asked the Minister for the Environment the specific proposals he has to reduce the high cost of conveyancing for house purchase.
36.
Ceisteanna—Questions. Oral Answers. - House Purchase Procedures.
35.
asked the Minister for the Environment if he will give details of proposed initiatives on bridging finance and conveyancing costs.
37.
asked the Minister for the Environment if he will give details of proposed radical streamlining of house purchase procedures as mentioned in Building on Reality, 1985-87.
I propose to take Questions Nos. 35, 36 and 37, inclusive, together.
As I announced recently, I have invited the Incorporated Law Society of Ireland and the Irish Building Societies Association to participate in a committee with my Department to advise on the implementation of measures to reduce the costs and the delays associated with house purchase. The purpose of the committee would be to recommend the practical steps that should be taken for this purpose, taking account of the recommendations put forward by An Foras Forbartha in their report on this subject — Problems of Delays and Expenses Associated with Private House Purchase Transactions: Report No. 1 — Building Societies and Legal Requirements. There are, of course, wider issues affecting conveyancing which come within the area of responsibility of the Minister for Justice and of the Minister for Industry, Trade, Commerce and Tourism who is at present considering a report by the Restrictive Practices Commission on the restrictions on conveyancing and the restrictions on advertising by solicitors.
Would the Minister agree that the necessity to obtain bridging finance on the part of applicants awaiting confirmation of local authority or building society loans constitutes a hardship on many such applicants? If, having agreed to that, would the Minister say whether the committee he has set up will consider introducing a new form of house loan which would help to eliminate the need for such expensive bridging finance?
I do agree, of course. That was the purpose of setting up this committee, that they would examine this problem. When the committee reports to me I would hope that the Deputy's suggestion would be taken on board or form part of their recommendations. I hope that will be one of the results of the establishment of this committee whose report is long overdue.