. The speakers' panel expressed the view that registration in the Registry of Deeds was not necessary although all subsequent documents dealing with the leasehold interest, including Assignments and Mortgages would of course have to be so registered but were unable to quote the precise authority for their view. Mr. Desmond Moran volunteered what turned out to be the correct answer namely that there was a specific section in the Local Registration of Title (Ireland) Act 1891 which dealt with the position. Section 46(i) of that Act provides "Registration of a burden under this Act shall have the same effect as, and make unnecessary, registration of any deed or document relating to such burden, in pursuance of any other public general or local and personal Act of Parliament or of any Provisional Order confirmed by Parliament, but in case of a leasehold the ownership of which is not registered in any subsidiary register under this Act, such exemption from the necessity of registration in pursuance of the Acts relating to the Registry of Deeds shall extend only to the lease itself, and not to any other deed or document relating to the title to a leasehold." 1 On the commg into operation of the Registration of Title

Independent Actuarial Advice regarding Interests in Settled Property and Claims for Damages BACON & WOODROW

Consulting Actuaries 58 Fitzwilliam Square Dublin 2 (Telephone 76203 1)

SKYPAK International Ireland Ltd. 143 Lower Drumcondra Road, Dublin 9. Telephone 376758 - 378371. Telex: 31312.

& Couriers to the Legal World. Specialist in Document Handling.

209