Business Tenants – are you aware of your obligations to provide key info to Government Body ?

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Business Tenants – are you aware of your obligations to provide key info to Government Body ?

Commercial Lease Database

Under the Property Services (Regulation) Act 2011 = it provided for the above where details of commercial leases were to be tracked and made public to assist in rent reviews.

*Obligations to provide particulars apply to relevant commercial leases

(a)          On the creation of the lease,

(b)          On rent review, and

(c)           When the tenant ceases to have an interest in the lease – assignment or surrender

(d)          Possibly on the variation of an existing commercial Lease.

 

* The obligations apply regardless of the term or nature of the lease/ tenancy, and apply to

  • occupational leases containing rent review provisions
  • short term lettings
  • “freehold equivalent” long leases eg 999 year

 

*Information Return to be lodged within 30 days of

  • the day on which the stamp certificate is received by the Tenant,
  • determination of rent review,
  • termination of interest

*The obligation to provide this information falls on the tenant “or such other person as the tenant has authorised in writing to act on his or her behalf for the purposes of this subsection in so far as it relates to the lease”.

  • Confidentiality? = Not relevant as a confidentiality clause won’t prevent disclosure of particulars
  • Failure to file is an offence  = Fine up to €5,000
  • False information = Fine and/or imprisonment
  • Directors potentially liable