The Gazette 1987

GAZETT INCORPORATE D LAWSOCIETY OF IRELAND Vol. 81 No. 10 December 1987

GAZETTE

SEPTEMBER 1987

Viewpoint

303

Inheritance Tax on Discretionary Trusts

305

Viewpoint The recent announcement by the Minister for the Environment that Building Societies will be permitted to compete in the provision of conveyancing and estate agency services received more attention in the media than most other aspects of the Minister's proposals though the details of this particular development were remarkably scarce. The actual text of the Minister's statement suggests that this is a further depressing example of our legislative process succumbing to the temptation to follow developments in Britain without adequate consideration as to whether the position in the two jurisdictions is sufficiently similar. The Minister has indicated his awareness of the potential for conflict of interest but considers that sufficient safeguards can be devised. No doubt the Department are eagerly awaiting the publication of the guidelines in Britain. The length of time which the Lord Chancellor's Department has taken to produce these guidelines, they are now expected "early in 1988", suggests that the problem of conflict of interest may be more difficult to resolve than the Minister anticipates. Just how anxious the major Building Societies may be to engage in conveyancing on a wide scale at the current level of fees, which of course are statutorily controlled, may be open to question. The only Society whose chief executive has argued loudly for this innovation was not noted for the keeness of its charges when its own in-house lawyer examined titles in mortgage transactions. Domestic conveyancing is no golden goose. Falling or levelling- off house purchase prices, to

President's Column

309

Practice Notes

311

which conveyancing fees are linked, while operating costs continue to increase, have eroded the profit margin to such an extent that many of the larger firms of solicitors have no enthusiasm to take on much ordinary residential conveyancing. Many conveyancers might be tempted to wish the Building Societies well in involvement in the complex business which domestic conveyancing has become in this country. A combination of factors, including the failure to update our Land and Conveyancing laws, an under-financed Land Registry which cannot provide the level of service it would wish mixed with the self inflicted wounds of some of our legislation, render residential conveyancing unattractive. Building Societies would be welcome to the task of conveying the Family Home of the couple on their second "marriage" with the unlawful extension which has no byelaw approval and where the parties are squabbling as to whether the light fittings were included in the sale. There must be a serious doubt whether, if a proper level of service is to be given to people engaging in the biggest investment of their lives, it can be done more cheaply by large organisations like Building Societies with their significant overheads and day to day running costs. The best answer the solicitors' profession can give to these proposals is to continue to provide a satisfactory level of service to individual clients to whom personal attention is given at fees which are, in comparison to most other countries quite modest. Q

Contract for Sale

314

Minutes of AGM

316

Dail Debates

320

Pressure on the Screwdrivers

321

Professional Information 325

Executive Editor: Mary Buckley Editoriel Board: Charles R. M. Meredith, Chairman John F. Buckley Gary Byrne Daire Murphy Michael V. O'Mahony Maxwell Sweeney Advertising: Liam 0 hOisin. Telephone: 305236 307860 Printing: Turner's Printing Co. Ltd., Longford. The views expressed in this publication, save where otherwise indicated, are the views of the contributory and not necessarily the views of the Council of the Society. The appearance of an advertisement in this publication does not necessarily indicate approval by the Society for the product or service advertised. Published at Blackhall Place, Dublin 7 Tel.: 710711. Telex: 31219. Fax: 710704.

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