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GAZETTE
MEETING WITH THE JUNIOR ORGANISATION
OF CHARTERED SURVEYORS
The Society held an informal eveningdiscussion with
members of the Royal Institution of Chartered Surveyors
in the Central Hotel, Dublin on Tuesday 6 December,
1977.
The topic discussed concerned Covenants in Leases
with special emphasis on Insuring Clauses and repairing
Covenants. The meeting opened with a short address by
Mr. Bill Nolan of Irish Life, who put forward the view
point of the Chartered Surveyors. He made many
interesting and informative observations. He stressed the
importance of having well prepared Maps which should
show the premises being demised in detail and with great
accuracy. Such Maps should show exactly what is being
demised and what is being retained by the Landlord. It
was even suggested in the discussion that followed that
for important lettings it would be beneficial for the
Solicitor drafting the Lease to inspect the property himself
and to acquaint himself with the problems that might be
involved. The Landlord it was felt must retain ownership
of the conduits or passage ways carrying power, drains or
other such services, which pass through the demised
premises, in order that any repairs can be effected with
the minimum of delay.
Mr. Anthony Dudley explained the Solicitors point of
view with his usual erudition and wit. He was very
concerned about the Insurance Cover on the premises. He
pointed out that the premises must be insured to its full
reinstatement cost which is totally different from the
premise's Market Value and is significantly higher. The
reinstatement cost must take into account the
Professional Fees involved when reinstating or repairing
the premises and should allow for inflation where
possible. He also pointed out that the concept of "fair
wear and tear" has now become so widely interpreted by
the Courts that it can almost be treated as obsolete.
Dealing with the question of Insurance Cover on the
premises, the "insured risks" should be clearly and
comprehensively set out in the Lease.
Some participants in the meeting felt that it was better
and more beneficial for the Landlord to take upon himself
the burden of keeping the premises insured, and then to
look for a contribution towards the Insurance Cost from
the tenant. Although this gives rise to extra work for the
Landlord, it nevertheless ensures that the premises are
covered by the appropriate insurance at all times. In
framing such Insuring Clauses there must be some
flexibility as it may be impossible to get cover on certain
risks from time to time and in this respect the Landlord
should not require an absolute covenant to keep the
premises insured against all the insured risks but against
only those risks for which cover is available from time to
time.
There were many other points raised and discussed in
detail by the participants and all in all it was felt that the
meeting which was quite well attended was very worth
while. It is the intention of the Society to hold more of
these meetings with the Surveyors and other Professional
Bodies and anybody wishing to be notified of these
meetings should contact the Chairman of the Society,
Miss Clare Cusack, telephone 686130.
THE INSTITUTE OF
CHARTERED
ACCOUNTANTS IN
IRELAND
A course on Current Taxation will be held in
the Burlington Hotel on Tuesday, 14 February,
from 2.30 p.m. to 6.30 p.m. The course will
cover:
Double Taxation Relief for
Companies
Export Sales Relief
1978 Budget Statement
Further information Telephone
760401
Valuation for compensation
is our business
Osborne King & Megran
Dublin 760251
Cork 21371
Gaiway 65261
206