Press Room

Macra na Feirme national president, Colm Markey, has pointed out that a recent change to Section 73 of the Registration of Deeds and Title Act 2006, could result in a greater cost burden being placed on farmers who are applying for a loan.

The recent abolition of Land Certificates and Certificates of Charge means that farmers no longer get the Title Deeds of their Farm since 1st January 2007. Instead, they are now issued with a 'copy folio', a document that does not have the same legal status and cannot be used as security with the banks.

Mr Markey explains that farmers will also no longer have the option of an Equitable Deposit or Simple Deposit of their Deeds, instead they now must now give the Bank first Legal Charge and second and third for subsequent loans.

'The first Legal Charge has a cost €128 to the Property Registration Authority, and solicitors can charge anywhere from EUR400 to EUR3500, with an average of €750, for their work in this area, which is an unnecessary extra burden on farmers,' he said.

Mr Markey also pointed out that there will be no new Land Certificates and that all Deeds will be null and void by 1st January 2010.

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