01 — The Mirra Programme & Relationship of Parties
This document outlines the terms and conditions of the Mirra programme (the “Programme”) operated by Mirra LTD (“Mirra”, “we”, “us”, or “our”). The Programme offers qualified participants (the “Resident” or “you”) a structured pathway to homeownership through a combined 50-year Full Repairing and Insuring lease (the “Lease”) and a 10-year exclusive Purchase Option (the “Option”).
Participation in the Programme does not immediately transfer legal title or ownership of the property to the Resident. Instead, the relationship between Mirra and the Resident is strictly governed by the covenants of the Lease and the Option Agreement until the Purchase Option is formally exercised and conveyancing is completed.
02 — Upfront Option Fee & Assignment Rights
To secure participation in the Programme and obtain the 10-year purchase option, the Resident must pay an upfront, non-refundable Option Fee on Day 1. The Option Fee is set at 3% of the property’s Open Market Value at inception and is intended to secure the Initial Strike Price and support the transaction, sourcing, and administration costs of the Programme. The Purchase Option may be assigned at any time, subject to the requirements of the Lease and Option Agreement. The Option Fee is non-refundable if the Option expires unexercised or if the agreements are terminated because of a default under the Lease. The Purchase Option is available for a 10-year period from lease inception. The Resident may exercise the buyout after living in the apartment for two years and up to the end of Year 10, subject to the applicable Programme documents. Assignment of the Resident’s contractual interest may take place at any time in accordance with those documents.
03 — 50-Year FRI Lease & Tenant Covenants
Residents in the Programme enter into a long-term, 50-year residential lease structured on a Full Repairing and Insuring (FRI) basis. Under the FRI covenants, the Resident is responsible for day-to-day maintenance of the apartment, internal repairs, ordinary running costs, and the Resident’s share of annual Owners’ Management Company (OMC) charges. Mirra remains responsible for the building’s structure and major structural defects to the extent set out in the Lease and related agreements, while property insurance and other building-level costs are handled as those agreements provide.
The Resident covenants to maintain the apartment in an excellent, tenantable condition and to protect its structural integrity. Any unauthorised major modifications or failure to maintain the apartment may constitute a material breach of the Lease and may lead to termination of the Lease and the Purchase Option, subject to the applicable agreements.
04 — Rent Indexation & Annual Reviews
The rental payments under the 50-year Lease are subject to annual reviews linked to inflation. Because the Lease is structured for a duration exceeding 35 years, it is structurally exempt from standard Irish Rent Pressure Zone (RPZ) rent-increase caps.
Rent escalations are calculated annually based on the Harmonised Index of Consumer Prices (HICP) or a comparable consumer price index, ensuring the real value of the landlord's income is protected. Rent reviews are transparent and calculated at commencement, removing any subjective disputes. The Resident is obligated to make all monthly rent payments in full and on time. Late payments or defaults will incur interest and will prejudice the Resident's standing to exercise their Purchase Option.
05 — Purchase Option & Synthetic Amortisation
The Programme establishes a locked purchase price (the “Initial Strike Price”) at lease inception based on the property's Open Market Value (OMV) plus any risk premium. Over the 10-year option window, the buyout price is systematically reduced on a monthly schedule (the “Adjusted Strike Price”) following a standard 50-year mortgage amortisation curve. This systematic reduction is known as Synthetic Amortisation and does not create any debt obligations or interest liabilities.
The difference between the current Open Market Value and the Adjusted Strike Price is the Resident's Synthetic Equity. Synthetic Equity does not confer any legal ownership or title prior to option exercise, but acts as a contractual price reduction when you choose to buy.
06 — Assignment of Lease & Sale of Contractual Interest
The Resident does not own legal title to the apartment during the Lease and therefore cannot sell the apartment itself. The Resident may arrange a transfer of their contractual interest at any time, subject to the applicable agreements. This transfer consists of selling or assigning the Resident’s Purchase Option and assigning the Lease to an incoming resident who meets the applicable requirements.
When a transfer of the Resident’s contractual interest is completed, the incoming resident takes an assignment of the Lease and Purchase Option. The outgoing Resident does not transfer legal title to the apartment; title remains with Mirra until the Purchase Option is exercised. The amount paid to the outgoing Resident reflects the agreed value of the transferred option and lease interest, as set out in the applicable agreements. Any Synthetic Equity arising under the Programme is dealt with in accordance with those agreements. The incoming resident then assumes the Lease and Purchase Option on the agreed terms.
07 — Expiration of Option & Non-Exercise
The Purchase Option and the associated pricing caps are valid for a maximum term of 10 years from lease inception. If the Resident does not exercise the Purchase Option or complete an assignment of their contractual interest within this 10-year period, the original option will expire, and its pricing restrictions and strike price cap will no longer apply.
Upon expiration, the original Purchase Option and its associated price cap will no longer apply, while the Resident’s Lease may continue for the remainder of its term under the applicable agreements. If Mirra offers, and the Resident chooses to enter into, a new purchase option, that would be a separate agreement based on updated market terms. The original Option Fee and any reductions under the original option would not carry over to the new agreement.
08 — Legal Disclaimers, Risks & Governance
Participation in the Programme involves material risks, including the risk that the Resident may be unable to secure standard bank mortgage financing at the time of exercise or that property values may decline below the Adjusted Strike Price. This programme is structured via Irish Special Purpose Vehicles (SPVs) and is governed by the laws of Ireland, with disputes subject to the exclusive jurisdiction of the Irish courts.
Mirra LTD does not provide retail mortgage loans or financial advice. Residents must obtain independent legal, tax, and financial advice before entering into the Programme. Under Irish tax laws, Residents may utilise tax-exempt schemes (such as the Rent-a-Room Relief up to €14,000/year tax-free) to support household cash flows, but are solely responsible for their own tax compliance. For support or inquiries, please contact legal@mirra.ie.