A new regulation banning solicitors from acting for both sides in a property transaction will double legal costs for parents transferring a farm to their children, Fianna Fáil TD Michael Moynihan has claimed.
The measure has also been criticised by the Irish Creamery Milk Suppliers’ Association.
Mr Moynihan described the regulation as “madness”.
Earlier this month the council of the Law Society voted unanimously to ban solicitors from acting for both sides in a property transaction because of fears that vulnerable older people could be forced into signing over property to their children. They said the provision of a separate solicitor to represent the parents would guard against such behaviour.
The new regulation, which will make it a disciplinary offence to act for both sides, will come into force next January. It was recommended by a taskforce which was asked to look at the issue following complaints about the same solicitor acting for both buyer and seller.
The taskforce drew attention to a survey by the HSE and UCD, which found 94 per cent of financial abuse of the elderly in Ireland was perpetrated by family members.
