The Gazette 1977

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