Dermot Ahern (Louth, Fianna Fail)

On the transferral of beneficial ownership, as is being opposed in this amendment, the idea is that the beneficial and legal ownership is split. The legal ownership transfers on the sale of the first apartment but the beneficial ownership ultimately merges on completion of the development. Transferring the beneficial ownership of the common areas in the manner suggested would therefore run counter to sections 10 and 11, which provide for the transfer of beneficial ownership only when the development stage has ended. I believe the current wording is clearer.

With regard to amendment No. 25, subsections (2) and (3) of section 10 deal with the issue of consent by any mortgagee or owner of a charge with regard to the interest of the owner of the common areas in a development. The insertion of the word "unencumbered" appears to be superfluous in that context.