We at D’Arcy & Co, Solicitors, Kildare have a wealth of experience in Property and Conveyancing.
All Property cases are dealt with by Paul D’Arcy, a solicitor with over twenty years of Conveyancing experience.
Common issues in brief
If my loan is sold to a vulture will they stay within agreements made with original lender?
The short answer is no. Generally, vulture funds are more aggressive than an ordinary bank and will ignore any leeway or settlement that was agreed with the original lender. Court decisions tend to be that vultures are legally able to do this.
If you are involved in a Commercial Property transaction, you should consider the following issues:-
- Capital Gains Tax (CGT)
The sale of commercial properties generally gives rise to CGT. You need to consult with your accountant as early as possible regarding that and any related tax issues. In many transactions it will also be necessary for us to obtain Revenue CGT clearance (CG50).
- Transfer of Undertakings
Where the purchase of a property involves a business, the service and rights of the employees will generally be deemed to transfer over to the purchaser.
- Licensing matters in the case of licensed premises
A purchase of licensed premises, is likely to change the person eligible to be the licence holder for that premises. This will involve court applications in respect of the relevant licence.
- Building Energy Rating (BER)
Where a premises is sold after being put up for sale, it is a requirement that as part of the sale that a BER is prepared by a qualified person.
- Structure of the purchase
This will involve the structure of the purchase from the point of view of whether a company or companies are involved and whether the purchase is to be through a share purchase or asset purchase.
- Funding
Bank funding is a complex area in commercial matters. The first practical issue to note is that in commercial mortgages banks will appoint a solicitor to act for them separate from your own solicitor and you will normally be required to pay for them as well as your solicitor.
- VAT
The sale of commercial property will involve VAT queries in order to determine the correct VAT treatment of the sale. This involves the replies to those queries being prepared by the accountant for the vendor.
- Commercial rates
In order to enforce compliance, councils have the power to effectively place liability for the unpaid rates of the vendor upon the purchaser and vice versa. This means that a purchaser needs to ensure the vendor has no arrears and the vendor must comply with their obligations to notify the council of the new owner.