IRELAND Law and Practice Contributed by: Diarmuid Mawe, Craig Kenny, Katelin Toomey and William Fogarty, Maples Group
Irish Funds Review 2030 This review highlighted the importance of insti - tutional funding for the ownership of commer - cial and residential property and supported the maintenance of both the real estate investment trust (REIT) and Irish real estate funds (IREF) regimes in their current form. It is proposed that the leverage limits in the IREF regime be aligned with the Central Bank’s macroprudential limits and that reinvestment conditions and leverage limits in REITs be more flexible. 2. Sale and Purchase 2.1 Categories of Property Rights The categories of property rights that can be acquired in Ireland are as follows: • freehold title, which confers absolute owner - ship; or • leasehold title, which confers ownership for the period of years granted by the relevant lease. 2.2 Laws Applicable to Transfer of Title Historically, Irish law was based on legislation predating the establishment of the Irish State. The 2009 Act replaced much of the old law and modernised conveyancing practice. The 2009 Act is the main statute applicable to the transfer of title in Ireland and applies to all asset class - es, including residential, commercial, industrial, offices, retail, and hotels. The RTA govern the residential landlord and tenant sector, and the LTA govern the commercial landlord and tenant sector. 2.3 Effecting Lawful and Proper Transfer of Title When ownership of a property is registered in the Land Registry, the deeds are filed with the
of a common law legal system and a favourable tax structure that is relatively easy to under - stand. Ireland is strongly aligned with the EU and benefits from the common trade area and access to talent from across Europe. 1.3 Proposals for Reform Electronic Conveyancing There has been a move towards the use of electronic signatures for the acquisition of real estate, but procedures to deal with electronic signatures have not yet been implemented by the Land Registry so original wet ink signatures are still required for most documents dealing with real estate. See 2.3 Effecting Lawful and Proper Transfer of Title for further detail on the use of electronic signatures. Reform of Planning Law The Planning and Development Bill 2023 (the “Planning Bill”) The Planning Bill aims to modernise and reform planning law in Ireland. The reforms include: • significant restructuring and resourcing of the current planning appeals board, An Bord Pleanála (the “Bord”), which will be renamed An Coimisiún Pleanála ; • the introduction of statutory timelines for decision-making, including for An Coimisiún Pleanála ; • new strategic ten-year development plans for local authorities; • reform of the planning Judicial Review; and • new provisions for urban development zones. The bill is currently making its way through the legislative process and it is hoped that it will be enacted by Q2 2024.
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