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Buying House: Plc to ICAV

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  • 07-01-2016 8:15pm
    #1
    BarraOG
    Registered Users Posts: 359 ✭✭


    Hi,

    We're in the process of buying a house in the Midlands. The seller is an ICAV (although the estate agent has always referred to them as the bank) and they are represented by a big solicitor firm.

    Our solicitor received draft contracts almost two months ago. According to her these contracts were very much favouring the seller and she wished to clarify a number of points with the vendor's solicitor. However they refused to return her calls and instead she has been obliged to communicate with them via post.

    They then replied to her, satisfying her on all but one point. This basically relates to the fact that the house is registered with a Plc but the vendor is a ICAV. They also wrote in bold letters that they wanted the contracts signed within 5 days. My solicitor then wrote to them again.

    They have now replied to us and my solicitor is still not 100% satisfied since they haven't proved that the ICAV is registered with the Central Bank (if I understand everything correctly). And they have also threatened to put the house back on the market if we don't sign the contracts within 5 days. My solicitor has now written again today asking for the proof she requires in order to be fully satisfied.

    This is very frustrating for us. Do you think there is a risk that they will put the house back on the market or is this just there way putting pressure on us to close the deal as soon as possible?

    Thanks!
    Tagged:


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    #2
    Marcusm
    Registered Users Posts: 10,275 ✭✭✭✭Marcusm


    BarraOG wrote: »
    Hi,

    We're in the process of buying a house in the Midlands. The seller is an ICAV (although the estate agent has always referred to them as the bank) and they are represented by a big solicitor firm.

    Our solicitor received draft contracts almost two months ago. According to her these contracts were very much favouring the seller and she wished to clarify a number of points with the vendor's solicitor. However they refused to return her calls and instead she has been obliged to communicate with them via post.

    They then replied to her, satisfying her on all but one point. This basically relates to the fact that the house is registered with a Plc but the vendor is a ICAV. They also wrote in bold letters that they wanted the contracts signed within 5 days. My solicitor then wrote to them again.

    They have now replied to us and my solicitor is still not 100% satisfied since they haven't proved that the ICAV is registered with the Central Bank (if I understand everything correctly). And they have also threatened to put the house back on the market if we don't sign the contracts within 5 days. My solicitor has now written again today asking for the proof she requires in order to be fully satisfied.

    This is very frustrating for us. Do you think there is a risk tthat they will put the house back on the market or is this just there way putting pressure on us to close the deal as soon as possible?

    Thanks!

    The ICAV regime for investment funds was incepted in March last year. Some funds which were previously established as PLC had the ability to choose to convert to an ICAV. This may account for the confusion - your solicitor should be able to establish this quite quickly through a CRO search.


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    #3
    BarraOG
    Registered Users Posts: 359 ✭✭BarraOG


    I did a search on: search.cro.ie.

    Excluding the name, address and company number this is what I found for the ICAV in question:

    Type U.C.I.T
    Registered 15/05/2013
    Status De-Registered ICAV
    Effective Date 01/10/2015
    Last AR Date Not Available
    Next AR Date Not Available
    Last Accounts to Date Not Available

    Should my solicitor be satisfied with this in your opinion?


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    #4
    Pat Mustard
    Registered Users Posts: 9,554 ✭✭✭Pat Mustard


    BarraOG wrote: »
    Should my solicitor be satisfied with this in your opinion?
    Mod:

    This is question is a request for legal advice. You cannot ask for or receive legal advice here, per forum charter.

    These questions relate to conveyancing practice and should be answered by your solicitor or any conveyancing solicitor. Punters are not trained, qualified or experienced to answer these questions.

    Your solicitor is supposed to be insured in case something goes wrong. Boards.ie users are not insured.

    You need to go back to your solicitor and ask her. You cannot seek a second opinion on her advice here.

    Thread closed.


This discussion has been closed.
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