Tenants of commercial property are reminded that they are obliged to register the terms of any lease entered into after 3rd April 2012 with the Property Services Regulatory Authority.
Under the provisions of the Property Services Regulatory Act 2011, full particulars of the parties to the lease, the address of the property, the term and the rent must be provided. If, during the course of the lease the amount of rent payable is changed or if the tenancy/lease is terminated early, tenants are also obliged to communicate this information to the Authority.
Failure to provide the necessary information is an offence and could result in a conviction and or a fine.
Details in relation to the Authority and the online return can be round here: http://www.psr.ie/Website/npsra/npsraweb.nsf/page/SJRS-8ULKHR15553424-en
If you are taking a commercial lease it is important to have a full title review carried out in advance and to ensure all formalities are properly completed on completion.
Julie Mullan, solicitor, has extensive experience on all aspects of commercial conveyancing including leases of commercial properties.
If you have any questions about commercial properties or leases Julie can advise you. Please get in touch.