The Gazette 1976

G A Z E T T E

N O V E M B E R

1976

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

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

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

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.

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