Since 2002 in the UK all leases which are for a term of more 7 years are compulsorily registrable in the Land Registry. With every lease, standard form prescribed clauses must be completed which detail the fundamental terms of the lease. What does this mean? Anyone can check the terms of someone else's letting including rents payable, rent free periods and the length of term and any inducements. Side letters are a thing of the past. Failure to register the lease makes the legal estate void (though the parties may still be bound by an equitable lease).
The Society of Chartered Surveyors of Ireland has recently questioned the worth of the current commercial lease registry. Here in Ireland, on the grant of the lease, the actual tenant (not his legal representative) is obliged to complete a "commercial lease return form". In practice tenants are either not registering the terms of their lettings or numerous returns are not being completed fully. Further the actual register has been criticised as difficult to use, incomplete and overly complex.
Should Ireland introduce a similar system that which is in place in the UK?
The Society of Chartered Surveyors of Ireland said the lack of detail around the size of leases and other data points, as well as an inability to run broad searches, make it impossible to use the register in a coherent way