The Gazette 1976

N O V E M B E R

1976

G A Z E T T E

of the public who experience the hazards involved in chain-transactions appreciate and understand the sit- uation. The Conveyancing skills and techniques are very often the lesser of the problems with which a Solicitor is confronted in Conveyancing procedures. The essence of the transaction is the provision of the finance, and the efficient handling of substantial funds, and there appears to be no way in which Solicitors can relieve themselves of the heavy, obligations, which they must undertake in this area in the interests of their clients. I feel that I may have dealt at too great a length on this occasion with these matters that concern the Pro- fession, but it is well that new entrants into the Pro- fession and even the public generally should be inform- ed of what exactly is the role of their Solicitor, when they consult him, with a view to the establishment and purchase of a family home, or a business premises. I take this opportunity once again of thanking you for your patient hearing of what I had to say, and once again to congratulate you, your parents and relatives on your enrollment this day as members of the Solic- itors' Profession. The following 89 newly qualified solicitors then received their parchments Dermot Ahern, Rock Road, Blackrock, Dundalk, Co. Louth. Michael Ahern, Upper Tullig, Caragh Lake, Co. Kerry- Vincent Beirne, 52 Templeogue House Estate, Dublin 12. Geoffrey Browne, 3 Victoria Place, Eyre Sq., Galway. Roderick Buckley, 1 Palmerstown Gardens, Dublin 6. Francis Burke, 40 Dargle Rd., Blackrock, Go. Dublin. Paul Byrne, 13 Fernvale Drive, Crumlin, Dublin 12. Marian Campbell, 35 Shrewsbury Lawn, Cabinteely, Co. Dublin. Patricia Carroll, Seaspray, Sandycove Point, Co. Dublin. Brian Casey, 3 Kilrush Rd-, Ennis, Clare- Niamh Casey, Cusack Rd., Ennis, Go. Clare. Joseph Caulfield, Main St., Gastlerea, Co. Roscommon. Therese Clarke, Muireadreen, 36 Woodbine Rd., Black- rock, Go. Dublin. Terence Goghlan, The Anchorage, Church St., Howth, Co. Dublin. Aidan Collins, 24 St. Helens Rd., Booterstown, Go. Dublin. Helen Collins, St. Fachtnas, Tawnies Lower, Clona- kilty, Co. Cork. Joseph Comyn, 11 Burrow Rd-, Sutton, Co- Dubllin. John Condon, 10 Ely Place, Dublin 2 (Allied Irish Banks Prize for Company Law). Eugene Gush, 5 Monkstown Ave., Blackrock, Co. Dublin Randal Doherty, 14 Fortfield Ave., Terenure, Dublin 6- Andrew Dunne, 51 Henley Pk., Ghurchtown, Dublin 14. Cormac Dunne, St. Annes, Butlersbridge, Cavan. Karen Erwin, The Mews, St. Thomas, Rathfarnham, Dublin 14. Josephine Fair, Roundfort, Hollymount, Mayo. Patrick Goold, South Sq., Macroom, Cork. Alan Graham, 22 Templeville Rd., Templeogue, Dublin 6. Timothy Hallissey, Moyfield, Bandon, Cork. Ita Harvey, Lacaduv, Lee Rd., Cork. John Hayes, Dublin Rd., Singland, Limerick. Michael Hayes, 61 Merrion Rd., Ballsbridge, Dublin 4. Mary Hederman, 12 Doonsalla Pk., Cabinteely, Co. Dublin.

Undertaking and Bridging Finance The nature of the obligations implicit in a Solicitor's Undertaking is not universally understood or apprec- iated- 1. The entire area of bridging finance 'is totally dependent and based upon Solicitors' Undertakings. What is bridging finance? It is in fact the provision of moneys by way of loan or advance by Bankers to fac- ilitate the completion of transactions between the date of the sanction of a loan by a lending Institution un- til availability of the cheque on perfection of the sec- urity offered; in other words, the Bank bridges this g a P- The basic documents appear to me to be the fol- lowing; (a) A Contract to purchase (b) Loan sanction from the lending Institution (c) Irrevocable Authority and retainer from the Client (d) The Undertaking by the Solicitor authorised, appropriate to the situation viz. (i) To hold the Documents of Title on trust for the Bank and lodge same with the Bank on demand, on completion of stamping and registration; (ii) To lodge with the Bank the proceeds of the ad- vance by the lending Institution immediately same is available and to hand. An Undertaking is in effect a guarantee by a Solicitor acting in his professional capacity- Failure to comply with such an Undertaking may render him liable to the serious consequences of professional mis-conduct for its breach, in pursuance of the Disciplinary procedures of the Law Society. The reliance placed on Solicitors' Undertakings by Bankers and other financial Institut- ions involving as they do many millions of Pounds annually is a tribute to the integrity of the Profession and the provision of a service in the area of house purchase, for which there is no substitution. The Coun- cil of the Society has established a special Committee to deal with this very important service, and it is hoped to publish their findings and recommendations in the near future. Solicitors Services The Services which the Solicitors' Profession are called upon to undertake are constantly increasing in all areas in the non-contentious field, and reference need only be made to the implications of the Family Home Protection Act, 1976; the Taxation code placing as it does obligations on Solicitors to account directly to the Revenue not alone in respect of their own taxable Income but also the taxable income of Clients both resident and non-resident in many areas. The account- ancy obligations, in order to comply with these re- quirements, are heavy and onerous, and place an in- creasing burden on the overheads of Solicitors for which no remuneration whatsoever has been provided. I have always taken the view that the servant is worthy of his hire, and it is hoped that the National Prices Commis- sion whose report has not yet been made available to this Society will and must have due regard to the ob- ligations imposed upon Solicitors, involving the custody of very large sums of moneys on behalf of their Clients, and the obligations undertaken in the handling of sub- stantial funds not alone in single transactions but in double, treble and multiple transactions, and dealings with the discharge of loans, the creation of new loans as indispensable arrangements for completing chain- linked Conveyancing transactions- Only those members

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