Commercial Lease – Property Services Regulation Authority
Under section 87 of the Property Services (Regulation) Act 2011 tenants under a commercial lease granted on or after 3 April 2012, or a person authorised by the tenant, is required to submit particulars to the Property Services Regulation Authority at 3 stages in the term of the lease as follows:
1. On the creation of the lease
2. After a rent review
3. On termination whether it be by assignment, expiry or other reason.
The obligation to disclose information to the authority overrides any agreements relating to confidentiality.
A person who, without reasonable excuse, contravenes the provisions is guilty of an offence and liable on summary conviction to a class A fine. Any person who makes any false or misleading statement or gives false or misleading information to the authority is guilty of an offence and liable on summary conviction to a class A fine or imprisonment for a term not exceeding 12 months or both.
It should be noted that the forms to be submitted to the Property Services Regulatory Authority on rent review and on cesser of tenant’s interest in the lease have not yet been published. The form to be submitted on creation of a lease is now available on www.npsra.ie.